Socioeconomic Status in India: Assets, Perceived Status, and Aspirational Mobility

Abstract

Socioeconomic status (SES) is widely used in social science research, yet it is often reduced to single indicators such as income. The present study develops and evaluates a multidimensional model of socioeconomic position that distinguishes between accumulated material assets, subjective social rank, and aspirational mobility. Using survey data from 183 adult participants in India, an asset-based wealth index was constructed via principal component analysis and examined in relation to reported income, perceived social standing (MacArthur Ladder), categorical class identity, and expectations of future mobility. Results indicate that assets and income are only weakly correlated, that objective wealth is moderately associated with subjective rank but weakly associated with class identity, and that individuals who perceive themselves lower in the hierarchy report stronger upward mobility expectations. These findings demonstrate that economic resources, perceived status, and mobility expectations are related but partially dissociated dimensions of stratification. The study supports a multidimensional framework for measuring socioeconomic position in rapidly transforming societies.