There's Been A 75% Increase In Young Malaysians Becoming Millionaires By The Age Of 30
LHDN said it has been recording a steady number of young millionaires since 2018.
By May Vin Ang — 23 Apr 2024, 02:58 PM
The number of young millionaires in Malaysia is on the rise, with a 75% increase in millionaires under the age of 30 recorded in 2022
According to the New Straits Times, statistics from the Inland Revenue Board (LHDN) show that 35 people under 30 had declared incomes exceeding RM1 million that year.
This is a significant leap from the previous year's tally of 20 individuals.
While it has yet to finalise figures for 2023 due to the ongoing filing season, LHDN said it has been recording a steady number of young millionaires
The tax body said at least 20 young people have declared an income of over RM1 million each year since 2018.
LHDN said of that number, 94% maintained clean tax records and had no outstanding balances between 2018 and 2021.
LHDN also reminded all taxpayers whose income exceeds the total taxable threshold, especially social media influencers, to file their income taxes
Individuals earning an annual employment income of more than RM34,000 are eligible for taxation and should ensure that their tax declarations are filed accurately every year, it said.
"Income tax shall be charged for each year of assessment on the income of any person accruing in or derived from Malaysia, or received in Malaysia from outside of the country.
"Therefore, all eligible individuals, including social media influencers and online traders, are subject to taxation if they meet the criteria," it said.
