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One of the elusive questions in the United States surrounds what it means to be rich and upper class in America. The reality is that very few people actually know what defines upper class or “rich.”
For starters, “the rich” have greater wealth and influence in society. They also overwhelmingly dominate corporate America and maintain a disproportionate influence over other institutions. Sociologists estimate that the wealthiest one percent of Americans have a net worth of at least $1 million.
There are also a lot of conflicting statistics as to what defines upper class. While 2007data placed an income of $97,000 in the top seven percent of Americans, a better measure may have been household income that places a $97,000 in the top 20 percent. At the same time, the Federal Reserve stated that it takes a net worth of $435,000 to be in the top 20 percent. Clearly, there are serious discrepancies in the distribution of wealth.
Public perception of wealth distribution is just as fuzzy. In a 2010 study, surveyed Americans believed that the top 20 percent had 60 percent of the wealth when in fact, the top 20 percent have 85 percent of the wealth. It is equally important to note that the top onw percent of Americans hold 35 percent of net worth and 43 percent of financial wealth. At the other end of the spectrum, the 40 percent at the bottom only have .3 percent of the wealth.
As the middle class salary ranges widens, there are more being added to both ends of that income spectrum. The rich get richer and the poor get poorer.
