8/30/2023 0 Comments Define upper middle class![]() In a tier-1 city like Bangalore or Chennai, an income per capita of 40-50k Rupees, own house, assets (car, etc) may be upper-middle class. ![]() I guess income per capita of household would be a more accurate metric. As of the most recent census (2020), to be considered middle class by this standard, you would need to fall within the following annual income ranges: Single-person household: 30,000 and 90,000. Even if we have reliable data, other factors such as number of breadwinners, size, assets of the family should also be considered to define the upper-middle class. Income alone might be quite hard to categorize as just 1-2% of the total population pay any income tax. If we define the upper middle class as top 10% of the total population, any wealth greater than 10,000 USD comfortably places you in that category, at least according to credit suisse. If we define the upper middle class as top 10 of the total population, any wealth greater than 10,000 USD comfortably places you in that category, at least according to credit suisse. Incidentally, the upper limit of the bottom bracket, or $10,000 is very high by Indian standards because median wealth in India is a mere $1,295 per adult. Incidentally, the upper limit of the bottom bracket, or 10,000 is very high by Indian standards because median wealth in India is a mere 1,295 per adult. And 0.5% of us have wealth over $100,000. Above that, in the $10,000 to $100,000 bracket, we have 7.2% of Indian adults. At the bottom, 92.3% of adults have wealth less than $10,000. There are 1,820 adult Indians who have wealth over $50 million, and, at the very apex, 760 have more than $100 million. In India, 340,000 adults are part of this elite group. The country has a share of 0.7% of the global top 1% by wealth, who collectively own half the world’s total wealth. ![]() Ĭredit Suisse’s latest annual Global Wealth Report says India is home to 245,000 dollar millionaires. Definition of upper middle class in the dictionary. But of course the relative strength of your income depends largely on where you live. Those households range from 74,875 to 121,017 in income, nationally. If you go by India's wealth pyramid according to credit suisse, only 3.95 Millions (0.45% of population) Indians have wealth between 100,000 to 1 Millions USD. By that formulation, the upper middle class might be the fourth-highest income quintile the one above the middle but below the wealthiest. Residents are young, single, college-educated and earning upper middle-class incomes as white-collar professionals, managers and executives. ![]()
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