Good question: Are millionaires considered middle class now??

[theking]

Are Millionaires Considered Middle Class in Today’s Economy? Here’s What Experts Say

While the definition of what constitutes middle class can vary dramatically based on local economic conditions and personal circumstances, Jeff Mains, founder of Champion Leadership Group, notes that millionaires, by their assets and the freedoms these assets afford, generally exist outside the traditional middle-class ...

Is it possible to be a millionaire and still be part of the middle class? It’s a question that may seem ridiculous to some–and totally reasonable to others, depending on who you ask.

“I’m often caught in the middle of this hot debate on middle-class identification, especially when millionaires are thrown into the mix,” said Zachary Jarvinen, vice president at Exact Payments. “As a finance expert, I see where the lines blur. Traditionally, middle-class status has been tied to income, education and occupation. But today, it’s about so much more — lifestyle, assets and even self-perception.

“Think about it, a millionaire in New York City isn’t living the same lifestyle as a millionaire in a rural town where the cost of living is much lower,” he explained. “Then there’s the role of assets and debts. A person may have a net worth of over a million dollars but still feel that squeeze if they’re cash-poor or debt-heavy.”

So is a millionaire middle class? According to Jarvinen, it’s not a yes-or-no question. It depends on a range of factors, from where they live to how they live.

“Having over a million bucks may sound like a one-way ticket out of the middle class, but in reality, the connection between net worth and day-to-day life can be as complex as the economy itself.”

What Exactly Is Middle Class, Anyway?
According to experts, depending on the context, this term can have different meanings.

“In general, middle class refers to individuals or households who fall between the working class and upper class in terms of income and lifestyle,” said Matt Teifke, founder and CEO of Teifke Real Estate. “In the United States, middle class is often defined as having an annual household income of $35,000 to $100,000. However, this definition can vary depending on location and other factors.”

Additionally, he notes the middle class can also be measured by education level, occupation and social status.

“There is no universally agreed upon definition of middle class,” said Loretta Kilday, attorney and spokesperson for Debt Consolidation Care. “It is often based on income levels, but wealth, spending power and finances are also defining factors of class. Having retirement savings of $1 million in no way mirrors the financial stresses of most middle-income families.”

[Hung_Low]

Totally agree with these people... a millionaire in NY or CA has the same buying power as a $100,000 that lives in one of the Mid-West states.
e.g. the property tax in my previous state for a 2,000+ sq.ft house (built in 2005) is around $1,100/yr - this was in 2014. My current house is around same sq.ft built in 2003 and property tax is $4500/yr. Just for giggle, I check the tax of my previous house and the property tax in 2023 is $1400/yr.

I'm making 40% more than I did in the previous state but my standard of living didn't improved much with the increase in cost of living.