I studied abroad for a semester in England, and in one of the classes I took there the (Australian) professor asked us what socioeconomic class we thought we belonged to. It was a good university, but most of the British kids answered "working class." When he asked "Why?" they answered, "Because our parents work."
That always stuck with me. In England, the aristocracy is alive and well. They don't have to work, and they don't pretend to. They do live comfortably, but they're highly educated and reasonably well adjusted. They don't have to partake in the charade that they pulled themselves up by their own bootstraps, and they generally don't blow their family's fortune over a debauched decade in Vegas like their American counterparts either.