The level of inequality between the rich and the poor is widening per day. The rich are getting richer while the poor are getting poorer. The widening gap between the upper class and middle/lower-class is setting unprecedented records everywhere in the world, Nigeria not an exception. With the middle class disappearing in most part of the world including the economically buoyant nations.
Most upper class families seem to have found the antidote to economic downturns with very few of them losing their socio-economic ranks and are already positioning their wards to continue the economic dominance. This seems good until one realizes that the upper class families are alone and very few in their circle.
Very few middle-income families are joining the upper class with majority dropping in rank to the lower income brackets in Nigeria, this is largely because of economic circumstances, the level of education notwithstanding. The very educated are losing jobs and are taking up what is available for sustenance, businesses are being affected by fiscal tightening and continuous absence of infrastructure.
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The lower income bracket is getting poorer because basic amenities such as good roads, public power supply, good sanitation, public water supply and other public good that may have helped ameliorate their circumstances and bring economic relieve are deteriorating and absent in most cases. Very little and negligible numbers of them can cross to the middle income bracket.
CNBC in one of its articles, provided a breakdown of the minimum amount of money a household needs to earn yearly to be considered upper-class household. The amount as provided in the article was graduated based on the number or size of the family. The amount an household needs to earn to be regarded as an upper class family was converted from United States Dollars to Naira at the exchange rate of 360 to a dollar.
Household of one person: bachelor, spinster, person that has retired from paid employment or business man/women with adult children that are earning their own income for themselves and no spouse to look after, must be earning a minimum of N28,00,000 per annum to be considered a member of the upper class.
A household of two people: Husband and wife or couple, living together without children to look after or with adult children that are earning their own income for themselves, must be earning at least N39,800,000 per annum in combined income to be considered as an upper class family.
Household of three: Father, mother and a child or couple with a dependent or a child that is not an adult and not earning own income, must earn a minimum of N48,800,000 in combined earnings every year to be considered as a member of the upper class.
Household of four: A family of four, father, mother and two children or couple with two children that are minors or not adults that can fend for themselves must earn a minimum of N56,400,000 per annum in joint income to be considered as part of the upper class.
And finally, a household of five: Father, mother and three children or couple with three children that are not adults and are not earning their own income must earn a minimum of N63,000,000 per annum in combined earnings to be considered as part of the upper class in a society.
There is however more to class than income: Class can also encompass net worth, education, background and occupation? As well as other factors which may include where you leave, your type of house, number of cars you have and your level of enlightenment including knowledge of what you do.