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Class has to do with achievements, aspirations, lifestyle, assets, philanthropy, and intergenerational transfer of wealth. Income is, well, income.
I'm upper-middle to upper income but not upper class.
A Harvard student who lives on almost no money but who comes from a family of doctors, industrialists, etc. is upper class. An auto repair garage owner who sold his business for a couple of million typically is not (although he is to be commended for working hard and getting ahead).
What's the difference between wealthy and upper class?
If someone has the means but decides not to live in a large and fancy house for instance, are they upper class or not?
Can someone be rich and still lower class?
Plenty of people are rich and still lower class, professional athletes. They blow their money on alimony, child support, poor investments, friends/family, bills, depreciating assets etc. and when they stop playing, they’re broke. (these are based on statistics)
Now if they took their money and invested into successful ventures and earned passive income and assets then their kids could benefit form wealth inheritance and be considered upper class.
The distinction, IMO, is that upper class can transfer their wealth to futures generations while the rich are not at that level yet.
Quote:
Originally Posted by Steve McDonald
Acquiring large amounts of money may gain you entry to the ranks of the Nouveau Riche, but it won't give you any class at all.
I agree. If you look at the tech billionaires in Silicon Valley with bright orange Lamborghinis and grey hoodies for work, old money like Kennedy or Rockefeller family dynasties wouldn’t consider them upper class. However, if those guys take care of their money, then their kids or kids kids will eventually be upper class.
"Upper income" means high income. That is really all it means.
"Upper financial status" to me means you don't need to work to maintain an expensive lifestyle. This is what most people would call "rich".
"Upper class" is a social marker which as I and others have stated, is not driven by financial status though it tends to correlate.
Agree... all three terms have different meanings.
But 'upper financial status' is a terribly broad term, which I choose to divide as follows:
"Wealthy" is when you can comfortably live off the income from your investments alone.
"Rich" is when you can live comfortably off the income from the income of your investments alone.
"Super Rich" is when you could live comfortably off the income from the income from the income of your investments alone.
For each of us, these categories would differ, but I don't think by very much.
For me, wealthy is 3+ million dollars.
Rich is 75+ million $$, and Super Rich is over a billion.
After that... ?
What asset level/net worth do you need to join each group?
So I guess Warren Buffett to be middle class. Except for the private jet.
In an interview with one of his daughters, she said her childhood was middle class, but her education was upper class. I have also seen realtor pictures of the home he just sold. It was a very nice house, but not particularly ostentatious. He paid $31,500 for it in 1958.
In an interview with one of his daughters, she said her childhood was middle class, but her education was upper class. I have also seen realtor pictures of the home he just sold. It was a very nice house, but not particularly ostentatious. He paid $31,500 for it in 1958.
IMO this social upper class is a silly, throw back notion. Sure there is correlation with wealth. But IMO it is the accumulated and accessible wealth that matters most in placing someone in some descriptive economic range. What they do with their money, how they live, how you think they live, or imagine them on 'lifestyles of the rich and famous' are less useful notions.
Location: Formerly Pleasanton Ca, now in Marietta Ga
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Quote:
Originally Posted by PamelaIamela
Agree... all three terms have different meanings.
But 'upper financial status' is a terribly broad term, which I choose to divide as follows:
"Wealthy" is when you can comfortably live off the income from your investments alone.
"Rich" is when you can live comfortably off the income from the income of your investments alone.
"Super Rich" is when you could live comfortably off the income from the income from the income of your investments alone.
For each of us, these categories would differ, but I don't think by very much.
For me, wealthy is 3+ million dollars.
Rich is 75+ million $$, and Super Rich is over a billion.
After that... ?
What asset level/net worth do you need to join each group?
You kind of lost me on the income.could you give examples?
In an interview with one of his daughters, she said her childhood was middle class, but her education was upper class. I have also seen realtor pictures of the home he just sold. It was a very nice house, but not particularly ostentatious. He paid $31,500 for it in 1958.
I've actually driven by his house. It is similar to the houses in the upper middle class neighborhood where I live. For a multibillionaire, he really did live quite modestly.
Upper income:
Doctors
Successful lawyers
Professional athletes
CEO
Major business owners/founders
Successful entrepreneurs
Upper class:
Rockefeller family
Kardashian Family (a long with the Jenner family, it’s a lot of money)
Bush Family
Hilton Family
Kennedy Family
Koch Family
Walton Family
Rothschild Family
The difference, obviously, is the transgenerational wealth. And the fact it’s a family or dynasty and not just one person who has money.
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