Ever wonder how much money you’ll need to officially be considered “upper class” in the near future? As it turns out, the bar may be rising faster than most of us would like.
GOBankingRates reached out to experts to get their predictions about the minimum salary it’ll take to join the upper ranks by 2030, and let’s just say it might be time to start strategizing.
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Here’s what they have to say about what future earnings could need to be.
Also see how much more upper-class earners would make in each state if President Donald Trump dropped federal income taxes.
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A Lot Can Change in 5 Years
According to Pew Research Center, upper-income households have incomes of more than $169,800 (based on three-person households). But that may not be the case in a matter of five years.
Andrew Lokenauth, money expert and owner of Fluent in Finance, has spent years analyzing income trends and economic patterns, and said he’s pretty convinced the minimum salary needed to be considered upper class in 2030 will hit around $175,000 for singles and $350,000 for families.
He explained that he’s watched these numbers climb steadily over the past decade. Last October, he worked with a client who was shocked when he showed them how their seemingly solid $120,000 salary wouldn’t cut it for upper class status anymore.
And that was just last year. Factoring in inflation, he said those numbers are going to keep climbing.
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Let’s Break This Down
Here’s Lokenauth’s take on the breakdown based on real data he works with daily.
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For singles living in metro areas: $175,000 minimum
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For families in metro areas: $350,000 minimum
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For singles in high-cost cities: $250,000 minimum
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For families in high-cost cities: $500,000 minimum
He recently analyzed some data for a major financial institution, and said one pattern kept jumping out — the cost of maintaining an “upper class” lifestyle is rising faster than general inflation.
“Think about it: private school tuition (+7% annually), premium healthcare (+5% to 6% yearly), luxury housing (+4% to 5% annual increases),” he said. “And let me tell you something most people don’t realize — these numbers actually underestimate what you’ll need in some places.”
In his consulting work, he’s seen families making $400,000 who don’t feel remotely “upper class” in places like San Francisco or Manhattan.
It’s Not About Just Salary
Here’s one important detail from Lokenauth’s experience: Being “upper class” isn’t just about salary. He said he’s worked with plenty of folks making more than $200,000 who are living paycheck to paycheck because of poor money management.
“It’s about your net worth, investments and how you handle your money,” he said.
Andreas Jones, founder and editor of KindaFrugal.com, shared a similar view. Besides salary, he said accumulating wealth will play a significant role in determining who is considered upper class in 2030. With increasing automation and changes in the job market, Jones explained that wealth distribution could become even more skewed, making it harder for some to reach the upper class solely based on salary.
From what Lokenauth’s seen analyzing hundreds of household budgets, you’ll need investable assets of at least $2.5 million alongside that salary to really be considered upper class by 2030. “That’s definitely something most salary-focused discussions miss,” he explained.
At the end of the day, climbing into the upper class of 2030 might require more than just a high paycheck. It’ll likely demand smart financial planning, savvy investing and a long-term mindset. While the numbers may seem daunting now, building wealth over time through multiple income streams could make a bigger difference than chasing a single salary figure.
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Sources
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Pew Research Center, “Are you in the American middle class? Find out with our income calculator.”
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Andrew Lokenauth, Fluent in Finance
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Andreas Jones, KindaFrugal.com
This article originally appeared on GOBankingRates.com: Experts Predict the Minimum Salary To Be Upper Class in 2030
