Are Millionaires Considered Middle Class in Today’s Nigerian Economy?
Lifestyle In Nigeria, the concept of the middle class might evoke images of moderate living, not the extravagant lifestyles associated with millionaires.However, defining what constitutes the middle class can be complex and varies greatly depending on various factors.What Exactly Is Middle Class?In general, the middle class refers to individuals or households who fall between the working class and the upper class in terms of income and lifestyle,” explains a local real estate CEO. “In Nigeria, being middle class might be defined by an annual household income that comfortably covers housing, education, and healthcare, yet doesn’t stretch into luxury.”Education level, occupation, and social status also play roles in defining this group. Unlike in wealthier nations where middle-class income ranges are higher, in Nigeria,...
