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I have seen different net worth percentage numbers in various sites based on age group. Here is another one that seems high but who knows. This one is showing the 1% net worth of $22,102,660 between age 65-69.
If you said average or the median net worth of the top 1%, it's a far bigger number than the minimum net worth to join the top 1% and I see this often being confused.
Based on the links posted I would say the $5.8M number was likely the minimal amount of wealth to enter the top 1% and the $22.5M was likely the median wealth of the top 1%.
Don't confuse income with wealth, as used by the OP.
Yes, it is not how much you make, it is how much you keep. If you make $5.8 million per year, but spend $6.0 million per year, you are not doing well (though you probably have a lot of toys/trips/etc).
One percent is over 34 million people, it seems unlikely to think that many people were making over 5.8 million.
Our median household income is only $74,580.
Monaco, at 12.8 Million has only 341,238,363 people but their median household income is $186,080 in US dollars.
Income is irrelevant to this thread. This thread is about wealth (net assets), not income.
What I also find interesting is for income, it is showing $591,550 is the cutoff for a top 1% household income in the United States in 2023. For a single earner, the cutoff is $407,500.
Yes, it is not how much you make, it is how much you keep. If you make $5.8 million per year, but spend $6.0 million per year, you are not doing well (though you probably have a lot of toys/trips/etc).
The thread and OP are about accumulated wealth - not annual income.
Another source of confusion is "household wealth" vs. individual wealth. Bob and Suzie are a married couple, with three children. Their net worth is $10M. Freddie is a single person without children. His net worth is $6M. Who is wealthier - Freddie, or the Bob/Suzie family?
One percent is over 34 million people, it seems unlikely to think that many people were making over 5.8 million.
Our median household income is only $74,580.
Monaco, at 12.8 Million has only 341,238,363 people but their median household income is $186,080 in US dollars.
What I also find interesting is for income, it is showing $591,550 is the cutoff for a top 1% household income in the United States in 2023. For a single earner, the cutoff is $407,500.
However, this salary level may be quite common in some areas, including the Bay Area and some southern part of California.
Nah, I live in Orange County and this top 1% salary is not common here. The median household income in OC is about $110k. If you said $200k was quite common, you'd be right, but at $600k your household would be way, way up there.
What I also find interesting is for income, it is showing $591,550 is the cutoff for a top 1% household income in the United States in 2023. For a single earner, the cutoff is $407,500.
Many public sector employees approach that amount. For example, the University of Virginia is in the news lately for outsized compensation of its DEI staff:
"University of Virginia Spends $20 Million On 235 DEI Employees, With Some Making $587,340 Per Year"
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