How many income groups are there - Low, Middle-low, Middle, Middle-high, High?
 

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.

then how they are classified?

by household (total income of all family members living in the same house/home)?

by each individual income?

income by definition means you are still working. there are a number of people who don't have to work. these are the jobless rich. unless they collect rent, they typically don't have regular income - when they need money, they'll sell some shares or a condo. if you classify them based on rental income, they will probably just be middle-high or high by your classification.

that's why these jobless rich may even get largest growth packages from the government. nice right?

just sharing.

you're right.

so, in a way, it actually depends case-by-case, would you say?

very difficult to gauge i guess.

I have a friend who are semi-retired at age 30, but has about 2 mil in his bank, and he may be considered to be middle-high as he also owns a property (fully paid). Lifestyle that follows: drink at hotel lounges, goes holiday bi-monthly, always eat at restaurants.

I also have another friend in her 48 yrs of age, has about 100k in her bank without any property, earns about $9k, but similar lifestyle. Somehow she is more like middle-income.

But how about the masses? Any proper definition by IRAS or index by employment agencies?

Otherwise, what does Straits Times mean when they say 'middle-high' earners...

It means those people who are able to get a loan from the bank. If the unit costs $2m, the couple has to make $15k at least.

Your numbers are too low for Singapore in this day & age. The more accurate understanding is

Very Low - earning lower than $1500 per mth
Low income - earning between $1500 to $3000
Middle-low - earning somewhat between $3000 to $7000
Middle - earning between $7000 to $14000
Middle-high - earning between $14000 to $22000
High - earning between $22000 to $40000
Very High - earning $40000 onwards
Ultra high - they don't use income... they use assets such as $100mil, etc.

Quote:

"Your numbers are too low for Singapore in this day & age. The more accurate understanding is

Very Low - earning lower than $1500 per mth
Low income - earning between $1500 to $3000
Middle-low - earning somewhat between $3000 to $7000
Middle - earning between $7000 to $14000
Middle-high - earning between $14000 to $22000
High - earning between $22000 to $40000
Very High - earning $40000 onwards
Ultra high - they don't use income... they use assets such as $100mil, etc."

Does these numbers include bonuses as well?

wah, you got 8 levels.

FISH!!!

I'm in my late 20s and I'm in the low income level.

FML!!!
I guess i should visit Bedok Reservoir tomorrow. Sigh...

damn i'm only in the High zone.

Looks quite reasonable, the only slight change I suggest is

Middle-low - earning somewhat between $3000 to $6000
Middle - earning between $6000 to $14000

Based on most people I know, this should be more accurate.

Very Low - earning lower than $2999 per mth
Low income - earning between $3000 to $4999
Middle-low - earning somewhat between $5000 to $7999
Middle - earning between $8000 to $18999
Middle-high - earning between $19000 to $29999
High - earning between $30000 to $49999
Very High - earning $50000 onwards
Ultra high - they don't use income... they use assets such as $100mil, etc.

C'mon guys, it took me almost 6 years of hard work since I graduated to hit "High". I worked very hard, from 8am to 9pm 5 days a week!

Work hard and the money will follow. That's my advice!

This may be the hard truth, only it keeps going up.

6 years ago, where bracket were you in?

Bad advice. This is the only advice successful people can give cos that's the only way they can explain their good fortune, and it keeps the askers busy for years.

The cold hard truth is: it takes hard work to be average, and lots of luck to be "successful".

0. I graduated 6 years ago.

How about those of us with no income, or are in debt?

Division by population
 

8 tiers too many already. And at the highest end of asset above 100M, less than 100 people here in SG... not meaningful. How about looking at it as 5 groups here in SG. The poverty class, working class, middle class, middle upper classes and the elite/upper . Divide them as follows :

05 % Poverty class : Total family earning below $1200 per month. No net worth or negative net worth. need govt subsidies/welfare to make ends meet.
25 % Working class : Total family earning below $3000 per month. Little net worth or negative net worth. Ineligble for govt help. But probably get help from relatives.
50 % Middle class : Total family earning below $10000 per month. Some networth but all tied up in HDB. Would venture to say networth below $500K.
20 % Middle Upper class : Total family earning below $30000 per month. Networth btwn 500K-10M, Avg 50% of assets tied up in home.
<0.1% Elite : Total family earning above 1M per annum. Networth 10M and up. Less than 30% of assets in home. There are about 10,000 such households in SG.

wah sian i am in ultra low.

time to visit bedok reservoir :(

go drive taxi. can make 4k minimum.