It was 2,121 last year. This year, the number of people in this exclusive club is 2,751.
Not an actual club where people exercise and socialise, this virtual club consists of people who made a million dollars or more last year.
As you can see, the number of million-dollar earners has gone up quite a lot. By about 30%.
And each made $2 million on average.
This is based on figures in the just-released IRAS annual report. I calculated the average assessed income of these top earners to be about $2 million.
Together they contributed about $900 million in income taxes (“net tax assessed”), which is more than the combined assessed taxes of all those who earned $100k or less.
Yes, you heard right – the total taxes paid by the 700,000-odd people earning $100k or less could not even match the $900 million paid by these 2,751 members of the million-dollar club.
Maybe we should thank them for paying more taxes. 🙂