Income Group Classification In Malaysia

In terms of growth median income in malaysia grew by 3 9 per cent per year in 2019 as compared to 6 6 per cent in 2016. Mean income by household group. For the current 2016 fiscal year low income economies are defined as those with a gni per capita calculated using the world bank atlas method of 1 045 or less in 2014.

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Department Of Statistics Malaysia Official Portal

While malaysians are largely familiar with the classification and income threshold for b40 m40 t20 households the statistics department has released the latest figures that paint a more realistic picture.

Income group classification in malaysia. Analysts often suggest looking at the mean average or median middle value of the group to give you a better idea of where you stand in the income classification. Moreover mean income rose at 4 2 per cent in 2019. While attention has been cast on the bottom 40 or the group known as b40 as they make up the lowest earners the middle class the middle 40 or m40 shouldn t be forgotten either. This means that almost 6 out of 100 households in malaysia could not afford to meet basic needs like food shelter and clothing.

High income economies are those with a gni per capita of 12 736 or more. To recap the department of statistics malaysia has released a report named household income and basic amenities survey 2016. The new metric brings malaysia s absolute poverty rate to 5 6 in 2019. In 2019 mean income in malaysia was rm7 901 while malaysia s median income recorded at rm5 873.

Mean monthly household income by state malaysia 2014 and 2016. The income range for the classification isn t actually set in stone it s more of a guideline. Updated country income classifications are available here. 2019 in this case.

Middle income economies are those with a gni per capita of more than 1 045 but less than 12 736. All household groups recorded an increase in the mean monthly household income during the period of 2014 to 2016. The household income report also raised malaysia s average poverty line income pli to rm2 208 from rm980 in 2016. The m40 group recorded the highest annual growth rate of 6 9 per cent from rm5 662 in 2014 to rm6 502 in 2016.

The world bank assigns the world s economies to four income groups low lower middle upper middle and high income countries. According to a report prepared by the department of statistics malaysia on gross domestic product gdp seven states have surpassed the national level by 4 3 for the year 2019. T20 median income in kelantan perlis and pahang can be compared to the median income of the m20 group in kuala lumpur. The number shifts based on gdp of the country every year.

The b40 m40 t20 exist to classify household income to the top 20 middle 40 and bottom 40. To be in the t20 group a household needs to earn at least rm13 148 while m40 and b40 groups have moved their bars up to rm6 275 and rm3 000 respectively. The classifications are updated each year on july 1 and are based on gni per capita in current usd using the atlas method exchange rates of the previous year i e. Household income basic amenities survey report 2019.