No.
Any distinction like that is arbitary and subjective. But to me, a person is not “upper class” unless he has a net worth of at least $20 million and an income exceeding $1 million annually.
I would consider anyone with a net worth less than $10 million and greater than $2 million “upper middle class”. There are, what? 26 million people in the U.S. with net worth of 1-10 million. That’s a lot of people.
I would consider anyone with a net worth less than $2 million but more than a half million “middle-middle” class.
I will admit my view is probably colored by the fact that so many farmers and ranchers and small entrepreneurs here have a net worth of $1 million or more. The farmers and ranchers, nevertheless, live more simply than lots of urban folks who make no more than $40,000/year. Small entrepreneurs live somewhat better, but not greatly so. I even know people whose 401Ks are around $1 million.
But, as I said from the first, all such views are subjective and arbitrary.
The top 20% from an income standpoint alone, are those who make $92,000 or more annually. In no way would I consider an income like that “upper class”. To me, the true “upper class” is small. That’s why it’s called the “upper class”.