India's One Percent Club Grows Rapidly


India’s One Percent Club Grows Rapidly
High Income people roughly spend 30 percent of their income on rents, food, utility bills, salaries etc. The families save around 40 percent of their incomes. And the remaining 20 percent goes into discretionary expenditure. According to The NCAER-CMCR study, the rich spend around 40 percent of their total expenditure on food, which is least when compared to other classes, middle class spend 42.5 percent, aspirers spend 47.5 percent and deprived class spend around 57.3 percent on food. Compared to middle income group, the higher class spends around 4.7 percent of expenditure on household. Education plays an important role and it's directly co-related to income. Around 8.8 percent of the expenditure is done on education. The middle class families end up earning around 9.2 percent on the same. The aspiring class pulls out 8.1 percent while the deprived class manages to spend only 5.7 percent. According to a study, your educational qualifications have a direct impact on the growth of your income. For example the chief earner of a family with graduate level education is 22 percent better than primary level educated earner.