Originally Posted by bUU
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.