Abstract:

We measure affluence linearly on income levels, purchasing power and assets owned. In reality, however, there is a difference between how 'rich' people are, measured on absolute scales, and how 'rich' they perceive themselves to be. Often behaviour is based on the individual's perception of his affluence level rather than his actual level of affluence. This presentation explores the concepts of poverty, affluence and aspiration, and the idea that there are multiple ladders of affluence - which can make slumdogs feel like millionaires.