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

It is quite debatable what one will consider ‘upper class’. While some people assume that the category includes possessing big villas and luxury bags, others think that making a six-figure salary is enough. While many people wonder if they fit into the upper-class category, a recent survey by GOBankingRates might provide insights into how different generations view the term.

GOBankingRates recently conducted a survey with a sample size of around 1,000 Americans who were over 18 years old. The survey revolved around finding out how much monthly income or what salary each generation (Gen Z, Millennials and Boomers) considers to be upper class and their thoughts on the same.

Findings of the survey

Around 20.15% of Boomers said that 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 the respondents said that earning between $100,001 and $250,000 is enough. Only 8% felt that an income of $100,000 was needed 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 per 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 a part of the upper class, while 9.41% respondents in the second age group also felt the same way.

As for Gen Z, who fall between the ages of 18 and 24, the definition of upper class for around 17.23% of the respondents meant earning at least $500,000 or more. Over 23% of the people considered that earning around $250,000 to $500,000 makes you an upper-class person. One-third of the group survey respondents believed that making between $75,000 and $200,000 can fall into the category. Around 12.4% felt that a salary between $75,001 and $100,000 is essential to become a member of the upper class.

What is the middle class in the US?

Research conducted by Smart Asset Analysis of 2023 incomes revealed that earning a six-figure salary might not put you in the ‘rich’ category. The annual income for being categorized in the middle class category varies from state to state and depends on various other factors, like inflation rates. The survey presented that there is a lower end of middle-class income, a higher end and a median. For example, the lower end of middle-class income in Iowa is somewhere around $46,000, whereas the higher end is around $138,954. The median came out to be $69,477.

While the Merriam-Webster dictionary defines the upper class as “a social class occupying a position above the middle class and having 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.

FAQs

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?

It is $83,730 as of 2024.