American upper class | Wikipedia audio article
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Date: 01/12/2018

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American upper class

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SUMMARY
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The American upper class is  a social group within the United States  consisting of people who have the highest social rank, primarily due to the use of their wealth to achieve social status. These criteria differ from those of the traditional "upper class" in  Britain and Europe which favor landed gentry and aristocracy (although such class distinctions have been deteriorating in recent times). 
The American upper class is seen by some as simply being composed of the wealthiest individuals and families in the country. Some would add that people within this social class need to make themselves  socioeconomically distinguishable  from other classes by demonstrating their greater wealth, influence and power.  The American upper class can also be broken down into two groups: people of substantial means with a history of family wealth going back centuries (called "old money");  and those who have acquired their wealth more recently (e.g. since 1900),  often referred to as "Nouveau riche" (borrowed from the European aristocratic system, though often without its derogatory historical connotation). In a CNBC  Millionaire Survey it can be observed that a majority of millionaires polled, representing the wealthiest 10 percent of Americans, described themselves as middle class (44%) or upper middle class (40%).Many politicians, heirs to fortunes, top business executives, CEOs, successful venture capitalists, those born into high society, and some celebrities may be considered members of this class. Some prominent and high-rung professionals may also be included if they attain great influence and wealth. The main distinguishing feature of this class, which is estimated to constitute roughly 1% of the population, is the source of income. While the vast majority of people and households derive their income from wages or salaries, those in the upper class derive their income from investments and capital gains. Estimates for the size of this group commonly vary from 1% to 2%, while some surveys have indicated that as many as 6% of Americans identify as "upper class." Sociologist Leonard Beeghley sees wealth as the only significant distinguishing feature of this class and, therefore, refers to this group simply as "the rich."
The members of the tiny capitalist class at the top of the hierarchy have an influence on economy and society far beyond their numbers. They make investment decisions that open or close employment opportunities for millions of others. They contribute money to political parties, and they often own media enterprises that allow them influence over the thinking of other classes... The capitalist class strives to perpetuate itself: Assets, lifestyles, values and social networks... are all passed from one generation to the next. –Dennis Gilbert, The American Class Structure, 1998
Sociologists such as W. Lloyd Warner, William Thompson and Joseph Hickey recognize prestige differences between members of the upper class. Established families, prominent professionals and politicians may be deemed to have more prestige than some entertainment celebrities who in turn may have more prestige than the members of local elites. Yet, contemporary sociologists argue that all members of the upper class share such great wealth, influence and assets as their main source of income as to be recognized as members of the same social class. As great financial fortune is the main distinguishing feature of this class, sociologist Leonard Beeghley at the University of Florida identifies all "rich" households, those with incomes in the top 1% or so, as upper class.In 1998, Bob Herbert of The New York Times referred to modern American plutocrats as "The Donor Class" (list of top donors) and defined the class, for the first time, as "a tiny group – just one-quarter of 1 percent of the population – and it is not representative of the rest of the nation. But its money buys plenty of  ...