The American upper class 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 and people who have acquired their wealth more recently, often referred to as "Nouveau riche". In a 2015 CNBC survey of the wealthiest 10 percent of Americans, 44% described themselves as middle class and 40% as upper middle class. Many heirs to fortunes, top business executives, CEOs, successful venture capitalists, persons born into high society, and celebrities may be considered members of the upper class. Some prominent and high-rung professionals may also be included if they attain great influence and wealth. The main distinguishing feature of this class, which includes an estimated 1% of 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 income from investments and capital gains. Estimates for the size of this group commonly vary from 1% to 2%, while some surveys have indicated that as many as 6% of Americans identify as "upper class." Sociologist Leonard Beeghley sees wealth as the only significant distinguishing feature of this class and, therefore, refers to the upper class simply as "the rich." Households with net worths of $1 million or more may be identified as members of the upper class, depending on the class model used. While most sociologists estimate that only 1% of households are members of the upper class, Beeghley asserts that all households with a net worth of $1 million or more are considered "rich." He divides "the rich" into two sub-groups: the rich and the super-rich. The rich constitute roughly 5% of U.S. households and their wealth is largely in the form of home equity. 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 is largely derived from occupation-generated income and its affluence falls far short of that attained by the top percentile. The super-rich, according to Beeghley, are those able to live off their wealth without depending on occupation-derived income. This demographic constitutes roughly 0.9% of American households. Beeghley's definition of the super-rich is congruent with the definition of upper class employed by most other sociologists. The top 0.01% of the population, with an annual income of $9.5 million or more, received 5% of the income of the United States in 2007. These 15,000 families have been characterized as the "richest of the rich". Sociologists such as W. Lloyd Warner, William Thompson and Joseph Hickey recognize prestige differences between members of the upper class. Established families, prominent professionals and politicians may be deemed to have more prestige than some entertainment celebrities; celebrities, in turn, may have more prestige than the members of local elites. However, sociologists argue that all members of the upper class have great wealth, 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" 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 the nation. But its money buys plenty of access."
Theories regarding social class
Functional theorists in sociology and economics 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 qualified applicants are and the more essential the given task is, the larger the incentive will be. Income and prestige--which are often used to tell a person's social class--are merely the 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. 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 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.
Education
Members of the upper class in American society are typically knowledgeable and have been educated in "elite" settings. Wealthy parents go above and beyond to ensure their children will also be a member of the upper class when they grow up. Upper-class parents enroll their children in prestigious preschools and elementary schools leading to private middle schools and high schools, and finally elite, private colleges. Often graduating from schools such as those in the Ivy League, upper class members have traditionally joined exclusive clubs or fraternities. Students at Yale University created the Skull and Bones social club. The Skull and Bones was a secret society that had members such as George H. W. Bush and John Kerry. These members obtained valuable social capital by joining the club.
Religion
Individuals of a broad variety of religious backgrounds have become wealthy in America. However, the majority of these individuals follow Mainline Protestant denominations; Episcopalians and Presbyterians are most prevalent.
One 2009 empirical analysis analyzed an estimated 15–27% of the individuals in the top 0.1% of adjusted gross income, 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 sector constitute 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.
