Middle class was defined in English society. Originally, there were 2 classes, Royal and common. Middle class were those in the common class who, usually were landed or owned a business. By definition, the American society, the "Upper Crust" were always middle class.
In the US, we have "poor", which is never really defined, and almost no one calls themselves that. We have middle class, again which is never defined. And then we have "Rich".
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Census Bureau's Web site: A four-person family unit with two children, the 2007 poverty threshold is $21,027. For one- or two-person family units, the poverty thresholds differ by age; the 2007 threshold for one individual under age 65 is $10,787, whereas for an individual 65 or over it is $9,944.
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So, basically, if you make more than $10K per year, you are middle class.
The Securities and Exchange Commission has recently redefined what it means to be “rich.”
Why? Because the SEC restricts hedge fund ownership and other “private money” investments to the wealthy, whom they assume can take care of themselves.
This requires the regulatory body to define - and redefine - what it means to be “rich.” This year the SEC made a new ruling.
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According to The Wall Street Journal, “The SEC now says investors need to have investible assets of at least $2.5 million, excluding equity in any homes or business, to be eligible to sign on a hedge fund’s dotted line. That’s a huge jump from the current requirement, which says individuals have to have a net worth of at least $1 million, including the value of primary residences, or an annual income of $200,000 for the previous two years for individuals or $300,000 for couples.”
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So, to be "Rich", you have to have $2.5 million in investable assets.
$2.5 million in investable assets >
"Middle class" > 10K income