Are You in the American Middle Class? Find Out With Our Income Calculator
22nd December 2022
The key distinction here is between income and wealth. Really Wealthy People have income, of course, but they don’t need it; if you have a million dollars, you can spend $50,00 a year (and I could live quite comfortably on $50,000 a year) for twenty years with no income at all.
The fly in the ointment is that everyone, no matter what his or her income, can always think about somebody who is far richer, and naturally thinks, by comparison with that person I am middle class. That’s why the vast majority of people in the U.S. think they are ‘middle class’, even if they are demonstrably not.