Here’s the Minimum Net Worth Considered To Be Upper Middle Class at 51
Written by
Sarah Sharkey
Edited by
Amen Oyiboke
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
As you head into your 50s, you may start to consider your financial situation more seriously. After all, retirement is starting to loom on the horizon, and it’s helpful to get a better idea of where you stand.
When digging into your own numbers, it’s sometimes a good idea to see how your own finances stack up to your peers.
Here’s the minimum net worth you need to be considered upper middle class at age 51.
Average Net Worth by Age
According to the most recent Survey of Consumer Finances by the Board of Governors of the Federal Reserve System, the median net worth of a ‘reference person’ age 45 to 54 was $247,200 in 2022.
The survey defined a ‘referenced person’ as the male adult in heterosexual couples or the oldest person in a same-sex couple. Additionally, the survey found that the average net worth was $975,000 for a family with a referenced person aged 45 to 54.
Typically, the median number is more relevant than the average because outliers, like billionaires, tend to skew the average higher.
What is the Upper Middle Class?
It’s difficult to define what constitutes the ‘upper middle class.’ Generally, people break things down into upper, middle, and lower classes based on income. For example, the Pew Research Center defines the upper, middle, and lower classes by income instead of net worth.
The Brookings Institution defines the middle class as the middle 60% of households on the bell curve of income distribution. They further separate the upper middle class as the top 20% of household incomes. But with a mix of definitions, it can be difficult to nail down where the upper middle class truly sits.
What Income Do You Need To Be Upper Middle Class at 51?
Based on an analysis of 2023 Census Bureau data, GOBankingRates found that upper-middle-class households earn between $117,000 and $150,000. So, if you find yourself earning this amount as a household at age 51, you’ll land squarely in the upper middle class.
Keep in mind that the term ‘upper middle class’ is just a way to categorize your income. It doesn’t reflect anything beyond your topline numbers. And it’s worth noting that where you live can have a big impact on how comfortable you feel with this income. After all, this income will stretch a lot further in Ohio than in New York City.
If you aren’t happy with where your finances stand, consider making some changes. Start by evaluating your net worth to see where you stand. Consider cutting back on extras to beef up your investments. Additionally, look for ways to increase your income, including through a raise or side hustles.
More From GOBankingRates
