The term "middle income group" refers to a socioeconomic class or category of individuals or households who fall within a specific income range. This group is positioned between those who earn relatively higher incomes, commonly referred to as the upper income group, and those who earn relatively lower incomes, often referred to as the lower income group.
The exact definition of the middle income group varies across countries and regions, as it is dependent on factors such as the cost of living and overall economic conditions. However, in general, individuals or households belonging to the middle income group have earnings that are sufficient to meet their basic needs and maintain a reasonable standard of living, but may not have significant disposable income or access to all luxuries and amenities enjoyed by the upper income group.
The middle income group often consists of professionals, skilled workers, and individuals employed in managerial or administrative positions, as well as small business owners. Their incomes typically range between the lower and upper thresholds set by a country's statistical agencies or governments.
The middle income group is crucial for economic growth and stability, as they contribute to overall consumer spending, demand for goods and services, and often form the backbone of the workforce. Policies and initiatives that aim to support and uplift this group, such as affordable housing, healthcare, education, and social security programs, play a vital role in maintaining social harmony and inclusive growth within a society.
