What Is an Upper-Class Salary? Survey Reveals What Gen Z, Millennials, and Boomers Believe

What Is an Upper-Class Salary?: The idea of being part of the “upper class” often sparks curiosity and debate. For some, it’s about owning luxury homes and expensive cars; for others, it’s about earning a high six-figure salary. To understand this perception better, a recent survey by GOBankingRates sheds light on how different generations in America — Gen Z, Millennials, and Boomers — define what it means to be financially “upper class.”

About the Survey

The GOBankingRates survey was conducted among 1,000 Americans aged 18 and above, exploring how much income people across generations believe qualifies as upper class. The goal was to uncover generational differences in financial expectations, lifestyle standards, and perceptions of wealth.

Boomers’ Perspective: The Traditional Definition of Wealth

For Baby Boomers, the idea of being upper class is tied to financial security and long-term savings.

• 20.15% of Boomers said that an annual income of $500,000 or more defines the upper class.

• 14.55% believed that an income between $250,000 and $300,000 is enough.

• Interestingly, 35% considered earning between $100,001 and $250,000 sufficient to be in the upper class.

• Only 8% of Boomers felt that $100,000 a year could qualify someone as upper class.

This shows that Boomers, who have experienced economic booms and recessions, tend to associate the upper class with financial stability, assets, and comfortable retirement savings rather than lifestyle luxuries.

Millennials’ View: The Struggle Between Comfort and Ambition

The Millennial generation (ages 25–44) displayed a wider range of opinions, reflecting both rising costs of living and evolving lifestyle goals.

For those aged 25–34:

• 13.95% believed earning $500,000 per year makes someone upper class.

• 6.98% considered $250,001 to $300,000 enough to fit into the category.

Among those aged 35–44:

• 21.18% agreed that $500,000 per year defines upper class.

• 9.41% believed an income of $250,000–$300,000 qualifies.

Millennials’ views highlight how economic pressures, housing costs, and lifestyle expectations have shifted in the past two decades. Despite higher earnings, many Millennials still feel financially constrained due to student debt and inflation, making their perception of “upper class” more aspirational than attainable.

Gen Z’s Take: Redefining the Upper Class

For Gen Z (ages 18–24), the concept of being upper class is more fluid. Growing up in the digital era with side hustles and social media-driven lifestyles, they equate wealth not just with income but also with freedom, experiences, and flexibility.

• 17.23% of Gen Z respondents said earning $500,000 or more annually qualifies as upper class.

• 23% believed $250,000–$500,000 fits the definition.

• About one-third considered $75,000–$200,000 a comfortable “upper” income range.

• 12.4% said a salary between $75,001 and $100,000 is enough to enter the upper class.

This reflects Gen Z’s more optimistic yet practical outlook — while they aspire for financial success, they also prioritize work-life balance and personal satisfaction over just income figures.

What Is the Middle Class in the US?

To put these numbers in perspective, SmartAsset’s 2023 analysis on middle-class income provides clarity. The study found that earning a six-figure salary doesn’t necessarily make someone rich in America.

The middle-class range varies by state depending on cost of living and inflation. For example:

• In Iowa, the lower end of the middle-class income is around $46,000,

• The higher end is approximately $138,954,

• And the median stands at $69,477.

This demonstrates how location plays a critical role in defining class status in the US. Earning $100,000 might signify upper class in one region but barely middle class in another.

Defining the “Upper Class” Beyond Income

The Merriam-Webster dictionary defines the upper class as “a social class occupying a position above the middle class and having the highest status in a society.” However, there is no official salary threshold that qualifies someone as upper class in the US.

According to the US Census Bureau, the median household income in 2024 was $83,730, which means that the majority of Americans earn well below what most survey participants consider upper-class income.

The survey also highlights that generational differences in defining “wealth” stem from lifestyle aspirations, economic experiences, and social values rather than just salary numbers.

The GOBankingRates survey clearly illustrates that “upper class” is a relative term, shaped by one’s age, financial priorities, and cost of living. For Boomers, it’s about security; for Millennials, balance and stability; and for Gen Z, freedom and flexibility.

Ultimately, being “upper class” may not only depend on how much you earn — but on how comfortably and purposefully you live.