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There is no way $1.2M is 1%. It doesn't pass the smell test. I think $10M is closer to reality than $1M but have no idea what the true number is, and it probably doesn't matter until there are pitchforks outside the gate, and at that point if you have "only" $1M it's not going to save your hide from the proletariat who want to hang the landlord class.
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There is no way $1.2M is 1%. It doesn’t pass the smell test. I think $10M is closer to reality than $1M but have no idea what the true number is
I would say that the $10M does not pass the smell test. If the US population is 350M and if we assume there are 100M households, then there should be 1M households having $10M. With almost half the population not even having a saving of $1000 I doubt that there are 1M households having that much money.
If you take into account market gains since 2012 I think that the $1.2M is now around $3M. I think the IRS method is more believable than the Fed method.Comment
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There is no way $1.2M is 1%. It doesn’t pass the smell test. I think $10M is closer to reality than $1M but have no idea what the true number is
I would say that the $10M does not pass the smell test. If the US population is 350M and if we assume there are 100M households, then there should be 1M households having $10M. With almost half the population not even having a saving of $1000 I doubt that there are 1M households having that much money.
If you take into account market gains since 2012 I think that the $1.2M is now around $3M. I think the IRS method is more believable than the Fed method.
http://www.cleveland.com/business/index.ssf/2016/03/us_millionaires_club_adds_3000.html
At the end of this article it says there are 1.2M households worth 5-25M. Says 10% of households over 1M, not including house.Comment
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Are they saying that one in ten households is a millionaire? Seems like a lot.
That's what this study shows, too. 10.8 Million households in the US with a million or more in investable assets, or more than 1 in 10.Comment
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There is no way $1.2M is 1%. It doesn’t pass the smell test. I think $10M is closer to reality than $1M but have no idea what the true number is
I would say that the $10M does not pass the smell test. If the US population is 350M and if we assume there are 100M households, then there should be 1M households having $10M. With almost half the population not even having a saving of $1000 I doubt that there are 1M households having that much money.
If you take into account market gains since 2012 I think that the $1.2M is now around $3M. I think the IRS method is more believable than the Fed method.
Clearly wealth distribution does not follow a normed curve. Half of all Americans can't find $1000 in an emergency, but that says nothing about how the 1% live. Wealth grows exponentially at the top. I don't know what the figure is, but $10M wouldn't shock me.Comment
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Any thoughts on why the bottom 10th percentile has dropped by half in only 3 years? I haven't seen this data before, perhaps there are wild swings observed at the bottom commonly.Comment
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Are they saying that one in ten households is a millionaire? Seems like a lot.
That’s what this study shows, too. 10.8 Million households in the US with a million or more in investable assets, or more than 1 in 10.
Apparently there are many millionaires next door.Comment
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There is no way $1.2M is 1%. It doesn’t pass the smell test. I think $10M is closer to reality than $1M but have no idea what the true number is
I would say that the $10M does not pass the smell test. If the US population is 350M and if we assume there are 100M households, then there should be 1M households having $10M. With almost half the population not even having a saving of $1000 I doubt that there are 1M households having that much money.
If you take into account market gains since 2012 I think that the $1.2M is now around $3M. I think the IRS method is more believable than the Fed method.
http://www.cleveland.com/business/index.ssf/2016/03/us_millionaires_club_adds_3000.html
At the end of this article it says there are 1.2M households worth 5-25M. Says 10% of households over 1M, not including house.
Totally can see that. Close to where I live thats like every other household, and yet its not a fancy area. They are business owners though mostly.Comment
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