Cyprus: Nearly Half the Population Near the Poverty Line

According to recent data from the Statistical Service, nearly half of Cyprus' population lives near the poverty line. Specifically, 480,325 people have incomes that place them in the lower or lower-middle income class.

64.6% of the population (620,086 people) belong to the "middle income class" with an annual income from €15,501 to €41,332. However, 212,768 people (22.2% of the population) have an income between €15,501 and €20,666 per year.

In the lower income class, there are 267,557 people, including 139,930 people who are at the poverty line.

Increases in rents (30-40% in five years) and basic goods are worsening the situation. Michalis Persiani, president of the Fiscal Council, stated that wage and inflation data give a misleading picture, as 60% of wages remain stagnant.

A BestBrokers report indicates an increase in wealth concentration in Cyprus, where the top 10% of earners held 66.7% of the national wealth in 2023, compared to 50.7% in 2000.