Upper Middle Class Income Malaysia

But does a household income of rm3 000 a month really put a family of four among the middle class.

Upper middle class income malaysia. Towards a middle class society proposed a definition that includes those households earning more than the mean income. The statistics department in its latest findings dated 2014 put the average household income of the middle 40 at rm5 662. The world bank s current definition for high income countries are those with a gni per capita of us 12 376 rm52 944 or more while upper middle income economies have a gni per capita between us 3 996 and us 12 375 lower middle income economies between us 1 026 and us 3 995 low income economies us 1 025 or less. The household group m40 recorded the highest growth of 6 9 per cent per annum followed by the household group b40 6 6 and t20 6 2.

Kuala lumpur though only less than 30 of families in malaysia can be regarded as the upper middle class a recent survey shows that nearly 80 of malaysian families think that they live as upper middle class group. In 2016 and 2019 average income recipients in malaysia was 1 8 persons. The median income of the bottom 40 b40 middle 40 m40 and top 20 t20 rose in 2016 as compared to 2014. In 2019 the average monthly income in malaysia is rm7 901.

The world bank in its malaysia economic monitor 2014. After the asian financial crisis of 1997 1998 malaysia s economy has been on an upward trajectory averaging growth of 5 4 since 2010 and is expected to achieve its transition from an upper middle income economy to a high income economy by 2024. Overall income that is earned by household members whether in cash or kind and can be referred to as gross income. Malaysia s burgeoning middle class has high expectations for future economic development.

Universiti sains malaysia usm associate professor in economics dr lean hooi hooi said the middle class should be defined as individuals or households with rm4 000 to rm20 000 of disposable income every month. Data for malaysia upper middle income from the world bank. Median monthly income by household group malaysia 2014 and 2016. Is the middle income number.