Why the Upper Middle Class Isn't Special Anymore

https://ofdollarsanddata.com/the-death-of-the-amex-lounge/

by deanmoriarty • 1 year ago

37 6 1 year ago

When everyone has a million dollars no one is a millionaire.

It’s not that upper míddle class has too many people in it, it’s that the definition of middle and upper middle class hasn’t been updated to reflect the reality of 2025. Money doesn’t go that far anymore, so more people have more of it.

Though this now is getting updated. Amex and other credit card companies have realized this and are now pushing their fees higher to remain exclusive as before.

k4rli• 1 year ago

How are higher fees supposed to make it more exclusive?

At least in Europe it's based on monthly net income so you'd need >~5k EUR net a month for some credit cards. They have lower fees and interest rates than regular cards.

dyl000• 1 year ago

Same idea of how earning six figure s isn’t too impressive any more, the value of fiat is falling off a cliff and we aren’t moving the definitions upwards.

trod1234• 1 year ago

That was my takeaway from this as well.

Money-printing on a global scale is a dangerous thing. Distortions can and will literally break the bank.

The smarter people know, that's why there's been such a run on silver and gold lately, where people are taking physical delivery.

more_corn• 1 year ago

I’m picturing the crabs in the tank at the Chinese restaurant. They’re climbing on top of each other. Anytime one tries to make a break for it someone else grabs hold and pulls him down. Boohoo being a millionaire doesn’t make you special anymore. News flash buddy. It never did.

anothereng• 1 year ago

This is what happens when you follow the crowd, this happens whether you are rich or not.

Why the Upper Middle Class Isn't Special Anymore

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