The apex of society is referred to as the upper class. The capitalist class, or simply the rich,
is a term used to describe people who have a lot of money and power. This social class has
a lot of clout in the country's political and economic institutions, as well as the media.
The upper class includes politicians, heirs to fortunes, top business executives such as CEOs,
successful venture capitalists, and celebrities. Some prominent and
high-ranking professionals may be included if they achieve significant influence and wealth.
In the upper-middle-class strata, others are physicians, dentists, lawyers, accountants,
engineers, military officers, economists, urban planners, university professors, architects,
stockbrokers, psychologists, scientists, actuaries, and optometrists, among others.
Their source of income is the most distinguishing trait of this group. While salaries provide income
for most people and households, the upper class relies heavily on investments and capital gains.
Depending on the class model employed, households having a net worth of $1 million
or more may be classified as members of the upper socioeconomic population.
While most modern sociologists believe that just 1% of homes are upper-class,
sociologist Leonard Beeghley claims that all households with a net worth of $1 million or more
are considered "wealthy." He classifies the wealthy into two categories:
the wealthy and the super-wealthy. The wealthy makeup around 5% of all
families in the United States, and their money is mostly held in home equity.
Other contemporary sociologists, such as Dennis Gilbert, assert that this group belongs to the
upper-middle class rather than the upper class because their standard of living is mostly derived
from occupation-generated income, and their wealth is significantly below that of the top percentile.
According to Beeghley, the super-rich are people who can live off their fortune without relying on
job-related income. This group accounts for around 0.9% of all households in the United States.
Beeghley's concept of the super-rich is similar to most other sociologists' definitions of the
upper class. For example, the top zero-point-one, percent of the population, with an annual income
of $9.5 million or more, received 5% of the combined income of the United States in 2007.
These 15,000 families have been characterised as the “richest of the rich.”
If you were ever curious about what it takes to be considered wealthy, here it is.
According to a survey done by Pew Research, it takes an annual income of more than $100,000
to be in the upper class. Although the cost of living varies widely across the country,
estimates of how much income is needed to be considered wealthy differ across regions
and communities. For example, those living in suburban communities say it takes more
than $100,000 to be considered wealthy in their area than those living in urban or rural areas.
Notable characteristics of the upper class 1. Wealth
The upper class is usually described as the top one or two percent of families
in terms of wealth. As a result, the upper class accounts for around 2% of the population,
while the bourgeois, middle, and lower classes are all larger groupings. Despite this,
the upper class has the capacity to own more money than all of these groups put together.
Of course, this partly depends on a country's tax policy, since high taxes on the wealthy can
prevent this from happening. 2. Income
The upper class generally put their money to work as productive capital to produce revenue to
preserve it. And those that do well in this area can pass on their wealth to future generations.
3. Labour The upper class
may live off of their capital alone and do not need to work to make ends meet. Despite this,
many upper-class people may opt to work. 4. Old money and new money
Old money refers to the wealthy upper-class families that have had or inherited money,
for at least three generations. In contrast, nouveau riche refers to individuals who have
been wealthy for only a generation or two. When there is ongoing temptation to splurge,
and individuals approach you with investment pitches, the abilities required to make money
or inherit money are sometimes different from the talents needed to sustain wealth over time. Old
money families are often thrifty and economically prudent, thus avoiding flashy displays of wealth.
5. Capitalisation of Culture The power to influence a culture, is referred
to as cultural capital. The upper class has its own set of social conventions, expectations,
and common experiences that enable them to quickly recognise one another in conversation.
This is especially true for families with a long history of wealth. The upper class of a country,
for example, tends to vacation in the same places, attend the same schools, and socialise with the
same people. Knowing other affluent people opens doors to a plethora of opportunities in life,
such as positions, employment, titles, honours, and favours from those in power, which helps
these families stay wealthy. 6. Social Position
The respect you receive from society is regarded as your social position. The upper class typically
has a high social standing and may work hard to increase their family's social status,
for example, by securing admission to Ivy League colleges for their children.
7. Signalling Signaling is a method of gaining
social status by displaying wealth, brilliance, coolness, or youth in extremely obvious ways.
Purchasing a supercar, for example, conveys riches, coolness, and youth, yet attending
high-profiled conferences conveys knowledge. Every social class is prone to signalling,
but the upper class has the means to carry it to its rational end. Signalling, in general,
is terrible for long-term wealth preservation, and some old money families shun it on principle.
8. Countersignalling To portray social standing, counter
signalling involves using calm, confidence, and understatement. For example, consider a wealthy
person who never tells their colleagues about their money since they already know.
When done correctly, counter signalling is more effective than signalling and should not be
mistaken for genuine humility. 9. Spending in the Public eye
Excessive consumption is a problem for some upper-class people. Others are realistic,
buying high-quality goods but not obsessively. 10. Maintain public appearance
Social life in upper-class groups is frequently centered on charitable giving
and support for art and culture. This might be considered a form of conspicuous conservation.
11. Values
The top class of a society may share a set of ideals. Sharing these ideas, or claiming to,
is part of the cultural capital necessary to create ties with the upper class. For example,
it is highly usual for the upper class to have a strong cosmopolitanism ethic.
12. Invest in Relationships The individuals you know and
the potential for these ties to have future value are referred to as relational capital.
For example, the upper class may know a large number of influential people and attempt to use
this network for social and financial gain. 13. Political Influence
The upper class wields political influence as a class by using their social capital and riches.
They may, for example, fund political candidates in order to influence public policy.
14. Rent-seeking In certain circumstances, the upper
class uses its political clout to pursue a larger share of income without producing more value.
This is referred to as "rent-seeking." Many countries have historically had an
aristocracy that was a rent-seeking class that profited from public lands and taxes
without creating value-added commodities and services.
Today, the affluent may push the government for anti-competitive measures such as tariffs,
expensive government contracts, lower taxes for the wealthy, special tax treatment,
liability protection, rights to government assets, and subsidies.
Well, there you have it. This exclusive class comes with some privileges
and financial freedom from having better access to healthcare,
marrying people of higher social status, attending more prestigious schools,
and being more influential in politics than people in the middle class or working class.
And if you want to be a part of them, you know what figure you should aim for.
With that said, I hope you have enjoyed the video, give it a like and subscribe if you are new here,
and have a great day!