[Correction Notice: An Erratum for this article was reported online in Journal of Personality and Social Psychology on Jul 8 2019 (see record 2019-40421-001). In the article, the first sentence in the Social class, perceived competence, and status attainment section is incorrect due to a printer error and should read instead as follows: Hypothesis 4 predicted that relative to individuals with lower social class, individuals with relatively high social class would be more overconfident, which in turn, would be associated with higher competence ratings, and ultimately, higher hiring ratings. All versions of this article have been corrected.] Understanding how socioeconomic inequalities perpetuate is a central concern among social and organizational psychologists. Drawing on a collection of findings suggesting that different social class contexts have powerful effects on people's sense of self, we propose that social class shapes the beliefs that people hold about their abilities, and that this, in turn, has important implications for how status hierarchies perpetuate. We first hypothesize that compared with individuals with relatively low social class, individuals with relatively high social class are more overconfident. Then, drawing on research suggesting that overconfidence can confer social advantages, we further hypothesize that the overconfidence of higher class individuals can help perpetuate the existing class hierarchy: It can provide them a path to social advantage by making them appear more competent in the eyes of others. We test these ideas in four large studies with a combined sample of 152,661 individuals. Study 1, a large field study featuring small-business owners from Mexico, found evidence that individuals with relatively high social class are more overconfident compared with their lower-class counterparts. Study 2, a multiwave study in the United States, replicated this result and further shed light on the underlying mechanism: Individuals with relatively high (vs. low) social class tend to be more overconfident because they have a stronger desire to achieve high social rank. Study 3 replicated these findings in a high-powered, preregistered study and found that individuals with relatively high social class were more overconfident, even in a task in which they had no performance advantages. Study 4, a multiphase study that featured a mock job interview in the laboratory, found that compared with their lower-class counterparts, higher-class individuals were more overconfident; overconfidence, in turn, made them appear more competent and more likely to attain social rank. (PsycINFO Database Record (c) 2020 APA, all rights reserved).