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

[xtrasaver]

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.

[Bean]

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.

[xtrasaver]

Originally Posted by Unregistered

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...

Originally Posted by xtrasaver

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.

Originally Posted by xtrasaver

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.

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?

Originally Posted by Unregistered

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.

wah, you got 8 levels.

Originally Posted by Unregistered

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.

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...

Originally Posted by Unregistered

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.