Question: What is considered wealthy in the US?

American upper class

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.[1][2] 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).[3][4][5] 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%).[6][7][8]
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.[5] Estimates for the size of this group commonly vary from 1% to 2%,[4] 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."[1]
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[4]

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.[5] 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.[4] 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.[1]
In 1998, Bob Herbert of The New York Times referred to modern American plutocrats as "The Donor Class"[9][10] (list of top donors)[11] and defined the class, for the first time,[12] 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 access."[9]
Social class and income
Functional theorists in sociology and economics assert that the existence of social classes is necessary[5] in order to distribute persons so that only the most qualified are able to acquire positions of power, and so that all persons fulfill their occupational duties to the greatest extent of their ability.
Notably, this view does not address wealth, which plays an important role in allocating status and power (see Affluence in the United States for more).
In order to make sure that important and complex tasks are handled by qualified and motivated personnel, society offers incentives such as income and prestige. The more scarce qualified applicants are and the more essential the given task is, the larger the incentive will be. Income and prestige which are often used to tell a person's social class, are merely the incentives given to that person for meeting all qualifications to complete an important task that is of high standing in society due to its functional value.[13]
It should be stressed... that a position does not bring power and prestige because it draws a high income. Rather, it draws a high income because it is functionally important and the available personnel is for one reason or another scarce. It is therefore superficial and erroneous to regard high income as the cause of a man's power and prestige, just as it is erroneous to think that a man's fever is the cause of his disease... The economic source of power and prestige is not income primarily, but the ownership of capital goods (including patents, good will, and professional reputation). Such ownership should be distinguished from the possession of consumers' goods, which is an index rather than a cause of social standing. – Kingsley Davis and Wilbert E. Moore, Principles of Stratification.

As mentioned above, income is one of the most prominent features of social class, but not necessarily one of its causes. In other words, income does not determine the status of an individual or household but rather reflects upon that status. Income and prestige are the incentives in order to fill all positions with the most qualified and motivated personnel possible.[13]
If... money and wealth [alone] determine class ranking... a cocaine dealer, a lottery winner, a rock star, and a member of the Rockefeller family-are all on the same rung of the social ladder... [yet most] Americans would be unwilling to accord equal rank to a lottery winner or rock star and a member of one of America's most distinguished families... wealth is not the only factor that determines a person's rank. – William Thompson, Joseph Hickey; Society in Focus, 2005.[5]

Education
Members of the upper class in American society are typically knowledgeable and have been educated in "elite" settings.[14] Wealthy parents go above and beyond to ensure their children will also be a member of the upper class when they grow up. Upper class parents enroll their children in prestigious preschools and elementary schools leading to private middle schools and high schools, and finally elite, private colleges.[14] Often graduating from schools such as those in the Ivy League, upper class members have traditionally joined exclusive clubs or fraternities. Students at Yale University created the Skull and Bones social club. The Skull and Bones was a secret society that had members such as George H. W. Bush and John Kerry. These members obtained valuable social capital by joining the club.[14]
Religion
Individuals of a broad variety of religious backgrounds have become wealthy in America. However, the majority of these individuals follow Mainline Protestant denominations; Episcopalians[15] and Presbyterians are most prevalent,[16]
Empirical distribution of income
One 2009 empirical analysis analyzed an estimated 15–27% of the individuals in the top 0.1% of adjusted gross income (AGI), including top executives, asset managers, law firm partners, professional athletes and celebrities, and highly compensated employees of investment banks.[17] Among other results, the analysis found that individuals in the financial (Wall Street) sector constitute a greater percent of the top income earners in the United States than individuals from the non-financial sector, after adjusting for the relative sizes of the sectors.
Millionaires

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 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 0.01% 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".[19]


See also


African-American upper class
American gentry
American middle class
Donor Class
Executive compensation in the United States
Household income in the United States
Social class in the United States
Social Register
Wealth in the United States
White Anglo-Saxon Protestant

Notes and references

Further reading
Baltzell, E. Digby. Philadelphia Gentlemen: The Making of a New Upper Class (1958).
Beckert, Sven. The monied metropolis: New York City and the consolidation of the American bourgeoisie, 1850-1896 (2003).
Brooks, David. Bobos in paradise: The new upper class and how they got there (2010)
Burt, Nathaniel. The Perennial Philadelphians: The Anatomy of an American Aristocracy (1999).
Cookson, Peter W.  and Caroline Hodges Persell: Preparing for Power: America's Elite Boarding Schools, Basic Books, 1989, ISBN0-465-06269-5
Davis, Donald F. "The Price of Conspicious Production: The Detroit Elite and the Automobile Industry, 1900-1933." Journal of Social History 16.1 (1982): 21-46. 
Farnum, Richard. "Prestige in the Ivy League: Democratization and discrimination at Penn and Columbia, 1890-1970." in  Paul W. Kingston and Lionel S. Lewis, eds. The high-status track: Studies of elite schools and stratification (1990).
Foulkes, Nick.  High Society – The History of America's Upper Class, (Assouline,  2008)  ISBN2759402886
Fraser, Steve  and Gary Gerstle, eds.  Ruling America: A History of Wealth and Power in a Democracy, Harvard UP, 2005, ISBN0-674-01747-1
Ghent, Jocelyn Maynard, and Frederic Cople Jaher. "The Chicago Business Elite: 1830–1930. A Collective Biography." Business History Review 50.3 (1976): 288-328. 
Hood. Clifton. In Pursuit of Privilege: A History of New York City's Upper Class and the Making of a Metropolis (2016). covers 1760-1970.
Ingham, John N. The Iron Barons: A Social Analysis of an American Urban Elite, 1874-1965 (1978)
Jaher, Frederic Cople, ed. The Rich, the Well Born, and the Powerful: Elites and Upper Classes in History (1973), essays by scholars
Jaher, Frederick Cople. The Urban Establishment: Upper Strata in Boston, New York, Chicago, Charleston, and Los Angeles (1982).
Jensen, Richard. "Family, Career, and Reform: Women Leaders of the Progressive Era." in  Michael Gordon, ed., The American Family in Social-Historical Perspective,(1973): 267-80.
Lundberg, Ferdinand: The Rich and the Super-Rich: A Study in the Power of Money Today (1968)
McConachie, Bruce A. "New York operagoing, 1825-50: creating an elite social ritual." American Music (1988): 181-192. 

Phillips, Kevin P. Wealth and Democracy: A Political History of the American Rich, Broadway Books 2003, ISBN0-7679-0534-2
Story, Ronald. (1980) The forging of an aristocracy: Harvard & the Boston upper class, 1800-1870
Synnott, Marcia. The half-opened door: Discrimination and admissions at Harvard, Yale, and Princeton, 1900-1970 (2010).
Williams, Peter W. Religion, Art, and Money: Episcopalians and American Culture from the Civil War to the Great Depression (2016), especially in New York City