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(NEXSTAR) – The concept of wealth can vary significantly depending on who you ask, as revealed by a new survey involving 1,000 U.S. residents.
GOBankingRates conducted a study to gauge perceptions across various age groups regarding the income needed to be classified as “upper class.” The survey uncovered notable differences in opinions among Gen Z, millennials, and baby boomers.
Individuals from the baby boomer generation, those born post-World War II through 1964, predominantly believe that a salary ranging from $100,001 to $250,000 qualifies one as “upper class.” With many boomers approaching or having reached retirement, 35% feel that breaching the six-figure mark is sufficient, while 20% argue that an income exceeding $500,000 is necessary to fit the “upper class” label.
Millennials, defined as those born between 1981 and 1996, share views somewhat aligned with boomers. Approximately 37% of millennials concur that an annual income within the $100,001 to $250,000 bracket signifies an upper-class status.
Conversely, Gen Z, comprising individuals born from 1997 to 2012, who are primarily at the onset of their careers, have a more conservative view of wealth. Over a third of this youngest demographic consider a salary between $75,001 and $200,000 as fitting the “upper class” description.
GOBankingRates did not provide any survey results from Generation X, the generation between boomers and millennials.
What actually qualifies as upper class?
The median household income in the U.S. is around $83,730, according to the U.S. Census Bureau. But how people define “upper class” differs. Some say you’d need to be making twice the median income, or around $167,460.
Even more elite are those who find themselves in the top 5 percent of earners. In the U.S., you’d need to be making about $336,000 to find yourself in the top 5 percent, according to Census data.
What if you want to be in the top 1 percent of earners? One analysis found you’d need to top $731,000 annually.