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9.3B: The Upper Class
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- Discuss the most important characteristics of the upper class in the U.S.
- Members of the upper class accumulate wealth through investments and capital gains, rather than through annual salaries.
- Households with net worths of $1 million or more may be identified as members of the upper-most socioeconomic demographic, depending on the class model used.
- Sociologist Leonard Beeghley asserts that all households with a net worth of $1 million or more are considered “rich. ” He divides the rich into two sub- groups: the rich and the super-rich.
- investment: The expenditure of capital in expectation of deriving income or profit from its use.
- capital gain: An increase in the value of a capital asset, such as stock or real estate.