as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
develop a data-driven algorithm to categorize people based on their income levels.
user
algorithm:
1. take historical data of a population's average income as input.
2. calculate the mean and standard deviation of income across all individuals.
3. assign individuals to one of four income levels based on their individual incomes relative to the overall population's mean and standard deviation.
4. output the income level that the individual has been assigned to.
assistant