How much a year does one need to earn to be considered upper mddle class in America? Britain?

Question

I realise in London it would be one figure and in Belfast another, just as in New York it would be X and Alabama it would be Y, but please give me a general base line that would fit in most of the two respective countries.

Now when I say upper middle class I don't mean wealthy and I don't mean average, I mean above avaerage. For instance kids attend private or parochial schools, nice modern well-furnished house in the suburbs, a summer cottage, a boat, two newer vehicles, a couple holidays a year, eat out at least once or twice a week, etc., etc. How much would somebody in the Professional/Managerial classes need to earn to be comfortable?

Answer 1

I would say you need to earn a BARE minimum of 300k a year to actually afford those things "for real" (ie, not charging everything to credit cards).

It depends on your definition of "wealthy" when you say you don't mean wealthy, because I have only seen people _truly_ able to afford the lifestyle you are talking about at 500-600k a year (this is based on a family I knew in Nashville, to give you some idea -pretty baseline- not the worst city in the US, not the best, either.)

As you already noticed, money buys varying amounts based on where you live- and it varys _drastically_!

For example, you can buy at LEAST ten times as much property in Kansas for your money than you can in California or Manhattan, and I'm not exaggerating.

Likewise, if you earn as little as 100k in the rural Midwest or southern US, the people who live there think you are well-to-do, but outside of the Midwest and South that's barely enough have a car and rent a house.

It's NOT been my own experience that this lifestyle is affordable at 100-250k in any part of the US that is remotely desirable. It's a comfortable salary, but not luxurious.

I think you need to reconsider your definition of wealthy or better define the money value of:

"kids attend private or parochial schools, nice modern well-furnished house in the suburbs, a summer cottage, a boat, two newer vehicles, a couple holidays a year, eat out at least once or twice a week, etc., etc"

because people's opinions also vary as to how nice a house has to be to be a "nice modern well furnished house", and where you want to go for these holidays, and just where you plan on dining out.. With so many variables it is hard to give you a good idea of how much it takes.

You'll probably help yourself by defining the quality of all of these things you would want, then set your goals and be ready to work hard!

Answer 2

I am only able to offer an opinion based on living in the US.
If you were to make 100-150k, I would consider that to be upper-middle class.
It would buy the following type of lifestyle.
300-450k house, usually a 4br, 3 bath, and a 3 car garage.
People in this bracket would usually drive a new or late model Mercedes or Lexus type vehicle.

This estimate would exclude certain areas of the country. New York, California, Chicago. The living expenses in those types of cities would be much higher to achieve the above lifestyle.

Answer 3

You're confused about terms. I don't believe there is an upper middle class. Most people are under the illusion that they are middle class. The vast majority of them are not. They are working class. The middle class is reserved for some professionals and business owners (successful). There are other rules that apply too. You may live a middle class existence and not be middle class. In gross terms though, I live in the Seattle area and would probably need an income of approx 400,000 a year to be bonified middle class.

Answer 4

If thats what you want then make sure you get a masters from a good business school and then work hard for 5 or 10 years, then all of that will come.