We’ve looked at income, net worth, job type and other ways. There’s just too many exceptions to hold a rule together.

Likewise, sociology and economics punts on this question in so many ways. The best answer we found was in literature–and our research seemed to bear it out.

George Bernard Shaw describes “middle class morality” as sacrificing for the upward mobility of the children.

The middle class are uniquely focused on the upward mobility of the next generation by every measure in our research. More so than the wealthy and the working class, the middle class seem to make all the most important decisions, from where to live to how to live, around the central question of “what’s going to most prepare my child for the future.”

If anything, the Middle-Class Millionaire exercises “middle-class morality” even more than the middle-class does. For example, when we asked our middle-class and Middle-Class Millionaire survey sample why they chose the community they live in, both groups agreed it was “the school system.” But the middle-class
also think “convenience to work” and convenience to shopping are nearly as important. The Middle-Class Millionaire things those are very unimportant reasons for choosing where you live.

Thanks for the great question.

Is someone who has millions still considered “middle class”? Or is the label “middle class” given because of annual income or by occupation? I’ve always considered “millionairs” as “millionairs”….. like there is nothing middle class about a millionaire. Or am I thinking about this in the wrong way?

Some really good insights.