Almost half of the population falls into lower income brackets, according to a new Statistical Service report on living standards for 2023, which provides a comprehensive breakdown of the country’s income distribution.
The report shows that 7.9% of the population (72,601 people) belongs to the upper income class, with a median equivalent disposable income of €46,711.
The upper-middle class comprises 11.9% (108,877 people) with €31,267 in disposable income.
The middle class represents 30.3% of the population (277,292 people) with a median disposable income of €22,838.
However, 49.9% of Cypriots fall into the lower-middle (21.9%) and lower (28%) income brackets.
The lower-middle class includes 200,975 people with €18,873 in disposable income, while the lower bracket comprises 256,951 people with €11,339.
Of particular concern, 127,236 people are at risk of poverty, with a median disposable income of €9,619.
The report also reveals that while Cyprus performs better than the EU average in several metrics, including material deprivation (2.4% versus EU’s 6.8%) and housing cost overburden (2.6% versus EU’s 8.8%), 9% of Cypriots delayed utility payments compared to the EU average of 6.9%.
Regarding housing payments, the data shows a clear correlation between income levels and ability to meet mortgage or rent obligations, with payment delays increasing significantly among lower income groups.
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