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Old 04-26-2013, 04:34 AM   #21
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Originally Posted by bob boag View Post

And the "top seven percent" is an odd choice - maybe the choice that best sells the position that the rich are getting richer and the poor are getting poorer?

And the fine print under the graph indicates that the actual 93rd percentile net worth dropped by $53,000 in 2011 vs 2009!
That is explained in the report. It appears the census breaks down the data that way.

(The focus in this report on the upper 7% of households rather than some other share of high wealth households reflects the limits of the tabulations published by the Census Bureau. The boundaries of its wealth categories dictated the split of households analyzed in this report.)

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Old 04-26-2013, 05:47 AM   #22
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Originally Posted by bUU View Post
Median is really no better indicator of the whole than any of the others.
For sure median is not perfect. But I do feel it is better than mean. To say that mean NW for the top 7% is $3.17 mil does not really tell someone, say like myself, where he or she stands since the number is very much skewed by numbers at the very top 1% or 0.1%. But if we are told that the medium NW of the top 7% is, say $2 million, which would be my guess anyway, would be useful since that would indicate that the 96.5 percentile maps to $2 million. One can then try to figure out percentile he or she is. For me, back in 2011, our NW was about $3.4 mil. So if we do have the medium and it is what I assume it is above then I can derive that our NW is most likely around 97 to 98 percentile. But the $3.17 mean number carries none of that info.

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Old 04-26-2013, 06:20 AM   #23
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Originally Posted by kmt1972 View Post
For sure median is not perfect. But I do feel it is better than mean.
I would feel better with relying on no metric than a metric that explicitly ignores a vast disparity between top percentile and bottom percentile characteristics.

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