Top 1% have more wealth than the bottom 95% of society. The 4% just below the Top 1% and above the bottom 95% are the real Middle Class. It is not called shrinking middle class for nothing.
A billionaire would be in the Top 1%. The multi-millionaires would be in the next 4% making up the remaining top 5%.
Bottom 95% of society are the working class and working poor, poor and super poor.