What Defines Financial Riches in India?
Introduction:
discussion on the perception of wealth when one can consider themselves truly wealthy in India. Have you ever pondered How much income or net worth do you need to be “rich” in the eyes of others? Well, let’s unravel this mystery together based on a fascinating survey, predominantly high-income earners in the digital realm.
How much Income makes you RICH?
According to the survey, the general consensus is that an annual income exceeding 20 lakhs would label you as “rich” in India. Surprisingly, individuals earning just 10 lakhs a year place them in the top 0.22% globally! Isn’t that mind-boggling? It’s all about perspective. While we often compare ourselves to those above, we forget to acknowledge our achievements.
What net worth makes you RICH in India in other’s eyes?
When it comes to net worth, the survey revealed that possessing 2 crores could earn you the “rich” title from a quarter of the respondents. However, a significant 48% believed that a net worth ranging from 2-10 crores is the true benchmark for wealth. Even a net worth of 60 lakhs places you among the top 8% globally and 0.4% in India. It’s all about understanding your financial standing in a broader context.
But feeling RICH is a state of mind
While societal perceptions play a role in defining wealth, ultimately, feeling rich is a state of mind. It’s crucial to recognize that true richness transcends monetary values and lies in contentment and gratitude for what you have achieved. Your perception of wealth matters more than others’ opinions.
Most of the people are not happy with their current status
Interestingly, the survey highlighted that a majority of individuals, especially those earning less than 10 lakhs annually, expressed dissatisfaction with their financial status. With rising expenses and lifestyle costs, many find it challenging to feel content with their income and net worth. The grass always seems greener on the other side, doesn’t it?
You are doing well at an absolute level
Amidst the pursuit of financial success, it’s essential to pause and appreciate how far you’ve come. Wealth is crucial, but so is acknowledging your achievements and progress. Remember, you are ahead of the curve compared to millions facing financial hardships. Celebrate your victories and set higher goals without losing sight of your accomplishments.
Conclusion:
As we conclude our chat on financial riches, I urge you to reflect on what richness means to you personally. Share your thoughts and definitions of wealth in the comments below. Remember, wealth goes beyond numbers; it encompasses fulfilment, gratitude, and progress. Stay tuned for more engaging discussions on finance and wealth-building in our future conversations.
Remember, this blog is for informational purposes only. Conduct thorough research before making any financial decisions. Cheers to a wealthier mindset and a brighter financial future!
