Technically speaking: Are you rich?

Cement, hallow blocks, deformed bars, PVC Pipes are just some of the materials needed to build a structure. Whether a residential or tall buildings, these materials are necessary and the basic needs of each infrastructure. Just like the need of every human beings, cloth, shelter and food are also evolving. Now, these are not limited to these things. We have nutrition, education, medical assistance, clean water and sustainability.

Majority of the Filipinos are under the poverty line. Illegal settlers, Foundations, Row housing facilities are usual in the ears of every aware and concerned Juan. Feeding programs are not enough, livelihood with funds to support the unfortunate must be included in all planned objective in order for the poor to start a cooperative or to achieve the goals. With a minority of the population under the rich line, question is the definition of rich.

From Envey Dunleavey:

A 2003 Gallup poll found that although only 2% of Americans describe themselves as rich, 31% said they thought it was very or somewhat likely they would be rich one day. That number jumped to 51% for 18 to 29-year-olds — and plunged to a sobering 8% for Americans 65 and older.

According to Gallup, the public’s median definition of “rich” was an income of $120,000 — or assets of $1 million. We asked the same question of money-savvy MSN Money readers, and a majority of the more than 11,000 who responded felt that they would need at least $5 million to consider themselves rich.

From the author of “Kurap-syon”

Having a car in the Philippines worth 2 million pesos, a house worth 6 million pesos and a travel abroad with multiple American visa don’t considered her as rich. In the eyes of many might be, because the definition of wealth for them, is “something that they don’t have”.

So what really is rich based on the definition in the Philippines?

From PinoyMoneytalk.com:

Based on NSCB computations using the Family Income and Expenditure Surveys (FIES) and the Labor Force Survey (LFS), to be counted in the high-income class in 2010, a family should earn at least PhP 2,393,126 a year or PhP 199,927 a month.
Simply stated, your family should be earning P200,000 a month or a total of P2.4 million a year to be considered “rich” in the Philippines.
These rich families number only 20,000 or 0.1% of the total 17.4 million families in the country. On the average, rich families earn a monthly income of P235,155 in 2010.

The middle class, on the other hand, earn an average of P36,934 per month while the low income class earn an average of P9,061 per month.

Two hundred thousand pesos monthly or more? So what kind of work does one have this amount as salary? Who are the rich?

1. Might be a manager of one manufacturing company
2. Might be an entrepreneur with more than 5 years in business
3. Might be a good I.T professional
4. A medical doctor
5. Tony Tan- Caktiong of Jollibee
6. Manuel Villar of Portofino
7. John Gokongwei of Robinson
8. Henry Sy of SM department Stores
9. Alfred Xerex-Burgos of Landco
10. George Ty of Metrobank

These are the some similarities;

1. Average number of kids- 3
2. In their late 60’s
3. Men
4. Chinese and Spanish descent
5. At least with three cars

With 24/7 calamities (without water, permanent shelter, food, education like most people in Calauan, Laguna) and growing population in the Philippines that is forecast to reached more than 120,000 in population this year because of the lack of education, majority are poor and lack of reproductive health program, the gap between the rich and poor is becoming higher. For one construction worker who have 350.00 pesos per day as a salary with an average of 6 kids who might not attend college, the Philippines might be still under the developing countries category for the next years ahead

With the similarities of the rich individuals and their backgrounds, how many Filipinos could be like them? Though there is exception to the rule, there is no harm in wishing and improving his skills to attain his goal and to dream to become rich. Hardwork, perseverance and luck?

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