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.

Cover image via New Straits Times & Bernama/New Straits Times

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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.

A 23-year-old Malaysian entrepreneur recently shared how he earned his first million by the age of 19:

Content creators and influencers have been known to flaunt their wealth on social media:

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