Some years ago, when a group of professionals were gathered, an accountant told the story of a nameless client—with assets in the low seven figures—who pronounced himself rich and wondered where he ranked among the world’s wealthiest people. He was crushed to learn that he was more in the category of the middle class.

The discussion came to mind as I read a wire story on a study from the Pew Center Research that showed many people, despite widely varied incomes, believe they are part of the middle class. The story gave the example of a family of five that gets by on less than $30,0...

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