How Much Money 'Upper Class' People Should Really Have In An Emergency Fund

Personal finances are a very polarizing topic, but most people agree that emergency funds are a must-have in today's economy. In fact, according to the Federal Reserve's Report on the Economic Well-Being of U.S. Households, in 2024 around 55% of all adults have at least three months of emergency savings. However, there is no consensus on how much money people should have in their emergency fund. The reality is that there is no single savings goal that can cover everyone in the event of medical emergencies, the loss of a job, or other large sudden financial change. Typically it is recommended that people have between three and six months' worth of expenses; however for upper class people that number should be several times more.

Upper class individuals are considered the wealthiest individuals in society with high levels of disposable income. Although the exact income varies by location, generally an income above $169,800 officially puts your household in the upper class. Because of their high income, a financial planner with Kiplinger suggests upper class individuals should keep an 18-month emergency fund. The advice steers away from the traditional recommendation of three to six months as white collar jobs are being eliminated from the workforce and it is increasingly difficult to replace a high income job.

For high earners, a large emergency fund is essential to cover their high monthly expenses. According to the Bureau of Labor Statistics' (BLS) 2024 Consumer Expenditures survey, the average household spends $78,535 on expenses yearly; however, households in the highest quintile, which represents the country's highest earners, have annual expenses totaling $150,342. Some of the categories that take up large percentages of their income are housing, personal insurance, and transportation, according to an analysis of Consumer Expenditures data from Flowing Data. However, upper class millennials may have different spending habits than other generations, which may lead to higher expenses. 

In addition to covering higher expenses, having 18 months' worth of savings can afford a less stressful job search. With white collar layoffs on the rise, it is becoming harder to find new jobs. According to a report from Zety, 30% of those who were laid off in 2025 were unemployed for 90 days and 5% were unemployed for over a year. For upper class individuals with niche jobs the process to find a new high paying job can take even longer due limited job supply for certain specialized roles. But by having substantial savings, upper class individuals can have a less stressful job search. They can be more selective about what job they accept and can even have a period of funemployment, a stretch of unemployment where individuals enjoy leisure instead of scaling back to lower costs.