Tashi-Delek/Getty Images
Commitment to our readers
The GOBankingRates editorial team is committed to providing you with unbiased reviews and information. We use data-driven methods 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 review methodology for products and services.
20 years
Helping you become richer
trusted by
millions of readers
As you approach age 50, you may start to consider your financial situation more seriously. After all, retirement is looming, and it pays to have a better idea of where you stand.
When examining your own statistics, it’s sometimes a good idea to see how well your own finances compare to those of your peers.
This is the minimum net worth you need to join the 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 average net worth of a ‘reference individual’ aged 45 to 54 was $247,200 in 2022.
The ‘reference person’ in the survey is defined as an adult male in heterosexual couples or the oldest person in a same-sex couple. Additionally, the survey found that the average net worth for a household consisting of a referenced person aged 45 to 54 was $975,000.
Typically, the average number is more relevant than the average because outliers, such as billionaires, skew the average more.
What is upper middle class?
It is difficult to define what the ‘upper middle class’ is. Generally, people divide things into upper, middle and lower classes on the basis of income. For example, the Pew Research Center defines upper, middle, and lower classes based on income rather than net worth.
The Brookings Institution defines the middle class as the middle 60% of households on the bell curve of the income distribution. They distinguish the upper middle class as the top 20% of household income. But with the mix of definitions, it can be difficult to figure out where the upper middle class actually sits.
How much income do you need to be upper middle class at age 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 householder at the age of 51, you will definitely fall into the upper middle class.
Keep in mind that the term ‘upper middle class’ is just a way of classifying 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 increase much more in Ohio than in New York City.
If you’re unhappy with your financial situation, consider making some changes. Start by evaluating your net worth to see where you stand. Consider cutting down on extra expenses to maximize your investments. Additionally, look for ways to increase your income, including raises or additional efforts.