They were not living in an Allen Iverson-size mansion and aren't millionaires. "Upper class" to me consists of those who are in the high-paying business arena (e.g., hedge fund managers, CEOs, etc), top bill entertainers (including musicians, actors, pro players, etc), and those who inherited the wealth. A few high-powered white collar professionals (most notably those who OWN or are senior partners in law firms - not just a lawyer in one, or those in specialty medical fields like some exotic surgeons after many years) may just reach that level, but the "Huxtables" were not that.
Wikipedia has an interesting discussion on this here:
http://en.wikipedia.org/wiki/Social_class
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