Boomers Consider You 'Upper-Class' If Your Salary Is Above This Number

Broadly speaking, people in the United States fall into lower, middle, or upper socioeconomic class categories. Then, the middle class can be subdivided into lower middle and upper middle classes. Because there's some definitional wiggle room, GOBankingRates surveyed 1,000 adults from different generations — boomers, millennials, and Gen Z — to see what the term "upper class" meant to them. Where, exactly, is the dividing line between the upper middle class and the upper class? 

Each generation gave somewhat different responses, and those given by boomers spotlighted the thoughts of people who are retired or approaching this milestone. Even within the boomer generation, though, answers ranged widely. About 20% of these respondents said that people needed to earn a whopping $500,000-plus per year to land in the upper class. Others didn't cite wages that high. Around 15% named $250,000 to $300,000; over 35% listed $100,001 to $250,000; and about 8% said that earning $100,000 or less per year is enough to be considered upper class. 

Notably, this differs significantly from a net worth-based approach to upper class status during retirement, a time when someone's income can be significantly lower. According to an expert quoted by Yahoo, upper class people have a net worth of $714,000 to $2.1 million. Using data from the 2023 Survey of Consumer Finances, GOBankingRates lists an average net worth for those aged 65 to 74 at $1.8 million, with a median of about $410,000. People aged 75 or over average $1.6 million and a median of about $336,000.

One of the other assets that signify upper class status is a successful emergency savings account, typically defined as one that contains enough to pay six months' worth of living expenses. Plus, the upper crust has more ability to save for desires beyond emergency coverage. Other signs that you're in the upper class include having disposable income left over after paying expenses, putting funds in savings, and investing a percentage of them. They can also — if the person chooses — retire early. Upper class people tend to own high-end real estate in desirable neighborhoods; as Realtor.com noted in July 2025, boomers own about half of real estate-related wealth — collectively between $18 and $19 trillion. 

A 2024 Charles Schwab survey provides insights into what wealthy boomers think about passing along their wealth to future generations. With an average net worth of $3.1 million, about one in three want to preserve their assets to give to others after they die, while about one in five want to see others enjoy the fruits of their labor while they're still living.