Here in Africa, to consider to have crossed into the middle class, you need to meet a lot of criteria. A major hallmark of success included a house, a car, children, vacation and a university degree.
The Africa Development Bank (AfDB), in its The Middle of the Pyramid report in 2011, defined the middle class as individuals with annual incomes surpassing $3,900 or a per capital spend of $2 to $20 per day, whereas the World Bank defines middle-class as those earning $12 to $15 per day. The problem with using fixed income cut-offs to identify the middle class is that it ignores income swings and vulnerability to health and business crises.
Let’s consider six ways to know you have crossed into the middle class.
You Own a House
The dream of owning a home is still alive and well. The transition from renting to owning is a sign of success and prosperity. Because of the median home price range in different countries. The ability to achieve this varies greatly by geographic region.
However, buying a house can be a nightmare especially for first-time buyers. Low mortgage rates, supply-chain issues, and increased demand for homes all contribute to price increases, despite the fact that the number of available homes on the market is at an all-time low.
You own a Vehicle
Having a car allows you to travel around freely and escape the long queues and uncomfortable seats that public transport vehicles, such as buses and tricycles offers. The cost of a car, as well as the type of vehicle necessary, varies greatly.
You Can Afford a University Education
For middle-class families, getting forward in life is a top priority. A university education can cost thousands of dollars. The cost of the education is heavily influenced by the university or college they attend.
- Assurance of Retirement
Retirement is a goal that almost everyone aspires to attain. It is a symbol of achievement and a prize for decades of hardwork. Definitions make a difference once again. The amount of funds required to support you in retirement years may differ from other countries.
For middle-class wage earners and their families, having access to healthcare is a critical priority. Healthcare coverage is becoming increasingly important due to the high and rising costs of medical care and prescription drugs; going without it might have substantial financial consequences in the event of a serious illness or injury.
Vacation with the Family
A middle-class tradition is the family vacation. It shows that a family has enough money and is prosperous enough to take time away from work to enjoy themselves.
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