The American upper class is the wealthiest layer of society in the United States and is often referred to as the rich.[1] People of this class commonly have immense influence in the nation's political and economic institutions as well as public opinion. The American upper class is composed of members born into this class, called members of Old money; as well as those who have acquired their wealth and influence within their own generation, called the Nouveau riche.[2][3][4][5]
Many politicians, heirs to fortunes, top business executives, CEOs, successful venture capitalists, those born into high society, and some celebrities may be considered members of this class. Some prominent and high-rung professionals may also be included if they attain great influence and wealth. The main distinguishing feature of this class, which is estimated to constitute roughly 1% of the population, is the source of income. While the vast majority of people and households derive their income from wages or salaries, those in the upper class derive their income from investments and capital gains.[4][6] Estimates for the size of this group commonly vary from 1% to 2%,[3] while some surveys have indicated that as many as 6% of Americans identify as "upper class." Sociologist Leonard Beeghley sees wealth as the only significant distinguishing feature of this class and, therefore, refers to this group simply as "the rich."[1]
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"The members of the tiny capitalist class at the top of the hierarchy have an influence on economy and society far beyond their numbers. They make investment decisions that open or close employment opportunities for millions of others. They contribute money to political parties, and they often own media enterprises that allow them influence over the thinking of other classes... The capitalist class strives to perpetuate itself: Assets, lifestyles, values and social networks... are all passed from one generation to the next." -Dennis Gilbert, The American Class Structure, 1998[3]
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Sociologists such as W. Lloyd Warner, William Thompson and Joseph Hickey recognize prestige differences between members of the upper class. Established families, prominent professionals and politicians may be deemed to have more prestige than some entertainment celebrities who in turn may have more prestige than the members of local elites.[4] Yet, contemporary sociologists argue that all members of the upper class share such great wealth, influence and assets as their main source of income as to be recognized as members of the same social class.[3] As great financial fortune is the main distinguishing feature of this class, sociologist Leonard Beeghley at the University of Florida identifies all "rich" households, those with incomes in the top 1% or so, as upper class.[1]
