The group's savings and investments performed well in the first two years of the pandemic, but 2022 may not be so great.

Social class

Rising prices and market instability are eroding middle and upper middle class gains made during the pandemic.

Poorer families may suffer more from inflation, but they also have the biggest wage increases and invest the least in financial markets.

Despite market losses, rich families have been insulated from most of the inflation because the most expensive goods are a fraction of their budget.

According to the Federal Reserve, Upper Middle Class families lost more stock portfolio value than those who make more.

As they took on more debt for auto loans, credit cards, and other consumer credit, their liabilities also grew by 2% in the first quarter of this year.

A household considered upper middle class earns between $75,500 and $127,900 a year, as defined by the Federal Reserve System.

Their income is higher than that of at least 60% of other households, but they are below that of the top 20% of earners.

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