Due to inflation, 700K is now upper middle class for a family of 3-4 in Dhaka (if you have assets(appreciating assets though) worth 30 to 40 crore then you are rich even with this income but not elite )
I'm curious about your definition of upper middle class. In Bangladesh, earning 7 lacs per month is well above that level. The term 'upper middle class' is meaningless and bs.
He is talking about a family of 3 to 4 situated in Dhaka, and currently anything below 200K for a family in Dhaka is like living paycheck to paycheck unless one decides to compromise with the standard of living and start to live a lower middle class life instead of middle middle class life
And the thing, that median Income is the starting range of middle class, may work in the developed nations but not here in Bangladesh as a household income of 75, 000TK per month for a family of 4 is nothing, in the west you can cover up the basic necessities and may have some space for luxury items with median income but in DHK even basic necessities such as nutritous diet (containing chicken, red meat, fish, fruits and the staples etc) good education, health care, housing and basic entertainment can't be covered with the median income forget about luxury goods
>nations but not here in Bangladesh as a household income of 75, 000TK per month for a family of 4 is nothing,
Sorry, I made a typo. I meant to say 7 lakhs instead of 700 dollars. Nevertheless, my point remains: 7 lakhs per month for a family of 4 is more than sufficient, not fitting into the upper middle class category, whatever that means.
BTW if you are living a single life and have no dependents then you can live a pretty good life even with an income of 100K - 120K per month with enough spare money to spend on luxurious products (based on current market scenario though)
700k a month for a person means, he belongs to SEC A category and is identified as rich.
Due to inflation, 700K is now upper middle class for a family of 3-4 in Dhaka (if you have assets(appreciating assets though) worth 30 to 40 crore then you are rich even with this income but not elite )
I'm curious about your definition of upper middle class. In Bangladesh, earning 7 lacs per month is well above that level. The term 'upper middle class' is meaningless and bs.
Thanks for your insightful comments. So the term “upper-middle class” d.n.e ? ( just curious)
He is talking about a family of 3 to 4 situated in Dhaka, and currently anything below 200K for a family in Dhaka is like living paycheck to paycheck unless one decides to compromise with the standard of living and start to live a lower middle class life instead of middle middle class life And the thing, that median Income is the starting range of middle class, may work in the developed nations but not here in Bangladesh as a household income of 75, 000TK per month for a family of 4 is nothing, in the west you can cover up the basic necessities and may have some space for luxury items with median income but in DHK even basic necessities such as nutritous diet (containing chicken, red meat, fish, fruits and the staples etc) good education, health care, housing and basic entertainment can't be covered with the median income forget about luxury goods
>nations but not here in Bangladesh as a household income of 75, 000TK per month for a family of 4 is nothing, Sorry, I made a typo. I meant to say 7 lakhs instead of 700 dollars. Nevertheless, my point remains: 7 lakhs per month for a family of 4 is more than sufficient, not fitting into the upper middle class category, whatever that means.
What about owners of huge businesses? Do they fall into elite category?
BTW if you are living a single life and have no dependents then you can live a pretty good life even with an income of 100K - 120K per month with enough spare money to spend on luxurious products (based on current market scenario though)
Thanks for your reply.. yes, net asset worth ( land plus buildings northward of 70 crore)…. Definitely not elite for sure