(Nexstar) – A recent survey of 1,000 Americans found that wealth is in the eye of the beholder.
gobanking rates Asked 1,000 adults of different generations They asked how much salary they think is necessary to be considered “upper class” and found answers varied among Gen Z, Millennials, and Boomers.
Boomers, or those born after World War II and through 1964, were most likely to say that a salary between $100,001 and $250,000 is considered “upper class.” Thirty-five percent of boomers surveyed, who are at or near retirement age, said crossing six figures was enough. Twenty percent thought you needed much more than that, considering only salaries over $500,000 as an “upper class” salary.
Millennials’ answers weren’t much different from Boomers’ opinions. About 37 percent of millennials (or people born between 1981 and 1996) surveyed said earning between $100,001 and $250,000 would be enough to support an upper-class family.
Meanwhile, the youngest generation surveyed had a more modest opinion about what constitutes wealth. More than a third of Generation Z, those born between 1997 and 2012, many of whom are just entering the workforce, said earning between $75,001 and $200,000 qualifies as “upper class.”
GOBankingRates did not provide any survey results from Generation X, the generation between Boomers and Millennials.
What exactly qualifies as upper class?
The median household income in the US is approximately $83,730, according to US Census BureauBut how people define “upper class” varies. Some say you need to earn twice the average income, or about $167,460.
Even more special are those who find themselves in the top 5 percent of earners. In the US, to find yourself in the top 5 percent you’d need to earn about $336,000, according to census data,
What if you want to be in the top 1 percent of earners? An analysis found You will need a maximum of $731,000 annually.
