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36-411: Psychiko is located 5 km northeast of Athens city centre. It is a strictly residential suburb of Athens, with commercial businesses allowed only within two small designated zones, the "Nea Agora" (New Market) and the "Palaia Agora" (Old Market), with current regulations also restricting buildings to full detachment, and a maximum of 3 floors. Psychiko was historically the home of aristocrats, members of

72-485: A breath his act was recorded. The first village remained a 'stop' (Stamata) and the second Psychiko. Psychiko is home to many embassies. Old money Old money is "the inherited wealth of established upper-class families (i.e. gentry , patriciate )" or "a person, family, or lineage possessing inherited wealth". It is a social class of the rich who have been able to maintain their wealth over multiple generations, often referring to perceived members of

108-523: A disproportionate influence over the nation's political, educational, religious, and other institutions. Of all social classes, members of the upper class also have a strong sense of solidarity and 'consciousness of kind' that stretches across the nation and even the globe. Since the 1970s, income inequality in the United States has been increasing, with the top 1% (largely because of the top 0.1%) experiencing significantly larger gains in income than

144-408: A family's offspring will remain financially stable. Families with "old money" use accumulated assets or savings to bridge interruptions in income, thus guarding against downward social mobility . "Old money" applies to those of the upper class whose wealth separates them from lower social classes. According to anthropologist W. Lloyd Warner , the upper class in the United States during the 1930s

180-415: A few number of professionals , are considered members of this class by contemporary sociologists, such as James Henslin or Dennis Gilbert . There may be prestige differences between different upper-class households. An A-list actor, for example, might not be accorded as much prestige as a former U.S. President , yet all members of this class are so influential and wealthy as to be considered members of

216-508: A living, as they were supported by earned or inherited investments (often real estate ), although members of the upper class may have had less actual money than merchants. Upper-class status commonly derived from the social position of one's family and not from one's own achievements or wealth. Much of the population that composed the upper class consisted of aristocrats, ruling families, titled people, and religious hierarchs . These people were usually born into their status and historically there

252-483: A person from an undistinguished background into a member of the upper class as one must be born into a family of that class and raised in a particular manner to understand and share upper class values, traditions, and cultural norms. The term is often used in conjunction with terms like upper-middle class , middle class , and working class as part of a model of social stratification . Historically in some cultures, members of an upper class often did not have to work for

288-409: Is also the case of Viscount Portman , who is the owner of 100 acres of land north of Oxford Street . Many countries had wealth-based restrictions on voting . In France, out of a nation of 27 million people, only 80,000 to 90,000 were allowed to vote in the 1820 French legislative election and the richest one-quarter of them had two votes. Upper class Upper class in modern societies

324-698: Is estimated to constitute less than 1% of the population. By self-identification, according to this 2001–2012 Gallup Poll data, 98% of Americans identify with the five other class terms used, 48–50% identifying as "middle class". The main distinguishing feature of the upper class is its ability to derive enormous incomes from wealth through techniques such as money management and investing, rather than engaging in wage-labor salaried employment, although most upper-class individuals today will still hold some sort of employment, which differs from historical norms. Successful entrepreneurs , CEOs , investment bankers , venture capitalists , heir to fortunes, celebrities, and

360-469: Is the social class composed of people who hold the highest social status, usually are the wealthiest members of class society , and wield the greatest political power . According to this view, the upper class is generally distinguished by immense wealth which is passed on from generation to generation. Prior to the 20th century, the emphasis was on aristocracy , which emphasized generations of inherited noble status , not just recent wealth. Because

396-474: The de facto aristocracy in societies that historically lack an officially established aristocratic class (such as the United States), in contrast with new money whose wealth has been acquired within its own generation. Wealth —assets held by an individual or by a household—provides an important dimension of social stratification because it can pass from generation to generation, ensuring that

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432-637: The American Revolution (1765–1783), when their ancestors had accumulated fortunes as members of the elite planter class , or as merchants , slave traders, ship-owners , or fur traders . In many cases, especially in Virginia , Maryland , and the Carolinas , the source of these families' wealth were vast tracts of land granted to their ancestors by the Crown or acquired by headright during

468-459: The battle of Marathon and the Marathon run was recorded by Andreas Karkavitsas in the 19th century, and also by Linos Politis . On the plain of Marathon a major battle was once fought; Persians with large fleets came to enslave the land and from there pass to Athens...the blood turned to a river, and reached from the roots of Vranas to Marathon on the other side; it met the sea and painted

504-655: The colonial period . These planter class families were often related to each other through intermarriage for more than 300 years, and are sometimes known as American gentry . They produced several Founding Fathers of the United States and a number of early presidents of the United States . After the American Civil War (1861–1865), many in the upper-upper class saw their wealth greatly reduced. Their slaves became freedmen . Union forces under Generals William Tecumseh Sherman and Philip Sheridan had also cut wide swaths of destruction through portions of Virginia,

540-566: The 18th century and was ennobled by the Habsburg emperor and Queen Victoria . Throughout the 19th century, they controlled the largest fortune in the world, in today's terms many hundreds of billions. The family has, at least to some extent, maintained its wealth for over two centuries. On the other hand, in Britain , the term generally exclusively refers to the nobility - that is, the peerage and landed gentry - who traditionally live off

576-688: The Carolinas and Georgia. They destroyed crops, killed or confiscated livestock, burned barns and gristmills, and in some cases torched plantation houses and even entire cities such as Atlanta . They were using scorched earth tactics, designed to starve the Confederate States of America into submission. After the Thirteenth Amendment to the United States Constitution (1865) and the emancipation of

612-617: The Greek royal family, and generally old money people. The area remains one of the wealthiest suburbs of Athens, with very high land value, and a number of embassies, particularly of rich Middle Eastern countries, to be found located in Psychiko, and neighbouring Filothei . This was once home to Queen Frederica of the Hellenes , until the military coup d'état of 1967 . Andreas Papandreou and his wife Margaret also lived in Psychiko before

648-725: The Peerage of Ireland granted by the British monarch have no recognition in the Irish Constitution. Contemporary Ireland is generally perceived to have a two-tier social class system composed of working class and middle class (with the exception of a small number of wealthy billionaires). The American upper class is a social group within the United States consisting of people who have the highest social rank primarily due to economic wealth . The American upper class

684-648: The dictatorship. Later, when he became Prime Minister he left Psychiko and moved to Ekali . In recent decades however, many prominent families choose to build their houses in the southern, seaside suburbs, like Glyfada or Vouliagmeni . A number of private schools are located in Psychiko: Athens College and Psychiko College , Moraitis School , the Arsakeio , and the Varvakeio . The name literally means "an act of charity". A popular legend about

720-491: The early 20th century, the upper-upper class were seen as more prestigious than the nouveau riche even if the nouveau riche had more wealth. During the late 19th century and early 20th century, the nouveau rich flaunted their wealth by building Gilded Age mansions that emulated the palaces of European royalty , while old money was more conservative. American "Old money" families tend to adhere to various Mainline Protestant denominations; Episcopalians and Presbyterians are

756-554: The inherited wealth at their disposal or that which they can access in the future, choose to pursue their own career or set up their own businesses. Paris Hilton and Sir Stelios Haji-Ioannou did this. On the other hand, passive "old money" are the idle rich or those who are not wealth producers. "Old money" contrasts with the nouveau riche and parvenus . These fall under the category "new money" (those not from traditionally wealthy families). The Rothschild family , as an example, established finance houses across Europe from

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792-672: The land inherited paternally. The British concept is analogous to good lineage and it is not uncommon to find someone with "old money" who is actually poor or insolvent . By 2001, however, those belonging to this category—the aristocratic landowners—are still part of the wealthiest list in the United Kingdom. For instance, the Duke of Westminster , by way of his Grosvenor estate , owns large swaths of properties in London that include 200 acres of Belgravia and 100 acres of Mayfair . There

828-527: The merchant class and were ennobled between the 14th and 19th centuries while intermarrying with the old nobility and gentry. Since the Second World War , the term has come to encompass rich and powerful members of the managerial and professional classes as well. In the years since Irish independence in 1922 the upper class has all but vanished in the Republic of Ireland. Aristocratic titles within

864-526: The most prevalent among them. Although many "old money" individuals do not rank as high on the list of Forbes 400 richest Americans as their ancestors did, their wealth continues to grow. Many families increased their holdings by investment strategies such as the pooling of resources. For example, the Rockefeller family 's estimated net worth of $ 1 billion in the 1930s grew to $ 8.5 billion by 2000—that is, not adjusted for inflation. In 60 years, four of

900-423: The outcome of the battle. He stopped a moment to catch his breath and then took the road again. Finally, he reached Psychiko; there he was almost near death, his feet were shaking, he felt like falling down. But he composed himself, took a deep breath, continued, and finally reached Athens. "We won," he said, and immediately fell down dead. The rider had yet to come. But there where the foot runner stopped and took

936-555: The prevalence of titles of nobility varied widely from country to country. Some upper classes were almost entirely untitled, for example, the Szlachta of the Polish–Lithuanian Commonwealth . In Great Britain and Ireland , the "upper class" traditionally comprised the landed gentry and the aristocracy of noble families with hereditary titles. The vast majority of post-medieval aristocratic families originated in

972-558: The rest of society. Alan Greenspan , former chair of the Federal Reserve , sees it as a problem for society, calling it a "very disturbing trend". According to the book Who Rules America? by William Domhoff , the distribution of wealth in America is the primary highlight of the influence of the upper class. The top 1% of Americans own around 34% of the wealth in the U.S. while the bottom 80% own only approximately 16% of

1008-444: The richest families in the United States increased their combined $ 2–4 billion in 1937 to $ 38 billion without holding large shares in emerging industries. When adjusted for inflation, the actual dollar wealth of many of these families has shrunk since the '30s. From a private wealth manager 's perspective, "old money" can be classified into two: active "old money" and passive "old money". The former includes inheritors who, despite

1044-589: The slaves, many plantations were converted to sharecropping . African American freedmen were working as sharecroppers on the same land which they had worked as slaves before the war. Despite the fact that their circumstances were greatly reduced, the enactment of Jim Crow laws and the disenfranchisement of freed black people allowed many planter class families in the Southern United States to regain their political prominence, if not their great wealth, following Reconstruction (1863–1877). In

1080-501: The upper class. At the pinnacle of U.S. wealth, 2004 saw a dramatic increase in the numbers of billionaires. According to Forbes Magazine , there are now 374 U.S. billionaires. The growth in billionaires took a dramatic leap since the early 1980s, when the average net worth of the individuals on the Forbes 400 list was $ 400 million. Today , the average net worth is $ 2.8 billion. Upper-class families... dominate corporate America and have

1116-400: The upper classes of a society may no longer rule the society in which they are living, they are often referred to as the old upper classes, and they are often culturally distinct from the newly rich middle classes that tend to dominate public life in modern social democracies. According to the latter view held by the traditional upper classes, no amount of individual wealth or fame would make

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1152-466: The waves red. Much lamentation and evil took place. Finally the Greeks won... and two men ran to bring the news to Athens; one travelled on horseback and the other on foot in full gear. The rider headed towards Chalandri and the messenger of foot towards Stamata ; swift-footed he ascended Aforesmos and down towards the village. As women saw him, they ran towards him: "Stop", they shouted, wanting to know

1188-403: The wealth. This large disparity displays the unequal distribution of wealth in America in absolute terms. In 1998, Bob Herbert of The New York Times referred to modern American plutocrats as " The Donor Class " (list of top donors) and defined the class, for the first time, as "a tiny group – just one-quarter of 1 percent of the population – and it is not representative of the rest of

1224-468: Was divided into the upper-upper and the lower-upper classes. The lower-upper were those who did not come from traditionally wealthy families. They earned their money from investments and business, rather than inheritance . Examples include John D. Rockefeller , whose father was a traveling peddler ; Cornelius Vanderbilt , whose father operated a ferry in New York Harbor ; Henry Flagler , who

1260-482: Was not much movement across class boundaries. In many countries, the term "upper class" was intimately associated with hereditary land ownership. Political power was often in the hands of the landowners in many pre-industrial societies despite there being no legal barriers to land ownership for other social classes. Upper-class landowners in Europe were often also members of the titled nobility , though not necessarily:

1296-420: Was the son of a Presbyterian minister; and Andrew Carnegie , who was the son of a Scottish weaver. In contrast to the nouveau riche , whose riches were acquired in their own generation, the upper-upper class were families viewed as "quasi-aristocratic" and " high society ". These families had been rich and prominent in the politics of the United States for generations. In many cases, their prominence predated

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