Are You Wealthier Than You Think? Only 2% Consider Themselves 'Upper Class' – But Far More Fall Into This Elite Bracket

What does it mean to be "upper class?" For some, it's about extravagance – penthouse apartments, $500 brunches and closets that rival high-end boutiques. For others, it's far more understated: skipping the stress over price tags, booking a vacation without panic or paying for your kid's college tuition without taking out a second mortgage.

The truth is, the bar for "upper class" may be lower than you'd think.

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According to the Pew Research Center, around 19% of American adults fall into the "upper income" category, earning more than double the national median household income. Based on the latest Census Bureau data, the U.S. median household income currently hovers around $75,000. That means for a family of three, earning upward of $250,000 often lands you in the upper-income bracket, according to GoBankingRates.

Surprisingly, despite meeting this financial threshold, few people identify as "upper class." A 2022 Gallup poll found that only 2% of Americans describe themselves this way. Most opt for "middle class" or "upper-middle class" – labels that feel safer and more relatable. For many, the "upper class" seems unattainable or plain out of touch.

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But income alone doesn't tell the full story. Net worth adds another layer to the conversation. A 2023 Federal Reserve report shows that households in the 80th to 90th income percentile – the top 10-20% of earners – had an average net worth of $1.26 million and a median of about $747,000.

The Realities of Economic Status

Economic standing also varies widely across demographic groups. Pew Research highlights some key trends:

• White adults were the only group where more than half (52%) lived in middle-class households in 2021, though that number dropped from 63% in 1971.

• In comparison, only about one in 10 Black and Hispanic adults qualified as upper-income in 2021, while about one in four white and Asian adults did.

Gender dynamics show less change over time. From 1971 to 2021, men and women experienced similar shifts: slight increases in lower- and upper-income shares and sharp declines in the middle class. Women remained more likely to live in lower-income households in 2021 (31% vs. 26% for men).

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Age and Accumulated Wealth

Another consistent pattern? Age plays a major role in wealth accumulation. The highest share of upper-income individuals falls within the 50-64 age range. That's because wealth typically grows over time, with older workers more likely to have significant savings, investments and assets.

What Does "Upper Class" Really Mean?

At its core, being "upper class" often comes down to financial freedom. For some, it's the ability to save, invest and enjoy life's comforts without worrying about every dollar. For others, it's about security – having the safety net to handle life's curveballs without derailing your future.

Of course, definitions will always vary. But understanding where you stand on the economic spectrum can be empowering. If you're unsure how to make the most of your financial position or want to move up the ladder, a financial advisor can help you navigate your options.

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