Fact File of Indian Middle Class

1. India’s middle class numbers around 300 million, representing 30% of the population, spread across 5,000 towns and cities.


2. An average middle class family of 4.3 people lives typically in a 900sf apartment; 71% own properties, but only 9% have a mortgage


3. Among middle class Indian, 19% own cars, 100% of households have TVs, 91% have mobile phones and 20% have credit cards


4. For middle class Indians, household savings are low at 13% of annual income; mainly to meet emergency needs, healthcare and education costs.


5. Risk aversion is high among middle class Indians: 84% have not taken loans, only 11% have invested in equities (this is changing fast)


6. Children’s future and education a key concern and priority for the middle class Indians; other major concerns are rising prices and medical costs


7. Middle class Indians have very high aspirations for children with 43% wanting their kids to get a master’s degree and 29% a doctorate