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It is all very interesting. There is a study around which shows people's perecpetions of 'middle class', the "ideal' distribution of wealth according to the same study group, and the reality of the distribution of wealth. I will try to find it and post a link.
However, in summary, people 'think' that wealth distriburtion is about 10% poor, 80% middle class, and 10% wealthy.
In reality, the poor are WAY worse off than people perceive, the middle class is much lower, on average, than what people perceive, and the wealthy is concentrated in less than one percent of the population in America and is WAY, WAY higher than most people imagine.
If you define Upper Middle Class as the group below the wealthy, you would have to have a half dozen homes in various places, a handful of high end cars, an income well into the seven figures, probably own your own business, have an advanced degree or two, have a household staff at least to cook, clean and do maintenance, maybe have two children in private school who have a nanny, probably take a half dozen vacations and stay in your own home, or in a Four Seasons type of resort with private everything, fly first class or charter, you probably have at least $100 million in assets, and retirement won't be much different from the way life is now.
Upper Middle Class is WAY above what most people envision, and Wealthy is yet another step up. Don't feel bad if you didn't know that, or are astonished by it. You and I getting to lease a Mercedes or having a home theatre is just a ruse by the very wealthy, who run the show, to continue making themselves rich by selling us such accoutrements, and making us feel like we get to play along.
We don't even come close.
This is 100% correct. Here's an interesting visual representation of it.
Upper Middle Class is WAY above what most people envision, and Wealthy is yet another step up. Don't feel bad if you didn't know that, or are astonished by it. You and I getting to lease a Mercedes or having a home theatre is just a ruse by the very wealthy, who run the show, to continue making themselves rich by selling us such accoutrements, and making us feel like we get to play along.
We don't even come close.
I think your definition of Upper Middle Class is inflated. I would say there are different levels of "rich" and only those at the very top are really running the show (as you said, less than 1%....I'd say substantially less than 1%). So despite the disagreement on terminology, I agree with your general sentiments.
It seems most experts consider the top 15% upper middle class. That puts anyone north of 120k of household income in that class. Of course if you live in NYC you'll have to adjust those numbers just like if you live in the backwoods of Tennessee.
I've made the same basic point a few times before.
One recent example:
Quote:
Originally Posted by MrRational
It (middle class) isn't a singular thing. It's a range with common variables.
The most common threshold into "middle class" is earning enough to be
completely self sufficient... including paying some income taxes.
For a single adult, in most of the US, that is close to $30,000. A family of four... close to $60,000.
Some places will be even more and a few less... based mostly on real estate costs there.
At the upper end it's still about maintaining your life from your own earned income.
That life may include Country Clubs, Cadillacs and cruise vacations...
but they're still paying their own way and on their own earned dime.
Does not live in a house with any plywood or drywall in the framing of the house. Skip sheathing and lath/plaster all the way.
No domestic beer such as Bud, Miller Lite, etc.
No tobacco of any kind, pipe tobacco excepted.
No pitbulls
No more than 5 dental fillings per adult
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