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"Old money" doesn't always mean "fabulously wealthy" -- while yes, there are many people in the south who are as wealthy as people from the northeast (think Atlanta, Dallas) old money in the south has more to do with history, hence "old." If your great great whatever grandpa made it big when the railroad first came to Mobile and your family still lives in Mobile and has been cultivating the family fortune, that's old money. If you lived in the Great Northeast and were technically upper middle class fine but that's not all that matters.