In the article “Middle Class Status No Longer a Symbol of Success” we defined what it means to be in the middle class in America.  But as we the title of that article implies, being middle class does not necessarily mean that you are financially successful, as it was once assumed.  In fact, the middle class in America is disappearing, and the financial condition of Americans that do not belong to the upper classes is rapidly deteriorating, while the rich keep on getting richer, as detailed in the article “The Middle Class in America is Radically Shrinking.  Here are the Stats to Prove It”.    

Here are some highlights of the stats mentioned in the article:

• The top 10 percent of Americans now earn around 50 percent of our national income.
• The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
• As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.
• 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
• 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
• 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.

 

The Rich Americans

The rich Americans, those who have achieved true financial success and belong in the top 10% of wealth of all US households, can be broken out in the following categories:

The Upper Middle Class

This is the group of households who are one level above middle class.  This group lives comfortably, but not in opulence.  They make up the largest portion of rich Americans, as shown in the statistics below:

Average Income: $146K

Discretionary Income:  $100K – $124K

Average Assets: $2.3 million

Number of Households: 6.3 million

% of US Households: 5.7%

The Affluent

The Affluent live quite comfortably, but they still need to watch their spending.  They are close to achieving financial independence, but most still have to hold a job or run a business to maintain their standard of living:

Average Income: $235K

Discretionary Income:  $125K – $249K

Average Assets: $3.1 million

Number of Households: 2.5 million

% of US Households: 2.3%

The Supper Affluent

The Supper Affluent live a truly rich life and can afford a luxurious lifestyle.  Most are financially independent and work only to add fulfillment to their lives or to maintain the status that comes with their positions of influence:

Average Income: $427K

Discretionary Income:  $250K – $499K

Average Assets: $6.0 million

Number of Households: 1.4 million

% of US Households: 1.4%

The Wealthy

Ah, the Wealthy, the richest of the rich.  To this group money is not an issue.  They can afford the best that money can buy.  This is a class of its own, reserved for those that have either inherited wealth, or acquired it by being at the very top of their fields, in the arts, sports or business:

Average Income: $1.57 million

Discretionary Income:  $500K+

Average Assets: $12.2 million

Number of Households: 677,000

% of US Households: 0.62%

The groups of households above are the most financially successful in America.  If you belong to any of these four groups, congratulations!  If not, you too can achieve financial success by following the tips and advice that we bring to you on a regular basis here at Worldwide Success.