Almost 14% of the population living in households were in 2023 at risk of poverty in Cyprus.

According to data published on Thursday by the Statistical Service of Cyprus, 13.9% of the population living in households or 127,236 people were "at risk of poverty" in 2023 as their equivalent disposable income was equal or below €11,324, per year.

A 28.0 percent of the population or 256,951 people were in the "lower income class" in 2023, with an equivalent disposable income of less than €14,155 per year. In 2022, 29.4% were in the "lower income class" and in 2021 it was 27.4%.

In 2023 64.1% of the population or 587,144 people were in the 'middle income class' (63.1% in 2022 and 64.5% in 2021) with the equivalent disposable income ranging from €14,156 to €37,746, per year, while 7.9% of the population or 72,601 people (7.6% in 2022 and 8.1% in 2021) were in the "higher income class" with their equivalent disposable income exceeding €37,747, per year.

According to the data of the Statistical Service, the median equivalent disposable national income varies between €14,156 and €18,873.

In relation to the 64% of the population who in 2023 belonged to the "middle income class", 21.9% of this class or 200,975 people belonged to the "lower middle income class" and had an equivalent disposable income corresponding to the median equivalent disposable national income ranging from €14,156 to €18,873.

A percentage of 30.3% of the "middle income class" or 277,292 people belonged to the "medium middle income class" and had an equivalent disposable household income of €18,874 - €28,309 and the remaining 11.9% or 108,877 belonged to the "upper middle income class" and had an equivalent disposable household income of €28,310 - €37,746.

It explains that the equivalent disposable income is calculated by dividing the total disposable income of the household (total net income of all its members after social transfers) by the equivalent size of the household, which results from the application of the following weighting factors: 1st adult = 1, 0 unit, other persons aged 14 and over = 0.5 units and persons under 14 = 0.3 units.

Moreover, the figures show that the median equivalent disposable income of the population living in "upper income class" households amounted to €46,711 and was more than 200% higher than the national median equivalent disposable income.

In the "lower income class" the median equivalent disposable income of the percentage of the population living in households amounted to €11,339 and was less than 75% of the median equivalent disposable national income, while of the population living in households and at risk of poverty the median equivalent disposable income amounted to €9,619 and was less than 60% of the median equivalent national disposable income.

In addition, the "lower middle income class" had a median equivalent disposable income of €16,368 which is at 75% - 100% of the median equivalent national disposable income.

The 'medium middle income class' had a median equivalent disposable income of €22,838 which is at 100% - 150% of the median equivalent disposable income, while the "upper middle income class" had a median equivalent disposable income of €31,267 which is at 150% - 200% of median equivalent disposable national income.

According to the Statistical Service, 1.2% of "upper income class" households were in arrears on their home loan or rent in 2023, up from 8.8% in 2018.

The corresponding percentage for the "middle income class" rose to 9.4% in 2023, compared to 18.3% in 2018, while for the "lower income class" it remained close to the percentages of 2018, as it rose in 2023 to 31.6%, compared to 32.8% in 2018.

Finally, it says that over time, the highest proportion of people living in households that have defaulted on their home loan or rent payments are in the "lower income class".