Upper class

• 1. Defining The Upper Class

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  In 1920, Edith Wharton published a novel set in upper-class New York City that captured the rigid social codes of her time. Her story The Age of Innocence described people who held the highest social status not because they worked for wages, but because their families had long held immense wealth and political power. This group differs from the newly rich middle classes that tend to dominate public life in modern social democracies. They are often referred to as the old upper class. According to traditional views, no amount of individual wealth or fame would make a person from an undistinguished background into a member of this class. One must be born into a family of that class and raised in a particular manner to understand and share upper class values, traditions, and cultural norms.

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• 2. Historical Aristocracy And Land

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  Portrait of the family Fagoaga Arozqueta painted about 1730 shows members of the upper class in Mexico City, New Spain. Historically, these individuals did not have to work for a living as they were supported by earned or inherited investments like real estate. Their status commonly derived from the social position of one's family rather than from one's own achievements or wealth. Much of the population that composed the upper class consisted of aristocrats, ruling families, titled people, and religious hierarchs. These people were usually born into their status and historically there was not much movement across class boundaries. In many countries, the term upper class was intimately associated with hereditary land ownership. Political power was often in the hands of the landowners in many pre-industrial societies despite there being no legal barriers to land ownership for other social classes.

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• 3. British Gentry And Nobility

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  The upmarket Harrods department store in London stood as a symbol of British wealth in 1909. In Great Britain and Ireland, the upper class traditionally comprised the landed gentry and the aristocracy of noble families with hereditary titles. The vast majority of post-medieval aristocratic families originated in the merchant class and were ennobled between the 14th and 19th centuries while intermarrying with the old nobility and gentry. Since the Second World War, the term has come to encompass rich and powerful members of the managerial and professional classes as well. In the years since Irish independence in 1922 the upper class has all but vanished in the Republic of Ireland. Aristocratic titles within the Peerage of Ireland granted by the British monarch have no recognition in the Irish Constitution. Contemporary Ireland is generally perceived to have a two-tier social class system composed of working class and middle class.

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• 4. American Wealth And Inequality

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  Forbes Magazine reported that in 2004 there were 374 U.S. billionaires. The growth in billionaires took a dramatic leap since the early 1980s when the average net worth of individuals on the Forbes 400 list was $400 million. Today, the average net worth is $2.8 billion. Since the 1970s, income inequality in the United States has been increasing with the top 1% experiencing significantly larger gains in income than the rest of society. Alan Greenspan, former chair of the Federal Reserve, called this trend very disturbing for society. According to the book Who Rules America? by William Domhoff, the distribution of wealth in America is the primary highlight of the influence of the upper class. The top 1% of Americans own around 34% of the wealth in the U.S. while the bottom 80% own only approximately 16% of the wealth.

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• 5. Social Mobility And Exclusion

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  Bob Herbert of The New York Times wrote about modern American plutocrats as The Donor Class in 1998. He defined the class as a tiny group just one-quarter of 1 percent of the population that is not representative of the rest of the nation. But its money buys plenty of access. Successful entrepreneurs, CEOs, investment bankers, venture capitalists, heirs to fortunes, celebrities, and a few number of professionals are considered members of this class by contemporary sociologists such as James Henslin or Dennis Gilbert. There may be prestige differences between different upper-class households. An A-list actor might not be accorded as much prestige as a former U.S. President yet all members of this class are so influential and wealthy as to be considered members of the upper class. The main distinguishing feature remains the ability to derive enormous incomes from wealth through techniques such as money management and investing rather than engaging in wage-labor salaried employment.

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