X user claims ‘You’re not rich unless you earn Rs. 60 lakh’, internet reacts
What does it take to be considered 'rich' in India? An X user's viral statement is sparking outrage and debate. Read to know more!
Finance Minister Nirmala Sitharaman’s recent announcement that taxpayers with salaries up to Rs 12 lakh would be free from tax in the new tax regime which sparked a heated debate online. Many celebrated the move, but others argued that the definition of “rich” and “middle class” in India is skewed.
A fintech enthusiast jumped in to claim that any income below Rs 60 lakh per annum is inevitably “poor”. To this user, 70% goes towards paying taxes and just a small chunk to saving and expenses. The user claims those who earn Rs 2 lakh per month as “middle class” and claims that above Rs 1 crore is “upper middle class”.
The conversation took a turn when a user pointed out that it is not just salary, but it’s the whole wealth. Some one with salary of Rs 24 lakh having portfolio of Rs 5 crores and main residence is better off than Rs 60-lakh earner with Rs 50 lakh liability. This prompted the discussion as to how more and more of the factors which constitute one’s economic status other than income only need to be taken into account.
However, some users resonated with what the fintech enthusiast said because Rs 50 lakh is truly the minimum which one would expect to spend even to lead an average life. However, depending on several factors, how one defines ‘rich’ or ‘middle-class’, according to some readers, this depends on several factors.
Taking you to the comment section of the viral post, a user commented, “Feeling so poor i make 10 lakh a year I’m a bank employee”
Another user commented, “I was speaking to my friend in mumbai a few weeks back about my desire to retire and return to the city.. he said if you have anything less than INR 300 million or 30 crores, I would be living a middle middle class life in mumbai!! Imagine that..”
See the viral post here:
Anything less than 60LPA is poor. You pay 70% income as taxes in the form of GST, income tax & VAT. Less than 2LPM net- is middle class.
People making 60L-1cr are middle class. Those making above 1cr+ are upper middle class. You aren’t rich if you don’t have generational wealth. https://t.co/ylwyUBWppr
— Shark (@fintech_shark) February 2, 2025
