Which class are you?

Asian Development Bank (ADB)'s new report 'The Rise of Asia's Middle Class' has quantified the size of Nepal's middle class for the first time. The ADB defines three classes - the affluent class which includes those who earn more than US $20 per day, the middle class who earn between US $2-$20 (Rs 150 - Rs 1500) per day, and the lower class who earn less than US $2. So which class are you?

According to this report, Nepal has a 23% population (appr. 6.1 million) that is middle class and 0.38 percent which belongs to the affluent class. The rest belong to the lower class. You do the math!

The report further states that the annual expenditure of a single middle class Nepali is about Rs 100,000 while an upper class Nepali spends about Rs 15,00,000 per year showing the huge difference between the expenditure of middle class Nepalis and affluent Nepalis. 

The major reason for the growth in middle-class population is due to remittance from migrant Nepali workers. Remittance contributes to 20% of the national GDP and has played a major role in reducing poverty in Nepal. So, good on you people who are working overseas. You are contributing to the nation's development and you should be proud of it!

Let's hope that in the next decade, there is an even greater increase in the middle-class population of Nepal!