'₹1 cr used to mean rich, now it’s a 2BHK in Mumbai': Banker questions India’s middle class illusion

₹1 crore used to mean generational wealth. Today, it's just a small apartment in Mumbai. Investment banker Nikhil Singh has sparked a conversation on LinkedIn, questioning whether India’s middle class is growing richer — or just redefined by inflation and debt.

“Since when did ₹1 crore become ‘middle class’?” Singh asks, pointing to how urban living costs and lifestyle inflation have reshaped financial benchmarks. In cities like Mumbai, Delhi, and Bangalore, ₹1 crore often translates to a modest 2BHK flat — not financial freedom.

“₹1 crore net worth in urban India today often just means one house and some savings,” he writes. “That’s not luxury, that’s survival.”

He critiques the illusion of affluence, noting that many who own a home and car on EMI are not wealthy — they’re “debt-ridden.” The gap, he argues, lies in perception: those considered “middle class” may technically be asset-rich, but in reality, they’re stretched thin.

“And if ₹50 lakh – ₹1 crore = middle class,” Singh asks, “what about the families who live paycheck to paycheck with zero assets?”

The post, framed as both a financial reality check and a cultural critique, underscores how India’s economic narratives have shifted. “Somewhere along the way,” he writes, “the definition of class got inflated.”

Singh’s core question: Are urban Indians actually getting wealthier, or is the bar for “middle class” being pushed higher — masking deeper financial insecurity under the illusion of upward mobility?