This study examines the determinants of Americans’ subjective class identities, using General Social Survey data from 2006. In particular, this study addresses the question of whether individuals’ objective class positions, including wealth, account for differences in class identification between whites and blacks. The principal finding is that self‐identified blacks have lower odds of identifying as middle class or upper class than self‐identified whites, net of their objective class positions and their class origins. This finding suggests that the class identities of blacks are shaped by experiences of racial discrimination or by other elements of racial inequality.