What Is The Income Of Upper Middle Class In India
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Lower middle class and about 3 is upper middle class.
What is the income of upper middle class in india. The median income of the middle class by by household size. A family of 4 which can buy and maintain a car in the c2 segment such as honda city. India continues to be a lower middle income country along with 46 others while sri lanka has climbed to the upper middle income group for the fiscal year 2020 according to the world bank s. There is significant income inequality within india as it is simultaneously home to the some of the world s.
Or maybe 2 hatchback such as i10. The think tank defines the middle class as households that are earning two thirds to double the national median. Image caption india s rising upper middle class has substantial disposable income the ongoing economic slowdown may have already hurt many of them as jobs are lost and wages shrink in sectors. Some loosely define the middle class through home ownership the median income of homeowners 73 313 is roughly 80 higher than the income of renters.
Can think of buying a 2 bedroom apartment on loan in a average location in a city such as bangalore. In 2019 the poverty line reduced further to about 2 7 and india no longer holds the position of the nation with the largest population under poverty. According to the pew research definition if the middle class has an upper range of 1 232 and one converts it to a daily income threshold then this works out to an upper threshold of 3 5 a day. The anatomy of india s middle class 1 min.
In that case perhaps upper middle class means owning a home valued above the median price of 201 900 according to zillow. The standard of living in india varies from state to state. Here again though geography matters. On multiple economic and social characteristics including income skills and.
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