A Picture is Worth 1,000 Words

[billy backstay]

So what is -your- net worth?
In the "chump change" region... or lower?

Define "chump change region", please?

I would give my left nut to be among the 1 per-centers making 400 grand or more each and every year!! Not complaining though, as I was born white, middle class, in the USA, so already rounding third base....

 

[Keith]

 

[billy backstay]

List of wealthiest religious organizations - Wikipedia

en.wikipedia.org

Interesting there are no Protestant religions under Christians, only Catholic?

 

[Virgulino Ferreira]

---

We are cheap.

 

[El Borracho]

I sold my old domain for US$10,000. Its value wasn’t tarnished by the presence of several RWNJ’s.

 

[Steam Flyer]

So what is -your- net worth?
In the "chump change" region... or lower?

Define "chump change region", please?

I would give my left nut to be among the 1 per-centers making 400 grand or more each and every year!! Not complaining though, as I was born white, middle class, so already rounding third base....

V3/B2 said that a net worth of "only" $1.5mill was "chump change."

It's not 1%er territory but it's more than most USAnians will ever be able to claim.

 

[SloopJonB]

The Next Hint - The Daily News Portal

The Next Hint is a trusted source with unbiased information. We pursue the mission by producing balanced, accurate, and comprehensive content for a global audience.

www.thenexthint.com

I didn't know she had tax free status.

 

[SloopJonB]

V3/B2 said that a net worth of "only" $1.5mill was "chump change."

It's not 1%er territory but it's more than most USAnians will ever be able to claim.

Like a dimwit like V3 could have accumulated 7 figures net.

 

[billy backstay]

V3/B2 said that a net worth of "only" $1.5mill was "chump change."

It's not 1%er territory but it's more than most USAnians will ever be able to claim.

Net worth and annual income are two very different animals. There are lots of "Millionaires" based on net worth whose modest incomes are way below the $400k quoted threshold of 1 per-centers.....

EDIT: just googled this factoid....

The top one percent of household net worth begins at approximately $11,100,000. Ranking by net worth is a more useful way to determine the top one percent than using household income. Think of it as the difference between accumulated wealth and current disposable income.Jan 26, 2023

EDIT II: again....

How much money you need to earn to be in the top 1% ...​

CNBC
https://www.cnbc.com › 2023/01/24 › how-much-mone...

Jan 24, 2023 — Here's how much money you need to earn to be in the top 1% in every U.S. state ; Top 1% income threshold: $955,261; Top 5% income threshold: ...

 

[Virgulino Ferreira]

 

[Olsonist]

Like a dimwit like V3 could have accumulated 7 figures net.

BTW, 45 billion won is a whole lot of money.

 

[MagentaLine]

View attachment 594000

Thats earners... I would assume annual income not net worth

 

[Steam Flyer]

Net worth and annual income are two very different animals. There are lots of "Millionaires" based on net worth whose modest incomes are way below the $400k quoted threshold of 1 per-centers.....

EDIT: just googled this factoid....

The top one percent of household net worth begins at approximately $11,100,000. Ranking by net worth is a more useful way to determine the top one percent than using household income. Think of it as the difference between accumulated wealth and current disposable income.Jan 26, 2023

Agree on the difference between net income and net worth. I am puzzled by how many people (such as double-doc power couples) have such a large income but manage to piss away so much of it that they do not accrue any net worth. But it definitely happens, much more this way than the opposite, the low earner slowly and painstakingly saving and investing to accumulate a fortune.

This little factoid is from Forbes (from data reported by the Federal Reserve): average and median net worth of USAnians by ethnicity:

The same article lists the same figures by age
65~74.yo .average $1,215,920 . median $266,070
75+ yo . . average $958,450 . . median $254,900

which means that to have a net worth of $1.5mill, a retiree would have to have accumulated only a slight amount over the average but 5X the median. That's a big hurdle for a wage earner.

The huge gap between average and median also shows how skewed our economics are, the rich tend to have assets skyrocketing above anything 95% of the rest can achieve.

Golly, why is that?

 

[billy backstay]

Golly, why is that?

The Golden Rule: Those with the most Gold will make all the Rules. Same as it ever was, and ever shall be!, AMEN!

 

[Virgulino Ferreira]

Thats earners... I would assume annual income not net worth

I didn't like the title of the graphic either. I think it was just bad reporting. As usual. It's from here:

Here's how rich you need to be to be among the wealthiest 1% in the US, UK, and China

You need to have a net worth of $12.4 million to be among the richest 1% of people in Monaco, data from Knight Frank shows.

www.businessinsider.com

Which is reporting this recent study:

How much wealth gets you into the global top 1%?

Using the Knight Frank Wealth Sizing Model, we reveal how deep your pockets need to be to join the wealthiest 1% in selected countries and territories.

www.knightfrank.com

Original graphic:

The 1% club - The level of individual net wealth needed to join the top 1% in selected countries and territories (US$)

I should have done a better job, thanks!

 

[billy backstay]

View attachment 594000

Interesting that your sources quoted 5 mill for US top 1%, but mine was 11 mill???

And again is this the differential between earnings and assets??

 

[Steam Flyer]

Interesting that your sources quoted 5 mill for US top 1%, but mine was 11 mill???

And again is this the differential between earnings and assets??

Could be the difference in "net wealth" and "net worth."
Net worth is usually defined as excluding real estate that is your residence(s).

 

[Virgulino Ferreira]

Interesting that your sources quoted 5 mill for US top 1%, but mine was 11 mill???

And again is this the differential between earnings and assets??

I have already closed all the tabs, but from memory, I also found a large discrepancy, including from the same source (Knight Frank), but from two years ago.

Maybe those 1% are just mathematically too dependent on the stock market. Like those billionaires in the tech sector who "enriched" billions of dollars in early covid-19 and later some "lost" billions. All "virtual" money.

But the essence is the same, for me. 5 million or 11 million is the same unimaginable amount of money for me.

 

[MagentaLine]

5million in us? Don't think so.

 

[Steam Flyer]

The Golden Rule: Those with the most Gold will make all the Rules. Same as it ever was, and ever shall be!, AMEN!

Yeah, no. Wealth distribution in the overwhelming majority of human societies tends to be far more even.
Kings tended to be the wealthiest in their kingdom, by a lot.... but not so much that their wealth equalled the next twenty, or even ten, wealthiest lords.
Business owners tended to be much wealthier than their employees... but not 600X to 10,000X wealthier.
Two reasons for this, loyalty and productivity (and those two are related). A king or lord would reward loyal followers for their loyalty, which diminished their wealth and increased the followers. A successful & profitable enterprise has to have a lot of bosses and sub-bosses, who make sure the lower level workers stay productive. The bosses have to get a big enough cut to stay motivated.

The USA is one of the most maldistributed economies in history. It's not stable this way, IMHO.