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Summary Findings Net Worth Comparison USA
08-14-2020, 09:52 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
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Summary Findings Net Worth Comparison USA
I was quite stunned when I read this. These are NOT large numbers in the grand scheme of things. I am sure most of those here are in the top 5%.
Net Worth USA Percentiles – Top 1%, 5%, 10%, and 50% in Net Worth
The top 1% of net worth in USA in 2020 = $10,500,000
The top 2% of net worth in USA in 2020 = $2,400,000
The top 5% of net worth in USA in 2020 = $1,000,000
The top 10% of net worth in USA in 2020 = $830,000
The top 50% of net worth in USA in 2020 = $507,000
I must admit in this time of continuous doom and gloom, it made me great.
I did not think a Poll would be appropriate as folk would not be comfortable sharing their own position. Feel free to do so in a post.
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08-14-2020, 09:57 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Oct 2010
Posts: 1,215
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ShokWaveRider, are these numbers for individuals or households?
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08-14-2020, 10:05 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,666
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Quote:
Originally Posted by jimbee
ShokWaveRider, are these numbers for individuals or households?
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It did not say, but I would guess that it could be extrapolated to singles or couples or family unit (not including children).
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08-14-2020, 10:09 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
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How measured? Include home equity?
I presume that defined benefit pensions, SPIAs, the value of SS and deferred income taxes were excluded. I'm guessing that it was per household.
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Patience is the art of concealing your impatience.
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Retired Jan 2012 at age 56
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08-14-2020, 10:12 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
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Quote:
Originally Posted by pb4uski
How measured? Include home equity?
I presume that defined benefit pensions, SPIAs, the value of SS and deferred income taxes were excluded. I'm guessing that it was per household.
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"Net Worth USA Percentiles Top 1%, 5%, 10%, and 50% in Net Worth"
I include our home in our net worth.
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08-14-2020, 10:16 AM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
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I was reading a FRED Blog post earlier today. Makes a good comparison I think, as it depicts how wealth quickly recovers and then increases for one-half of population, even during the Great Recession.
https://fredblog.stlouisfed.org/2020...-on-net-worth/
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08-14-2020, 10:17 AM
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#7
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Administrator
Join Date: Apr 2006
Posts: 22,973
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All I can say is that it sure doesn't feel like it.
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Living an analog life in the Digital Age.
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08-14-2020, 10:19 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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so 500K is the median, what is the mean?
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You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
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08-14-2020, 10:21 AM
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#9
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Administrator
Join Date: Jan 2008
Location: Chicagoland
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What is the source for these numbers?
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08-14-2020, 10:39 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
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Quote:
Originally Posted by MichaelB
What is the source for these numbers?
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Some pundit....
https://www.thekickassentrepreneur.c...alculator-usa/
But it compares favourably with others I have seen.
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08-14-2020, 11:08 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Jan 2012
Posts: 2,581
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Quote:
Originally Posted by jimbee
ShokWaveRider, are these numbers for individuals or households?
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Quote:
Originally Posted by Big_Hitter
so 500K is the median, what is the mean?
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Comparing these numbers with those from the Federal Reserve's 2019 survey of consumer finances, I'd say they are referring to average household net worth. The Fed's survey came up with $692k as the average net worth of all households in 2019, and $97k as the median. These net worth figures include all assets, such as home equity, 401(k), savings, etc.
Regardless of the specifics, I agree with @ShokWaveRider that seeing numbers like these does make me feel good about my financial situation. I'm not in the top 1%, but pretty solidly in the top 2. Can't complain.
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08-14-2020, 11:20 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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08-14-2020, 11:32 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,863
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Makes me "feel" rich... There numbers sure seem low to me based on other charts and data I've seen... (except maybe the top 1%)
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20's "something" mind, trapped in a 70's "something" body
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08-14-2020, 11:47 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,689
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Those %’s make me feel rich, but we’re so middle class. I never considered us in that category. How sad for 50% of our population who want to RE. It’d be interesting to know ages that go with the data.
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08-14-2020, 12:04 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Comfortable VS Wealthy.... In Schwab's opinion...
https://www.usatoday.com/story/money...re/5521307002/
"They now believe that, on average, it takes $655,000 to be financially comfortable, down from $934,000 in January, according to Charles Schwab’s 2020 Modern Wealth survey. And they think the minimum benchmark to be considered wealthy is $2 million, down from $2.6 million in January. The survey of 1,000 Americans was conducted for Schwab by Logica Research June 25-July 2."
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20's "something" mind, trapped in a 70's "something" body
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08-14-2020, 12:12 PM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
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Quote:
Originally Posted by Car-Guy
Comfortable VS Wealthy.... In Schwab's opinion...
https://www.usatoday.com/story/money...re/5521307002/
"They now believe that, on average, it takes $655,000 to be financially comfortable, down from $934,000 in January, according to Charles Schwabs 2020 Modern Wealth survey. And they think the minimum benchmark to be considered wealthy is $2 million, down from $2.6 million in January. The survey of 1,000 Americans was conducted for Schwab by Logica Research June 25-July 2."
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LOL, who are they trying to patronize? I hardly consider us Wealthy! No private jets for us. Can we afford a Bentley or a McLaren Car, yes, but that does not make us wealthy.
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08-14-2020, 12:24 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Quote:
Originally Posted by ShokWaveRider
LOL, who are they trying to patronize? I hardly consider us Wealthy! No private jets for us. Can we afford a Bentley or a McLaren Car, yes, but that does not make us wealthy.
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From my POV, "as a retiree", I consider 2m as cautiously comfortable.. 10+m as reasonably well off, 25+m as borderline wealthy and 50m as FU money. But that's me...
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20's "something" mind, trapped in a 70's "something" body
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08-14-2020, 12:28 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Quote:
Originally Posted by Car-Guy
From my POV, "as a retiree", I consider 2m as cautiously comfortable.. 10+m as reasonable well off, 25+m as borderline wealthy and 50m as FU money. But that's me...
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+1
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08-14-2020, 12:54 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,151
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Quote:
Originally Posted by Car-Guy
Comfortable VS Wealthy.... In Schwab's opinion...
https://www.usatoday.com/story/money...re/5521307002/
"They now believe that, on average, it takes $655,000 to be financially comfortable, down from $934,000 in January, according to Charles Schwab’s 2020 Modern Wealth survey. And they think the minimum benchmark to be considered wealthy is $2 million, down from $2.6 million in January. The survey of 1,000 Americans was conducted for Schwab by Logica Research June 25-July 2."
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Why did you refer to this as "Schwab's Opinion?"
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08-14-2020, 12:56 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,863
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Quote:
Originally Posted by youbet
Why did you refer to this as "Schwab's Opinion?"
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Because it's theirs, not mine.
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20's "something" mind, trapped in a 70's "something" body
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