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Billionaire says money can't buy happiness
Billionaire David Rubenstein says having a lot of money does not guarantee happiness. "Some of the most tortured souls I know are very wealthy people," he says.
NEW YORK - It's no surprise that it's expensive to live in New York.
While the definition of "middle class" can vary from person to person, generally the main factors used to determine it are location and family size.
The latest data from the Pew Research Center (PRC) shows the middle class has been shrinking in the last five decades, hovering around 50%.
"Middle class" is defined by the PRC as those earning between two-thirds and twice the median American household income, which in 2021 was $70,784, according to the United States Census Bureau.
That means American households earning between $47,189 to $141,568 are in the "middle class" as defined by the PRC.
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According to a Gallup poll, at least half of the U.S. adult population has identified as middle or upper-middle class since 2002.
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Here are the income thresholds for the middle class in New York for a family of four: $60,328 – $180,984
As of April 2022, 52% of adults consider themselves middle or upper-middle-class.
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If you're curious to see where you fall, you can use Pew Research Center’s Are You in the Middle Class? calculator.