"The report contends that the lower rungs of the middle class shrank because more Americans got richer, with 31% of families classified as upper middle class in 2024."
"Upper middle class folks are often white-collar professionals in dual-income households, benefiting from women's advances in the workforce and rising wages in fields like software engineering."
"This group's shopping habits are behind the rise of bougie goods and services, like first-class plane tickets, which have been a major driver of US economic growth."
"Economic inequality has also grown, with families in higher tax brackets seeing greater income growth while the poorest 5% seeing their earnings decline."
In 2024, 31% of American families are classified as upper middle class, a significant increase from 10% in 1979. This group is defined as families of three earning between $133,000 and $400,000. The report indicates a decline in households living in or near poverty, from nearly 30% in 1979 to below 19% in 2024. Upper middle class individuals are often dual-income white-collar professionals benefiting from wage increases and economic growth, although economic inequality persists, with the wealthiest seeing greater income growth than the poorest.
Read at Fortune
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