Measuring the Top 1% by Wealth, Not Income - NYTimes.com
didn't make it.
but then, neither did my friends.
Anyone for the top 10%?
didn't make it.
but then, neither did my friends.
Anyone for the top 10%?
...
but then, neither did my friends.
...
One in 100 households has 8M or more? Is it too high? I don't think so. Would the Fed lie?
This is from a survey. What is the likely accuracy of that survey?
I know a few of the top 1% in income. Most of them don't have 8M in assets.
Something seems wrong here.
I know many people who are in the top 1% by income. I really wouldn't know with certainty if any of them are in the top 1% by wealth, but I suspect a few are.
This is from a survey. What is the likely accuracy of that survey?
I know a few of the top 1% in income. Most of them don't have 8M in assets.
Something seems wrong here.
If I compare that 1% income to what I made, and knowing my net worth now, I would say if I had that kind of income, I should be able to amass the $8M, if I did not goof off and ER'ed.
The CEO of the company for which I work made $28 million last year. Steady income is not necessary to reach $8M.I was thinking of surgeons, lawyers, business owners, big shots at megacorps, etc... I would hope their income to be more steady. No?
I know there are a couple methods of estimating net worth of the top 1% of households (as opposed to income which is easier because of tax returns). From what I skimmed, the IRS estimate is only about $1.5M whereas the fed reserve survey yields $9M.
See
How Much Money Does It Take To Be In The Top 1% of Wealth and Net Worth in the United States
I haven't gone through the math / original papers so I can't really form an opinion about which is more accurate (less biased) but just based off gut feel the $1.5M sounds more realistic.
Nope, not me. The number seems high. Grab a random 100 people. Do you think you'll find one with eight million? I don't think so.