I read with interested in particularly to Straits Times report yesterday, where Demsey Hill is considered to be targeting middle-high income group.
How do you consider middle-high income group? I mean, is it based on the income or the property he's residing?
Ok, I know earning about $800-1200 pm and staying in rental
HDB flats may be considered to be lower income; but how about the rest?
Is there any proper definition or line for the groups?
IMHO, I think there are mainly 6 groups.
I start the ball rolling by guessing:
Low income - earning lower than $2000 per mth
Middle-low - earning somewhat between $2000 to $5000
Middle - earning between $5000 to $8000 (normally from here onwards, people start to use per annum instead of per month; but I still use pm for illustrative purposes)
Middle-high - earning between $8000 to $12000
High - earning $12000 onwards
Ultra high - they don't use income... they use assets such as $100mil, etc.
My guess is based on income, but I could be wrong because maybe everyone is based on assets, just like the ultra-high.
Of course, there would be people who are very nice and humble who have $10-20 million in their banks, but they consider themselves to be the 'middle' income bracket; but objectively, I don't think they are in middle income group.