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58-705: WRA is frequently assigned as a sociology textbook, documenting the dangerous concentration of power and wealth in the American upper class . More recent editions have brought the discussion up to date, including the rise of Barack Obama , Donald Trump , and the trend toward nationalism in the Republican Party . Domhoff argues in the book(s) that a power elite wields power in America transparently through its support of think-tanks, foundations, commissions, and academic departments. Additionally, he argues that

116-498: A net worth of at least US$ 5 million. An ultra-high-net-worth individual (UHNWI) holds at least US$ 30 million in investable assets ( adjusted for inflation ). In 2013, there were 211,275 UHNWIs in the world, with a total combined net worth of US$ 29.7 trillion. Billionaires are a special category of UHNWI, having net worth in excess of US$ 1 billion. According to the Billionaire Census 2014, there were 2,325 billionaires in

174-623: A "high-net-worth individual" is a person who is either a "qualified client" under rule 205-3 of the Advisers Act (currently a person with at least $ 1,100,000 managed by the reporting investment adviser, or whose net worth the investment adviser reasonably believes exceeds $ 2,200,000 without counting their primary residence) or who is a "qualified purchaser" as defined in section 2(a)(51)(A) of the Investment Company Act of 1940 ). The Dodd-Frank Wall Street Reform Act mandates that

232-833: A climate of achievement and charitable giving within Episcopal circles, enabling the transmission and endurance of affluence through successive generations. Bradley J. Longfield argues, "Presbyterians, as articulate and educated members of the dominant culture in America, were significant shapers of that culture for generations." Presbyterians have exerted significant influence on American economic and cultural landscapes, leveraging their cohesive community dynamics and shared values to advance financial prosperity. Rooted in Calvinist principles emphasizing diligence, discipline, and stewardship, Presbyterian congregations have cultivated an ethos of entrepreneurship and accomplishment congruent with

290-531: A decline of 14.9% from 2007. The total HNWI wealth worldwide totaled US$ 32.8 trillion, a 19.5% decrease from 2007. The UHNWIs experienced the greater loss, losing 24.6% in population and 23.9% in accumulated wealth. The report revised its 2007 projections that HNWI financial wealth would reach US$ 59.1 trillion by 2012 and revised this downward to a 2013 HNWI wealth valued at $ 48.5 trillion advancing at an annual rate of 8.1%. The "World Ultra Wealth Report", on UHNW populations—those with "$ 30m or more in net worth"—which

348-1001: A greater percent of the top income earners in the United States than individuals from the non-financial sector, after adjusting for the relative sizes of the sectors. There are 3,144 counties and county-equivalents in the United States. The 2020 United States census provided data on the 100 counties with the highest median household income . Virginia has the most counties in the top 100 with 18 followed by California with 11; Maryland with 10; New Jersey with nine; New York and Texas with six each; Illinois with five; Colorado , Massachusetts , and Minnesota with four each; Ohio and Pennsylvania with three each; Georgia , Indiana , Utah , and Washington with two each; and Connecticut , Washington, D.C. , Iowa , Kansas , Kentucky , New Hampshire , New Mexico , Tennessee , and Wisconsin with one each. Ultra high-net-worth individual High-net-worth individual ( HNWI )

406-409: A high income. Rather, it draws a high income because it is functionally important and the available personnel is for one reason or another scarce. It is therefore superficial and erroneous to regard high income as the cause of a man's power and prestige, just as it is erroneous to think that a man's fever is the cause of his disease... The economic source of power and prestige is not income primarily, but

464-549: A household definition of UHNW, which places only those with more than $ 100 million liquid financial wealth into the UHNW-category, more than the usual $ 30 million, with which the ultra-category had been created in 2007. They control 5.5% of global financial wealth. 5,000 of them live in the US, followed by China, Britain and Germany. BCG expects the trend toward more concentrated wealth to continue unabated. While financial wealth of

522-520: A lottery winner or rock star and a member of one of America's most distinguished families... wealth is not the only factor that determines a person's rank. – William Thompson, Joseph Hickey; Society in Focus, 2005. Sociologist William Lloyd Warner also asserts the existence of class markers: We are proud of those facts of American life that fit the pattern we are taught but somehow we are often ashamed of those equally important social facts which demonstrate

580-454: A net worth of over US$ 1 billion are considered to occupy a special bracket of the UHNWI. These thresholds are broadly used in studies of wealth inequality , government regulation, investment suitability requirements, marketing, financing standards, and general corporate strategy. As of December 2023 , it was estimated that there are just over 16 million HNWIs in the world, according to

638-566: A pivotal role in their pursuit of financial prosperity and success in diverse sectors of American society. Similarly, Hindu , Muslim , Buddhist , and Sikh communities have witnessed significant instances of wealth accumulation and entrepreneurial success, underscoring the rich diversity and vibrancy of America's religious landscape. Members of these communities, ranging from pioneering Silicon Valley innovators to influential figures in Wall Street finance, have left an indelible imprint on

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696-430: Is 62 years old, and 89% of the world's billionaires are male. Approximately 68% of them have a bachelor's degree or higher levels of education. UHNWIs are notable players in the field of philanthropy; many have their own private foundations and support a variety of causes, from education to poverty relief. Financial institutions are known for their targeting of UHNWIs, having specific parts of their bank designed to manage

754-545: Is a technical term used in the financial services industry for people who maintain liquid assets at or above a certain threshold. Typically, they are defined as holding financial assets (excluding their primary residence ) valued over US$ 1 million . A secondary level, a very-high-net-worth individual ( VHNWI ), refers to someone with a net worth of at least US$ 5 million. The terminal level, an ultra-high-net-worth individual ( UHNWI ), holds US$ 30 million in investible assets ( adjusted for inflation ). Individuals with

812-418: Is an emerging trend as of 2017. Most global banks, such as Santander , Barclays , BNP Paribas , Citibank , Credit Suisse , Deutsche Bank , HSBC , JPMorgan Chase , and UBS , have a separate business unit with designated teams consisting of client advisors and product specialists exclusively for UHNWI. These clients are often considered to have characteristics similar to institutional investors because

870-441: Is female, and of these, only 33% are self-made, as opposed to 70% of male UHNW. According to the same 2013 report, twenty-two percent of self-made UHNW individuals have derived their wealth from finance, banking and investment. Almost 15% of individuals with inherited wealth are engaged in non-profit and social organisations. As of 2014, Asia's growth was expected to continue, and this change in demographics has significant impact on

928-418: Is largely derived from occupation-generated income and its affluence falls far short of that attained by the top percentile. In a 2015 CNBC survey of the wealthiest 10 percent of Americans, 44% described themselves as middle class and 40% as upper middle class. Some surveys have indicated that as many as 6% of Americans identify as "upper class." Sociologist Leonard Beeghley considers total wealth to be

986-484: Is seen by some as simply being composed of the wealthiest individuals and families in the country. The American upper class can be broken down into two groups: people of substantial means with a history of family wealth going back a century or more (called " old money ") and families who have acquired their wealth more recently (e.g. fewer than 100 years), sometimes referred to as " new money ". The main distinguishing feature of this class, which includes an estimated 1% of

1044-406: The 1940s survey data showed the "top rank" comprised Christian Scientists, Episcopalians, Congregationalists, Presbyterians and Jews. In the 1980s the top ranked were Unitarians, Jews, Episcopalians, Presbyterians and United Church of Christ (Congregationalists). In terms of occupation, according to sociologist Andrew Greeley , in the 1960s and 1970s, "Jews, Episcopalians and Presbyterians represent

1102-421: The 2019 World Ultra Wealth Report published by Wealth-X: There are three different sources compiling these statistics for cities: the most recent data is from Altrata, which found that the four cities with the highest number of ultra-high net worth individuals, as of 2023, were New York City (16,630), Hong Kong (12,546), Los Angeles (8,955), and Tokyo (6,445). Below are previous rankings from Wealth-X and

1160-466: The American economy. One 2009 empirical analysis analyzed an estimated 15–27% of the individuals in the top 0.1% of adjusted gross income (AGI), including top executives, asset managers, law firm partners, professional athletes and celebrities, and highly compensated employees of investment banks. Among other results, the analysis found that individuals in the financial (Wall Street) sector constitute

1218-598: The Knight Frank Wealth Report: The World Ultra Wealth Report 2013 was co-published by Wealth-X and UBS . The fifth edition of the report was published on June 27, 2017. Previous World Ultra Wealth Reports were published independently by Wealth-X, in 2011 and 2012 respectively: The Boston Consulting Group (BCG) 2014 Global Wealth Report shows that liquid wealth of the super-rich, referenced as Ultra-High-Net-Worth households, had increased by 20% in 2013. BCG uses

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1276-401: The United States need an equally complex social hierarchy. Assortative mating in humans has been widely observed and studied. It includes the tendency of humans to prefer to mate within their socio-economic peers, that is, those with similar social standing, job prestige, educational attainment, or economic background as they themselves. This tendency has always been present in society: there

1334-455: The World's Wealthiest Cities Report 2024 by Henley & Partners . The United States had the highest number of HNWIs (5.5 million) of any country, with California , Texas , New York , Florida , and Illinois domiciling the majority stateside. New York City is the wealthiest and most populous city, with 349,500 HNWIs. UHNWIs constitute only 0.003% of the world's population and hold 13% of

1392-466: The definition of a qualified client be reviewed every five years and adjusted for inflation. For SEC purposes, a person's net worth may include assets held jointly with their spouse. Unlike the definitions used in the financial and banking trade, the SEC's definition of HNWI includes the value of a person's verifiable non-financial assets, such as a primary residence or art collection. The World Wealth Report

1450-429: The elite controls institutions through overt authority, not through covert influence. In his introduction, Domhoff writes that the book was inspired by the work of four previous researchers: sociologists E. Digby Baltzell , C. Wright Mills , economist Paul Sweezy , and political scientist Robert A. Dahl . The University of California, Santa Cruz hosts Domhoff's Who Rules America? web site. The original edition

1508-430: The elite of non-Spanish white Americans; Methodists, Catholics and Lutherans represent the middle class; and Baptists are the less successful." Episcopalians frequently originate from socioeconomically advantaged backgrounds and have traditionally occupied leadership roles in many spheres such as business, academia, high culture, and politics. Their focus on education, traditional values, and social obligation has fostered

1566-523: The end of 2021. According to The Knight Frank Wealth Report, HNWI can refer to someone with a net worth of at least US$ 1 million, while UHNWI can refer to someone with a net worth of at least US$ 30 million. The U.S. Securities and Exchange Commission requires all SEC-registered investment advisers to periodically file a report known as Form ADV. Form ADV requires each investment adviser to state how many of their clients are "high-net-worth individuals", among other details; its Glossary of Terms explains that

1624-581: The largest and most in-depth surveys of HNWIs ever conducted, surveying more than 4,400 across 21 major wealth markets in North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa. The World Wealth Report has estimated the number and combined investable wealth of high-net-worth individuals as follows (using the United States Consumer Price Index (CPI) Inflation Calculator): Certain products cater to

1682-425: The luxury industry's troubled year with China's luxury spenders, luxury industry experts continued to be optimistic for their long-term performance, especially from UHNWIs. According to Savills and Wealth-X, in 2014, UHNWIs are particularly relevant to the real estate sector, with the total UHNW population's real estate holdings accounting for over US$ 5 trillion by 2014, or 3% of the world's real estate holdings. This

1740-409: The more essential the given task is, the larger the incentive will be. Income and prestige—which are often used to indicate a person's social class—are incentives given to that person for meeting all qualifications to complete an important task that is of high standing in society due to its functional value. It should be stressed... that a position does not bring power and prestige because it draws

1798-406: The only significant distinguishing feature of this class and refers to the upper class simply as "the rich." Beeghley divides "the rich" into two sub-groups: the rich and the super-rich . The super-rich, according to Beeghley, are those able to live off their wealth without depending on occupation-derived income. This demographic constitutes roughly 1% of American households. Beeghley's definition of

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1856-476: The ownership of capital goods (including patents , good will, and professional reputation ). Such ownership should be distinguished from the possession of consumers' goods , which is an index rather than a cause of social standing . – Kingsley Davis and Wilbert E. Moore, Principles of Stratification. As mentioned above, income is one of the most prominent features of social class, but is not necessarily one of its causes. In other words, income does not determine

1914-463: The pinnacle of academic achievement and social prestige. Additionally upper class members may join exclusive clubs , secret societies , or select fraternities and sororities . The spectrum of wealth accumulation in the United States is characterized by its diversity, mirroring the nation's intricate array of religious beliefs and customs. While individuals from diverse religious backgrounds have attained affluence, discernible trends emerge concerning

1972-743: The population – and it is not representative of the rest of the nation. But its money buys plenty of access." Functional theorists in sociology assert that the existence of social classes is necessary to ensure that only the most qualified persons acquire positions of power, and to enable all persons to fulfill their occupational duties to the greatest extent of their ability. Notably, this view does not address wealth , which plays an important role in allocating status and power. According to this theory, to ensure that important and complex tasks are handled by qualified and motivated personnel, society attaches incentives such as income and prestige to those positions. The more scarce that qualified applicants are and

2030-512: The population, is the source of income. While the vast majority of people and households derive their income from wages or salaries, those in the upper class derive their primary income from business profits, investments, and capital gains . Estimates for the size of this group commonly vary from 1% to 2%, based on wealth. Many heirs to fortunes, top business executives such as CEOs , owners of large private companies , successful venture capitalists , and celebrities may be considered members of

2088-499: The presence of social class. Consequently, we tend to deny them, or worse, denounce them and by doing so we tend to deny their existence and magically make them disappear from consciousness. Warner asserts that social class is as old as civilization itself and has been present in nearly every society from before the Roman Empire , through medieval times, and to the modern-day United States. He believes that complex societies such as

2146-425: The pursuit of material success in the United States. Apart from Mainline Protestantism, various religious communities have made notable contributions to the economic landscape of the United States. Jewish-Americans , in particular, have demonstrated exceptional achievements in finance, law, and entertainment throughout history. Their cultural emphasis on education, entrepreneurship, and communal solidarity has played

2204-559: The religious affiliations prevalent among the affluent segment of the population. Within the American upper class, Mainline Protestantism stands out prominently in terms of religious representation. Among its various denominations, Episcopalians and Presbyterians notably feature prominently among the affluent segment of society. These denominations, steeped in historical connections to prosperous communities and esteemed institutions, have fostered networks of privilege and influence that permeate economic realms. In terms of social status, in

2262-402: The rest of the population due to the fact that its primary source of income consists of assets, investments, and capital gains rather than wages and salaries. Its members include owners of large private companies , heirs to fortunes, and top executives of certain publicly traded corporations (more importantly, critically vital large scale companies and corporations). The American upper class

2320-519: The status of an individual or household, but rather reflects that status. Income and prestige are the incentives created to fill positions with the most qualified and motivated personnel possible. If... money and wealth [alone] determine class ranking... a cocaine dealer, a lottery winner, a rock star, and a member of the Rockefeller family-are all on the same rung of the social ladder... [yet most] Americans would be unwilling to accord equal rank to

2378-417: The sub-millionaires is expected to increase by 3.7% annually until 2019, the expected growth rate for the super-rich is 9.1%. By 2013, 65% of the world's UHNW population was self-made, as opposed to 19% who had inherited their fortune and 16% who had inherited and grown their wealth. These proportions change dramatically by gender. In the 2013 report, it was revealed that only 12% of the world's UHNW population

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2436-445: The super-rich is congruent with the definition of upper class used by most other sociologists. The members of the tiny capitalist class at the top of the hierarchy have an influence on economy and society far beyond their numbers. They make investment decisions that open or close employment opportunities for millions of others. They contribute money to political parties, and they often own media enterprises that allow them influence over

2494-648: The thinking of other classes... The capitalist class strives to perpetuate itself: Assets, lifestyles, values and social networks... are all passed from one generation to the next. –Dennis Gilbert, The American Class Structure , 1998 Sociologists such as W. Lloyd Warner , William Thompson, and Joseph Hickey recognize prestige differences among members of the upper class. Established families, prominent professionals, and politicians may be deemed to have more prestige than some entertainment celebrities; national celebrities, in turn, may have more prestige than members of local elites. However, sociologists argue that all members of

2552-491: The upper class have great wealth and influence, and derive most of their income from assets rather than income. In 1998, Bob Herbert of The New York Times referred to modern American plutocrats as " The Donor Class ", referring to political donations. In 2015, the New York Times carried a list of top donors to political campaigns. Herbert had noted that it was "a tiny group – just one-quarter of 1 percent of

2610-412: The upper class. In some academic models, the rich are considered to constitute 5% of U.S. households, and their wealth is largely in the form of financial assets, such as stocks, bonds, real estate , and private businesses . Other contemporary sociologists, such as Dennis Gilbert , argue that this group is not part of the upper class but rather part of the upper middle class, as its standard of living

2668-401: The various organizations that target UHNW individuals, such as luxury companies, financial institutions, charities and universities. The following is a list of the countries with the most Ultra high-net-worth individuals (UHNWI) as of 2023 as per the 2024 Knight Frank's Wealth Report: The Billionaire Census is a co-publication of Wealth-X and UBS. In 2013 for example, the average net worth of

2726-404: The vast majority of their net worth and current income is derived from passive sources rather than labor . By 2006, asset managers working for HNW individuals invested more than £300 billion on behalf of their clients. These wealth managers are bankers who in 2006, earned multimillion-pound salaries and owned their own companies and equity funds. In 2006, a list of the 50 top investment bankers

2784-564: The wealth of their UHNW clients. In addition, research on the UHNW is particularly important with upcoming intergenerational wealth transfers in the UHNW population. For example, as of 2014, luxury companies typically target UHNW as a separate segment of their clientele. Daily Finance in 2014, projected that growth in Asia's UHNW population looked promising for the future of the luxury industry. The India's Economic Times said in 2014 that, despite

2842-407: The wealthy, whose conspicuous consumption of luxury goods and services includes, for example: mansions , yachts , first-class airline tickets and private jets , and personal umbrella insurance . As economic growth has made historically expensive items affordable for the middle-class, purchases have trended towards intangible products such as education. In the United States, concierge medicine

2900-428: The world's billionaire is US$ 3 billion, with a liquidity on average of 18% of net worth. 60% of the world's billionaires are self-made, 20% have inherited their fortune and 20% have both inherited and grown their wealth. 18% of the world's billionaires have derived their wealth from finance, banking and investment; as opposed to 9% from industrial conglomerates and 7% from the real estate industry. The average billionaire

2958-455: The world's total wealth. In 2017, 226,450 people were designated as UHNWI, with their combined total wealth increasing to $ 27 trillion. High-net-worth individual (HNWI) refers to people who maintain assets at or above a certain threshold. Typically, they are defined as holding financial assets (excluding their primary residence ) with a value over US$ 1 million . A secondary level, a very-high-net-worth individual (VHNWI), refers to someone with

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3016-550: The world, with a combined net worth of US$ 7.3 trillion. In 2014, they represented just over 1% of the world's UHNW population and 24% of the world's UHNW total wealth. The June 27, 2017 "World Ultra Wealth Report" analysed the state of the world's ultra-high-net-worth (UHNW) population, or those with $ 30m or more in net worth. In 2017, the number of UHNWIs globally grew 3.5% to 226,450. Their combined total wealth increased by 1.5% to $ 27 trillion. According to Credit Suisse, there were 264,200 UHNWIs with net worth above US$ 50 million at

3074-418: The world. UHNW individuals "have, on average, eight cars and three or four homes. Three-quarters own a jet aircraft and most have a yacht." As of December 2022 , New York is the wealthiest city in the world with 340,000 HNWIs according to the World's Wealthiest Cities Report 2023 by Henley & Partners : The following list is a list of the cities with the most $ US millionaires as of December 2018 per

3132-581: Was co-published by Merrill Lynch and Capgemini , previously known as Cap Gemini Ernst & Young who worked together since 1993, investigating the "needs of high-net-worth individuals" to "successfully serve this market segment". Their first annual World Wealth Report was published in 1996. The World Wealth Report defines HNWIs as those who hold at least US$ 1 million in assets excluding primary residence and UHNWIs as those who hold at least US$ 30 million in assets excluding primary residence. The report states that in 2008 there were 8.6 million HNWIs worldwide,

3190-474: Was followed by seven subsequent editions: American upper class The American upper class is a social group within the United States consisting of people who have the highest social rank , due to economic wealth , lineage , and typically educational attainment . The American upper class is estimated to be the richest 1% of the population. The American upper class is distinguished from

3248-973: Was no historical area when most of the individuals preferred to sort, and had actually sorted, negatively into couples or matched randomly along these traits. Members of the upper class in American society are commonly distinguished by their extensive education and affiliations with prestigious institutions, such as the Ivy League and other private universities . Often hailing from wealthy backgrounds, these individuals benefit from access to elite educational opportunities that serve as key mechanisms for maintaining their socioeconomic status across generations. Upper-class parents prioritize securing their children's positions within their social stratum, frequently by enrolling them in renowned primary schools followed by prestigious middle and high schools . As they progress in their academic journeys, many aspire to attend elite private colleges, with such institutions representing

3306-617: Was published by the Spear's Wealth Management Survey . Certain magazines, such as Monocle , Robb Report , and Worth , are designed for a high net worth audience. By 2012, according to Reuters , the UHNW individuals held $ 32 trillion in offshore havens, representing $ 280 billion in lost income tax revenues. Brands in various sectors, such as Bentley , Maybach , and Rolls-Royce actively target UHNWI and HNWI to sell their products. In 2006, Rolls-Royce researchers suggested there were 80,000 people in ultra-high-net-worth category around

3364-498: Was published on June 27, 2017, "this year revealed global growth of 3.5% to 226,450 individuals and a 1.5% increase of their total combined wealth to $ 27 trillion." The 2018 World Wealth Report was jointly produced by Capgemini and RBC Wealth Management and included, for the first time, the Global HNW Insights Survey produced in collaboration with Scorpio Partnership. The inaugural survey represented one of

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