Here’s the Minimum Net Worth To Be Considered Upper Class in Your 60s
Written by
Cindy Lamothe
Edited by
Amber Barkley
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When you think of being “upper class” in your 60s, you might picture luxury vacations, a paid-off home and a retirement filled with leisure.
While that might be the dream, the actual net worth behind upper-class status might surprise you. According to Gallup, 54% of Americans identified as middle class in 2024, which means that higher wealth level isn’t for the majority.
Whether you’re planning ahead or already approaching retirement, here’s what your net worth really needs to look like to count as upper class in your 60s.
Real Talk — You Need a Few Million
From his experience working with high-net-worth clients, Andrew Lokenauth, money expert and owner of BeFluentInFinance, said you need at least $3.2 million to be firmly in the upper class category by your 60s.
And that’s actually on the conservative side — especially if you live somewhere expensive, like San Francisco or New York.
“I’ve noticed a huge difference between what regular folks think is ‘rich’ and what true wealth looks like,” Lokenauth said.
He explained that the media loves talking about millionaires, but having $1 million these days just isn’t what it used to be. “With inflation eating away at everything — seriously, have you seen grocery prices lately — you need way more.”
Here’s a Breakdown of What This Looks Like
Lokenauth explained that most of his wealthy clients have their net worth split:
- Primary home: $800,000-$1.2 million
- Investment properties: $500,000 plus
- Retirement accounts: $1 million plus
- Other investments, like stocks and bonds: $500,000 plus.
The smartest ones also keep about $100,000 to $200,000 in cash, which Lokenauth said sounds like a lot but makes sense for that wealth level.
Here’s the thing — your 60s are when you really need that cushion.
“I had a client who thought $2 million was plenty, but healthcare costs alone ate through way more than expected,” said Lokenauth.
And that’s not even counting things like helping kids with down payments or leaving an inheritance.
You’ll Still Be Nowhere Near the Truly Wealthy
Here is some context, according to Lokenauth: The top 1% of net worth for people in their 60s is around $11 million. So while $3.2 million puts you solidly in the upper class, you’re still nowhere near the truly wealthy.
“Trust me — I work with some of those folks, and it’s a whole different world,” he said.
But remember, these numbers can vary dramatically based on where you live. For example, in Mississippi, $2 million might make you feel like royalty. In Manhattan, well, you might just be keeping up with your neighbors.
From Lokenauth’s perspective, location can easily double or halve what’s considered “upper class.”
Final Observation
According to Lokenauth, most people who hit these numbers didn’t get there through salary alone.
The real wealth builders he works with usually combined strong career earnings with smart investments, business ownership or real estate plays.
The bottom line? Straight salary plus basic 401(k) contributions rarely cuts it for true upper class status.
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