this post was submitted on 15 Feb 2024
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The system was built around the needs of the upper middle class and it suits them just fine. Someone earning $500k+ per year will have a whole lot of credit cards, loans, mortgages, etc. That diversity helps them generate the scores they need.
$500k/yr. isn’t “upper middle class.” That annual income is in the 99th percentile the US; it’s literally a 1%er.
You're spot on. I do want to point out, though, that upper middle class in the US is a household income of 90k to 150k. 500k would be solidly upper class. My apologies if you're referring to a different country.
I suspect that those numbers may be higher now, though. $90k won't buy you a house in any sizeable city, you really need to be at the $150l+ level. I take your point that $500k may have been a bit of an overreach in my original comment.
Upper-middle class and upper class aren't defined by spending power. It's based upon the average wage of all earners.
Upper middle class: The top 15% to 20% of earners
Upper class: The top 15% of earners