The upper class in modern societies is the social class composed of the wealthiest members of society, who also wield the greatest political power. According to this view, the upper class is generally contained within the wealthiest 1-2% of the population, and is distinguished by immense wealth (in the form of estates) which is passed on from generation to generation.. Prior to the 20th century, the nomenclature aristocracy was widely used. Out of the American population, one percent of the wealthiest population is responsible for thirty-four percent of the cumulative national wealth.