What constitutes an upper class salary? Survey reveals what Gen Z, Millennials and Boomers believe

It is quite debatable what one would consider ‘upper class’. While some people assume that the category includes owning huge villas and luxury suitcases, others think that it is enough to make a six-figure salary. While many people wonder if they fit into the upper class category, a recent survey by GOBankingRates may provide insight into how different generations view the term. GOBankingRates recently conducted a survey with a sample size of approximately 1,000 Americans who were over the age of 18. The survey revolved around finding out how much monthly income or what salary each generation (Gen Z, Millennials and Boomers) consider upper class and their thoughts on the same. Survey Findings About 20.15% of Boomers said they consider an annual income of $500,000 to be upper class. While 14.55% of people of the same age group said that an annual income between $250,000 and $300,000 is enough to be included in the category, 35% of respondents said that earning between $100,001 and $250,000 is enough. Only 8% felt that an income of $100,000 was necessary to be a member of the upper class. The millennial category is divided into two categories: people between the ages of 25 and 34 and people between 35 and 44. In the age group between 25 and 34, 13.95% of people believe that making $500,000 a year makes you upper class and 21.18% of people in the second age group agreed. Only 6.98% of the first group said that earning between $250,001 and $300,000 makes you part of the upper class, while 9.41% of respondents in the second age group felt the same way. As for Gen Z, who fall between the ages of 18 and 24, the definition of upper class for about 17.23% of respondents meant earning at least $500,000 or more. More than 23% of people thought that earning between $250,000 and $500,000 made you upper class. One-third of group survey respondents believed that making between $75,000 and $200,000 could fall into the category. About 12.4% felt that a salary between $75,001 and $100,000 was essential to becoming a member of the upper class. What is the middle class in the US? Research conducted by Smart Asset Analysis of 2023 income revealed that earning a six-figure salary may not put you in the ‘rich’ category. The annual income to be categorized in the middle class category varies from state to state and depends on several other factors, such as inflation rates. The survey shows that there is a lower point of middle class income, a higher point and a median. For example, the lower end of middle class income in Iowa is somewhere around $46,000, while the higher end is around $138,954. The median was $69,477. While the Merriam-Webster dictionary defines the upper class as “a social class that ranks above the middle class and has the highest status in a society”, there is no salary range for the group in the US. The median household income in the US as of 2024 is $83,730. Frequently Asked Questions What is the income of the upper class in the US? There is no income range that can accurately define how much the upper class earns in the US. What is the median household income in the US? That’s $83,730 as of 2024.

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