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Do you call yourself rich in India ?

Uncategorized 05/12/2016

Who is rich and who is in middle class ? Do you consider yourself rich or in middle class ? How many people are rich in India ?
The current demonetisation drive by government of India led me to think over these points. The long queues outside the banks with people desperately waiting to deposit large sums of money or to withdraw whats allowed within the limits made me think – How much money does these people have ?

Even after 25 days of demonetisation there doesn’t seem to be any end to the long queues. Money is just poring in the banks. Are these rich people or middle class or poor ?

I just searched the web for the answer to my tingling queries and after going through various websites, surveys, analysis etc. found there was no precise answer to these questions.

However, as per my limited knowledge, I gathered few points that might be useful for the readers.

Being a fashion photographer and running a modeling agency in Delhi and also being into IT, web development and SEO I have an experience of dealing with wide array of people from all walks of life.

How much Income makes you RICH ?

This is the question usually people have in their mind. How much should I earn so that I can call myself as rich and how much net worth I should have, so that people would start considering me RICH? Is it 1 crore or 10 crore ? Is income of 5 lacs a year or 20 lacs will make me look RICH in others eyes?

I found that the subject of being rich is too vast and varied. The definition of being rich in a metropolitan city hugely various from that of a small village or town. Let me try putting the picture in perspective to the big cities.

Please note – These figures are hugely estimated and I personally feel that being rich has to do with your inner satisfaction than materialistic measurements.

The biggest class occupying space in big cities is the middle class. People seem to have further divided this into 3 segments.
Lower middle class, middle class and upper middle class. Then comes the rich people.

rich people in India

According to the information gathered, I found that for a small family of 2 adults and 2 dependent kids –

People earning in the bracket of Rs 1 lac to 6 lacs per year call themselves lower middle class.
People earning above Rs 6 lacs but less than 12 lacs per year are typical middle class.
People earning between Rs 12 lacs to 24 lacs call themselves to be in upper middle class.
Finally the people earning above Rs 24 lacs per year are generally considered as rich people.

* People here refers to a small family.

Though it’s not just the earning that matters, it’s the net worth of a person also that plays an important role. Usually the rich would have a networth of above Rs 10 crores.

“feeling rich” is a state of mind and we should not just evaluate it with money.

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