![]() ![]() A related analysis examines the impact of the coronavirus pandemic on the financial well-being of households in the lower-, middle- and upper-income tiers, with comparisons to the Great Recession era. middle class and that of America’s major demographic groups have changed since 1971. The analysis below presents seven facts about how the economic status of the U.S. These changes have occurred gradually, as the share of adults in the middle class decreased in each decade from 1971 to 2011, but then held steady through 2021. The shrinking of the middle class has been accompanied by an increase in the share of adults in the upper-income tier – from 14% in 1971 to 21% in 2021 – as well as an increase in the share who are in the lower-income tier, from 25% to 29%. The share of adults who live in middle-class households fell from 61% in 1971 to 50% in 2021, according to a new Pew Research Center analysis of government data.įrom 2020: Are you in the American middle class? Find out with our income calculator ![]() As India continues to develop, bridging this gap will be crucial for the country's economic growth and development.The middle class, once the economic stratum of a clear majority of American adults, has steadily contracted in the past five decades. While the middle-income group is growing and becoming more prosperous, there is still a significant gap between the middle-income group and the middle class. In India, the middle-income group is defined as households with an annual income between INR 7.5 lakh and INR 15 lakh, while the middle class is defined as households with an annual income between INR 6 lakh and INR 18 lakh. In conclusion, the terms middle income and middle class are often used interchangeably, but they actually refer to two different things. According to a report by the Reserve Bank of India (RBI), only about 30% of the middle-income group is part of the middle class. In India, the middle-income group is growing and becoming more prosperous, but there is still a significant gap between the middle-income group and the middle class. They are usually able to afford a range of amenities such as healthcare, education, and housing. The middle class is often associated with a certain level of education, lifestyle, and consumption patterns. The main difference between the two is that middle income refers to a person's or household's level of income, while middle class refers to their social and economic status. Similarly, a person or household can be part of the middle class without necessarily being in the middle-income group. A person or household can be in the middle-income group without necessarily being part of the middle class. While the terms middle income and middle class are often used interchangeably, they are not the same thing. The report also revealed that the middle class has grown rapidly in India in recent years, with the number of middle-class households increasing from 49 million in 2001 to 140 million in 2017.ĭifference between Middle Income and Middle Class: In India, the middle class is defined as households with an annual income between INR 6 lakh and INR 18 lakh.Īccording to a report by the Pew Research Center, the middle class in India accounted for 52% of the population in 2019. They are typically employed in white-collar jobs and have access to a range of amenities and opportunities. The middle class refers to a group of people who have a certain level of education, income, and lifestyle. This indicates that the middle-income group is growing and becoming more prosperous. The report also revealed that the per capita income of the middle-income group increased by 9.2% in the same period, from INR 1,77,111 in 2019-20 to INR 1,93,504 in 2020-21. In India, the middle-income group is defined as households with an annual income between INR 7.5 lakh and INR 15 lakh.Īccording to a recent report by the National Statistical Office (NSO), the per capita income in India in 2020-21 was INR 1,27,768. According to the World Bank, a person with an income of between $1,036 and $12,615 per year is considered to be in the middle-income group. It is usually measured in terms of per capita income or household income. The middle-income group is a section of society whose income falls between the lower and upper income groups. In India, these two terms have different meanings and are significant in determining the economic growth of the country. Middle income refers to a person's or household's level of income, while middle class refers to their social and economic status. In recent years, the terms "middle income" and "middle class" have often been used interchangeably, but they actually refer to two different things. ![]()
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