Wall Street Journal on different investment practices between the middle class and the upper middle class:
For the middle class, …Nearly two-thirds of their wealth is in their residences. It’s easy to see why: Imagine a young family with a $200,000 home, a $150,000 mortgage, and $50,000 in cash and retirement accounts. That’s not a family that’s putting their bottom dollar into their home. But that family would have 80% of their gross assets in their principal residence.
The upper-middle class has a very different financial profile as well. The “next 19%”–those with more than $400,000 in assets, but less than $7.8 million–have less tied up in business equity and financial securities than the rich, and less tied up in housing than the middle class. But comparatively, they have more of their wealth–hundreds of thousands to millions of dollars–in their pension accounts (which includes accounts like IRAs, Keogh plans, 401(k)s, defined contribution pension plans).