"The core middle class has shrunk not because Americans have been left behind, but because so many have moved up. The share of families in the 'upper-middle class' tripled from 10% in 1979 to 31% in 2024."
"For the first time in American history, more families sit above the core middle class threshold than below it. This finding directly challenges decades of political rhetoric that has treated a 'hollowing out' of the middle class as settled fact."
"It is simply inaccurate to characterize the 'shrinking' middle class as reflecting diminished economic security rather than material progress."
In 2026, affluent Americans feel a sense of unease despite their wealth, as the economy has changed. A report from the American Enterprise Institute reveals that the core middle class has shrunk not due to economic decline, but because many families have moved into the upper-middle class. The share of families earning between $133,000 and $400,000 has tripled since 1979. This challenges the narrative of a hollowing middle class, suggesting that perceptions of economic security are misaligned with actual material progress.
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