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Lower class, middle class, and upper class are all widely used, but rarely defined terms. For some people, lower class means living in poverty, upper class means a life of luxury, and middle class is everyone else.

Thanks to the 2022 Survey of Consumer Finances, we can get a more accurate idea of what these terms mean financially. It provides the median net worth and median income for each income range. Keep reading to see those numbers, check where your own personal finances land, and get helpful information on how to improve your financial situation.

Average net worth for the lower class

• Median net worth: $16,900
• Median income: $20,540

The bottom 20% of earners make up the lower class. This is a good time to clarify that these terms are only based on someone’s current income. Many young adults and students will be in the lower class because they haven’t had time to build their careers yet.

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Average net worth for the middle class

The middle class is a broad group of people, so it’s separated into three categories: Lower middle class, middle class, and upper middle class. Here’s the financial data for each one.

Lower middle class

• Median net worth: $58,550
• Median income: $43,240

The lower middle class consists of those in the 20th to 40th percentile of household income. Once again, people who are early in their careers often find themselves in this group.

Middle class

• Median net worth: $169,420
• Median income: $70,260

The middle class consists of those in the 40th to 60th percentile of household income. Their median net worth is nearly three times that of the lower middle class.

Upper middle class

• Median net worth: $300,800
• Median income: $115,660

The upper middle class consists of those in the 60th to 80th percentile of household income. The median net worth is nearly double that of the middle class.

Average net worth for the upper class

• Median net worth: $793,120 to $2,649,000
• Median income: $189,160 to $390,210

The top 20% of earners are in the upper class. However, the Survey of Consumer Finances breaks this group down even further into those in the 80th to 90th and the 90th to 100th income percentiles. That’s why there are two median net worths and incomes included above.

Focus on your own finances

It’s interesting to see what kind of net worth and income correspond to each class. Keep in mind though that these are just terms, and where your own numbers fall isn’t really what matters.

What’s important is that your net worth and income are moving in the right direction. If your net worth increases over the years, it’s a sign you’re managing money well. While you don’t need to make a huge salary, your income should ideally go up as you progress in your career. Here are a few ways to improve in these areas:

• Spend less than you earn.
• Save and invest money every month.
• Contribute to retirement accounts.
• Look for opportunities to increase your income, such as pursuing a promotion or launching a small business.

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Those strategies will all grow your net worth and potentially your income, meaning they could help you move up in “class.” But being part of the middle class, the upper middle, or the upper class isn’t the point. It’s about managing your own finances well, so you’re comfortable and happy with where you’re at.

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