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I wonder why some think most everyone else is too dumb to grasp a concept? I know what my net worth is and I don't presume to think many others don't also know about theirs. It isn't complicated.
Heh, I think the OP exaggerated, but I can guarantee you most people don't know their net worth. Even a shockingly large minority of high income earners are clueless about this stuff.
Stoutboy, I know you mean well and have good intentions however please realize. Much of the information you share is also used by hate groups trying to place much of the blame for our issues on our high level of diversity and our multi cultural society. They are fond of comparing nations to us and attributing our shortcomings to our makeup in comparison.
So what? People always like to spin data to support their POV.
I just wanted to point out that Australia's net worth is highest because they have a privatized Social Security system that forces people to save something like 9% of their incomes and the employer contributes another 9%.
I think 401ks should be mandatory or quasi mandatory. That is the only way you'll get Americans to save.
That was a surprise to me. I've spent some time in Australia and know several Aussies really well. Forget how damn expensive EVERYTHING is there, most Aussies go through money like water. It could be like you say, they are forced to save the 9%, they know they get a sweet govt match, so they have no qualms about burning through everything else.
After examining the entire report, I find that the negative conclusions of your OP are not really shared by the report you referenced. On the contrary, the report shows the U.S. leading the world in virtually every wealth/wealth distribution category, including net wealth per individual. In summary, the report states (Direct Quote): "Compared to the wealth distribution in the rest of the world, the US distribution has a high proportion of the population with wealth above USD 100,000. The percentage of people with wealth at higher levels is even more disproportionate. The USA has by far the greatest number of members of the top 1% global wealth group, and accounts for 38% of the world’s millionaires. The number of UHNW individuals with wealth above USD 50 million is eight times that of the next country, China."
It appears that you have isolated one area/statistic where the US does not 'appear' to be doing well. There is probably an explanation for that, but, I don't want to spend more time digging it out.
After examining the entire report, I find that your conclusions do not agree with those of the overall report. In fact, the report shows the U.S. leading the world in virtually every wealth/wealth distribution category, including net wealth per individual. In summary, the report states (Direct Quote): "Compared to the wealth distribution in the rest of the world, the US distribution has a high proportion of the population with wealth above USD 100,000. The percentage of people with wealth at higher levels is even more disproportionate. The USA has by far the greatest number of members of the top 1% global wealth group, and accounts for 38% of the world’s millionaires. The number of UHNW individuals with wealth above USD 50 million is eight times that of the next country, China."
It appears that you have isolated one area/statistic where the US does not 'appear' to be doing well. There is probably an explanation for that, but, I don't want to spend more time digging it out.
It's not inconsistent at all. It just drives home the point about wealth disparity in the US. We have a sizeable number of millionaires because we have a sizeable number of people. But as that median data shows, we have a huge number of also-rans: 50% of our population is worth less than $55k, according to that report.
It's not inconsistent at all. It just drives home the point about wealth disparity in the US. We have a sizeable number of millionaires because we have a sizeable number of people. But as that median data shows, we have a huge number of also-rans: 50% of our population is worth less than $55k, according to that report.
If I remember right about 30 percent have zero or negative bet worth.
It's not inconsistent at all. It just drives home the point about wealth disparity in the US. We have a sizeable number of millionaires because we have a sizeable number of people. But as that median data shows, we have a huge number of also-rans: 50% of our population is worth less than $55k, according to that report.
Go to some major metropolitan suburbs and you will find folks with good incomes who are house poor. Living pay check to pay check regardless of income creates issues. Witness the number of federal employees unable to pay bills during the government shutdown after missing one pay. I know folks with six figure incomes in their sixties and negative net worth.
Go to some major metropolitan suburbs and you will find folks with good incomes who are house poor. Living pay check to pay check regardless of income creates issues. Witness the number of federal employees unable to pay bills during the government shutdown after missing one pay. I know folks with six figure incomes in their sixties and negative net worth.
The income gap is actually narrowing, it is the wealth gap that is expanding as folks use their income differently.
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