When you hear the term “upper class,” what comes to mind? Is it luxury cars? Or maybe first-class international vacations? Or perhaps the mega-mansion one of your friends lived in? For many of us, attaining “upper class” wealth is still a dream. But what actually makes someone upper class?
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GOBankingRates took a survey of 1,000 Americans (over age 18) and asked them what they considered to be upper class. Here’s a breakdown of the exact salary respondents considered to be “upper class” and how it differs by generation.
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How Much the Upper Class Makes per Year
The Merriam-Webster dictionary definition of upper class is “A social class occupying a position above the middle class and having the highest status in a society.” However, there is no directly correlated salary range for what it means to be upper class.
Some definitions online suggest that the upper class makes at least twice as much as the median household income. Using that definition, here’s how much you’d need to make per year to be considered upper class.
The median household income in the United States as of 2024 is $83,730, per the Federal Reserve Bank of St. Louis. Doubling that results in an income over $167,000.
This is across all household sizes. But if we dig into more recent data by location (from the Census Bureau), we see that household size and location can drastically affect the median income.
For our example, let’s look at a household size of four people in North Carolina. The median salary for a household of four in North Carolina is $113,793. This means to be considered an upper-class household of four in North Carolina, you’d need to make at least $227,586 per year.
So now that we’ve established a baseline for upper-class income, let’s break down the GOBankingRates survey to see what different generations consider “upper class” by salary.
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Upper-Class Salary for Boomers
Boomers are at or near retirement, and their view of what you need to make to be considered upper class is interesting.
While 20.15% of respondents who were over age 65 said you need to be making $500,000-plus per year to be upper class, a full 14.55% of that age group said making between $250,000 and $300,000 is an upper-class salary.
But what’s interesting is that over 35% of 65-plus respondents said making between $100,001 and $250,000 is considered upper class, with a bit more than 8% saying $100,000 or less gets you there.
So many boomers lean toward a higher salary to be considered upper class, but a huge chunk of respondents think that earning six figures is still fabulously wealthy.
Upper-Class Salary for Millennials
Millennials are just ramping up into their high-earning years, but many still don’t consider themselves upper class. Millennials are currently between the ages of 29 and 44, and the survey’s age breakdown has two age ranges including millennials (ages 25 to 34 and ages 35 to 44).
According to the survey, 13.95% of those in 25-to-34 group believe you’re still middle class unless you’re making $500,000 or more per year, while 21.18% of the 35-to-44 age group said the same. And with housing costs, inflation and tough job markets as many of them entered the workforce, it’s understandable many millennials feel behind.
Only 6.98% of the younger group said that making $250,001 to $300,000 makes you upper class, while 9.41% of the older group said the same. Interestingly, a full 36% of respondents in the younger group and 38% in the older group said that making between $100,001 and $250,000 makes you an upper-class household.
It’s curious that more millennials think a salary of $75,001 to $100,000 makes you upper class than boomers. But many still think making half a million or more is required to feel rich.
Upper-Class Salary for Gen Z
Many Gen Zers are just getting into the workforce, so let’s see how their definition of “rich” differs from those of millennials and boomers. The survey’s youngest age range is 18 to 24, which consists fully of Gen Z, while the next age group (25 to 34) includes Gen Z and millennials.
According to the survey, only 17.36% of those in the youngest age group believe you need to make $500,000 or more to be upper class. Only 23% believe you need to be making between $250,001 and $500,000 to be upper class.
Over one-third actually believe you need to make just $75,001 to $200,000 to be considered upper class. Now, this is a wide range, but 12.4% believe that a $75,001-to-$100,000 salary puts you squarely in with upper-class households.
This may be because Gen Z hasn’t saddled themselves with high-cost burdens like buying a home or new car or because some may treat money differently. If Gen Z can feel rich on a $75,000 income, it could help them grow their wealth while staying content with less than previous generations.
Methodology: GOBankingRates surveyed 1,000 Americans aged 18 and older from across the country between Feb. 10 and Feb. 15, 2025, asking 17 different questions: (1) When do you expect to file your taxes this year?; (2) How much do you expect it to cost you to file your taxes this year?; (3) How much do you expect to receive in a tax refund?; (4) What do you plan to do with a majority of your refund?; (5) Do you believe your tax dollars are being spent effectively?; (6) Do you believe you are paying too much, too little or a fair share in taxes?; (7) Do you expect your tax refund this year to be more or less than last year?; (8) Do you depend on a tax refund to make ends meet?; (9) If you owe more than $1,000 on taxes this year, can you afford to pay it immediately?; (10) What do you understand the least about your taxes?; (11) What concerns you the most about Tax Day?; (12) Do you believe the ultra wealthy should be taxed more, less or the same?; (13) Do you believe the middle class should be taxed more, less or the same?; (14) What salary do you believe is needed to live comfortably in the U.S. in 2025?; (15) What is the minimum salary you believe is needed to be upper class?; (16) What salary do you believe is needed to afford a home in the U.S. in 2025?; and (17) Are you spending more/less on groceries than last year? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
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This article originally appeared on GOBankingRates.com: The Salary Needed To Be Upper Class in 2025, According to Gen Z, Millennials and Boomers
