What's the difference between having a "high socioeconomic status" and being rich?

Question

When I see "high socioeconomic status", I interpret it as "rich" but why does the more complicated term exist. Does it have a slightly different meaning?

Answer 1

I would think that you are well regarded socially instead of being just loaded.

Answer 2

Rich refers to money in the bank. Socioeconomic status refers to class which in American society is largely, but not solely, based on financial advantages.

Answer 3

A family's socioeconomic status is based on family income, parental education level, parental occupation, and social status in the community (such as contacts within the community, group associations, and the community's perception of the family), etc.....not simply the accumulation of wealth.