It is in part. A person on a US$20 million a year salary obviously isn’t working class or even middle class-they might truthfully say they are of “working/middle class background” (if their parents were of more modest means)
Whereas, their 10 year old kid whose annual income and assets are roughly $0 is also upper class-because their parents are. Now, if they grow up and their parents end up disowning them and they end up living on the streets homeless-then they won’t be upper class any more. But if that doesn’t happen, then they are-because even if they aren’t filthy rich yet, very likely they’ll eventually inherit a huge amount of money from their parents (assuming they don’t already have some kind of “you’ll never have to work a day in your life” trust fund set up for them). They could live their whole life in the upper class without ever getting a salary at all
They may never work a day because they don’t need to - they are upper or “bourg.” for sure.
If the analyst lives in NYC and makes $250k they aren't living large. If they went to an Ivy League school and have to pay for it they really aren't living large. Regardless, the story makes the CEO look silly.