What monthly income in your subjective opinion in India makes you rich? Not talking about expenses etc., which might make high earning individuals save very little. Just want to know about the range in your view?
"Rich" is quite subjective, just as skinny fat and real fat are both fat fat.
But objectively, a monthly income over 10l-15L after taxes puts u definitely in the rich category, AFTER you have "wealth" netting around 5 to 6 crore (this is cash wealth, meaning easily liquid) AND have a property excluding this in the 4 to 5 cr range
By netting 5-6 cr, you mean per year in addition to 15l monthly income? Or this income just tops the 5-6 cr saved in the past? In which case, you need to have saved up 5-6 cr cash, got a 4-5 cr property and then have the monthly income.
yes, 5-6 net per year is above rich. if you've managed to save 5-6 cr cash and making a decent 15-20lpm along with a 3-4 cr property, you are where rich starts.
My classification would be the one below (based on Mumbai). I currently belong to category 3 and my dream is to marry a girl from category 9 to 12 (categories 13 to 16 are out of my league).
1. Poor: Below Rs 8 lakhs a year after tax
2. Lower middle class: Rs 8 to 20 lakhs a year after tax
3. Medium middle class: Rs 20 to 40 lakhs a year after tax
4. Upper middle class: class: Rs 40 to 60 lakhs a year after tax
5. Lower affluent class: Rs 60 to 80 lakhs a year after tax
6. Medium affluent class: Rs 80 to 1 crore a year after tax
7. Upper affluent class: Rs 1 crore to 1.5 crore a year after tax
8. Lower high net worth class: Rs 1.5 to 5 crore a year after tax
9. Medium high net worth class: Rs 5 to 10 crore a year after tax
10. Upper high net worth class: Rs 10 to 20 crore a year after tax
11. Lower super-rich class: Rs 20 to 40 crore a year after tax
12. Medium super-rich class: Rs 40 to 60 crore a year after tax
13. Upper super-rich class: Rs 60 crore to 100 crore a year after tax
14. Meister: Rs 100 crore to Rs 200 crore a year after tax
15. Super Meister: Rs 200 crore to Rs 300 crore a year after tax
16. Lord Meister: Rs 300 crore a year upwards after tax (Ambanis, Adanis, Jindals, Shroffs, Harish Salve etc)
Being rich could mean money rich or time rich. The former knows no limits. I find the latter to be more valuable because of the uncertainty of how much time we actually have left in this life. Being able to decide how you spend your time.. what you choose to do or not do.. that's rich in my books.
But objectively, a monthly income over 10l-15L after taxes puts u definitely in the rich category, AFTER you have "wealth" netting around 5 to 6 crore (this is cash wealth, meaning easily liquid) AND have a property excluding this in the 4 to 5 cr range
Wealthy - 5 crore yearly
Rich - 1 crore yearly
Upper class - 50 lakhs yearly
middle class - 12 lakhs yearly
1. Poor: Below Rs 8 lakhs a year after tax
2. Lower middle class: Rs 8 to 20 lakhs a year after tax
3. Medium middle class: Rs 20 to 40 lakhs a year after tax
4. Upper middle class: class: Rs 40 to 60 lakhs a year after tax
5. Lower affluent class: Rs 60 to 80 lakhs a year after tax
6. Medium affluent class: Rs 80 to 1 crore a year after tax
7. Upper affluent class: Rs 1 crore to 1.5 crore a year after tax
8. Lower high net worth class: Rs 1.5 to 5 crore a year after tax
9. Medium high net worth class: Rs 5 to 10 crore a year after tax
10. Upper high net worth class: Rs 10 to 20 crore a year after tax
11. Lower super-rich class: Rs 20 to 40 crore a year after tax
12. Medium super-rich class: Rs 40 to 60 crore a year after tax
13. Upper super-rich class: Rs 60 crore to 100 crore a year after tax
14. Meister: Rs 100 crore to Rs 200 crore a year after tax
15. Super Meister: Rs 200 crore to Rs 300 crore a year after tax
16. Lord Meister: Rs 300 crore a year upwards after tax (Ambanis, Adanis, Jindals, Shroffs, Harish Salve etc)
1. Not worrying about monthly expenses (whatever your lifestyle may be)
2. Having an asset base (houses, solid investment portfolio, liquid cash holdings)
3. Enough to set aside for future expenses (family, health, education etc).
For me (SA at a T1), the target is 20 crore networth. After that, I’m out.