The upper middle class is a social group with a higher social status than lower-middle class members. The term upper middle class is a narrower definition of the middle class, while middle-class is a broader term that encompasses all middle-class families. This group has a higher standard of living and enjoys greater personal freedom.
The income range for the upper middle class varies depending on the country you live in and how a “good” salary is defined. Understanding the income thresholds in your area will help you plan your financial life better. For example, in Canada, an income of between two-thirds and double the median household income is considered middle-class. This income range is generally from $53,413 to $106,827.
The upper middle class is a social group made up of people who are well-educated and are in jobs that earn a high income. The majority of upper middle-class individuals are highly educated white collar professionals, such as economists, university professors, lawyers, and stockbrokers. They also include those who have specialized in specific fields, such as dentists and engineers. Other members of the upper-middle class include corporate executives and high-ranking government officials.
In terms of geographic location, North Carolina saw a net increase in the number of upper-middle-class individuals from 2017 to 2018. Its large cities and beautiful beaches are attractive to upper-middle-class families, and the income tax rate is only 5.25%. In addition, the state also has a low property tax rate compared to other states, making it a desirable destination for high-income earners.
The upper middle class comprises approximately fourteen percent of the American population. Its members are largely educated professionals with incomes of $70,000 or more. Most upper-middle-class people have graduate degrees and have occupations that pay them well for their expertise and education. The income of upper-middle-class families is above the national average.
Although the income of upper-middle class people varies greatly by location, the median income of homeowners is seventy-three thousand dollars. This is 80% higher than the median income for renters. Homeownership can be out of reach for many professionals, particularly in some cities. However, the majority of Americans believe that being employed and having the ability to save money is the essential element for being part of the middle class.
The income of the upper-middle class is higher than the income of lower-middle-class households. According to the Pew Research Center, a household with four people in it would earn between forty-six thousand and one hundred twenty-nine thousand dollars. This is far above the income level of the lower-middle-class.
For those in the upper-middle class, seeking professional financial advice is a good way to maximize their income. These financial advisers can give advice on how to best use the money they have, and help make the most of it. One way to connect with a local advisor is with SmartAsset’s free matching tool.