American upper class
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Households with net worths of $1 million or more may be identified as members of the upper-most socio-economic demographic, depending on the class model used. While most contemporary sociologists estimate that only 1% of households are members of the upper class, sociologist Leonard Beeghley asserts that all households with a net worth of $1 million or more are considered "rich." He divides "the rich" into two sub-groups: the rich and the super-rich. The rich constitute roughly 5% of U.S. households and their wealth is largely in the form of home equity . Other contemporary sociologists, such as Dennis Gilbert, argue that this group is not part of the upper class but rather part of the upper middle class, as its standard of living is largely derived from occupation-generated income and its affluence falls far short of that attained by the top percentile. The super-rich, according to Beeghley, are those able to live off their wealth without depending on occupation-derived income. This demographic constitutes roughly 0.9% of American households. Beeghley's definition of the super-rich is congruent with the definition of upper class employed by most other sociologists. The top .01 percent of the population, with an annual income of $9.5 million or more, received 5% of the income of the United States in 2007. These 15,000 families have been characterized as the "richest of the rich".
Millionaire
A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account...
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Millionaires
See also: MillionairesHouseholds with net worths of $1 million or more may be identified as members of the upper-most socio-economic demographic, depending on the class model used. While most contemporary sociologists estimate that only 1% of households are members of the upper class, sociologist Leonard Beeghley asserts that all households with a net worth of $1 million or more are considered "rich." He divides "the rich" into two sub-groups: the rich and the super-rich. The rich constitute roughly 5% of U.S. households and their wealth is largely in the form of home equity . Other contemporary sociologists, such as Dennis Gilbert, argue that this group is not part of the upper class but rather part of the upper middle class, as its standard of living is largely derived from occupation-generated income and its affluence falls far short of that attained by the top percentile. The super-rich, according to Beeghley, are those able to live off their wealth without depending on occupation-derived income. This demographic constitutes roughly 0.9% of American households. Beeghley's definition of the super-rich is congruent with the definition of upper class employed by most other sociologists. The top .01 percent of the population, with an annual income of $9.5 million or more, received 5% of the income of the United States in 2007. These 15,000 families have been characterized as the "richest of the rich".
See also
- The Four HundredThe Four HundredThe Four Hundred can refer to:* The oligarchic government controlling Athens after the Athenian coup of 411 BC* The social elite of New York City in the late 19th century; term coined by Ward McAllister, supposedly the number of people Mrs William Backhouse Astor, Jr's ballroom could accommodate*...
, 19th century term for New York City's social elite - Social structure of the United StatesSocial structure of the United StatesSocial class is a controversial issue in the United States, having many competing definitions, models, and even disagreements over its very existence. Many Americans believe in a simple three-class model that includes the "rich", the "middle class", and the "poor"...
- Bourgeois personality
- American middle classAmerican middle classThe American middle class is a social class in the United States. While the concept is typically ambiguous in popular opinion and common language use, contemporary social scientists have put forward several, more or less congruent, theories on the American middle class...
- Millionaires
- Social classSocial classSocial classes are economic or cultural arrangements of groups in society. Class is an essential object of analysis for sociologists, political scientists, economists, anthropologists and social historians. In the social sciences, social class is often discussed in terms of 'social stratification'...
- Social RegisterSocial RegisterSpecific to the United States, the Social Register is a directory of names and addresses of prominent American families who form the social elite, . The "Directory" automatically includes the President of the United States and the First Family, and in the past always included the U.S. Senators and...
- Household income in the United StatesHousehold income in the United StatesHousehold income is a measure commonly used by the United States government and private institutions, that counts the income of all residents over the age of 18 in each household, including not only all wages and salaries, but such items as unemployment insurance, disability payments, child support...
- Educational attainment in the United StatesEducational attainment in the United StatesThe educational attainment of the U.S. population is similar to that of many other industrialized countries with the vast majority of the population having completed secondary education and a rising number of college graduates that outnumber high school dropouts. As a whole, the population of the...
Further reading
- Peter W. Cookson, Caroline Hodges Persell: Preparing for Power: America's Elite Boarding Schools, Basic Books, 1989, ISBN 0-465-06269-5
- Steve Fraser, Gary Gerstle (ed.): Ruling America: A History of Wealth and Power in a Democracy, Harvard UP, 2005, ISBN 0-674-01747-1
- Kevin P. Phillips, Wealth and Democracy: A Political History of the American Rich, Broadway Books 2003, ISBN 0-7679-0534-2