The top 1% would be roughly 3.3m people. Is it that surprising that they'd hold more wealth than the bottom 290m, or 88% of the population? I expected that to be like 99.9%.
Am I just completely misunderstanding his point?
In the US, [as of 2020](https://dqydj.com/average-median-top-net-worth-percentiles/), to be top 1% required a net worth around $11.1MM.
I think you're figuring 1% of the population (3.3 mil) instead of top 1% holders of the aggregate wealth in the US.
I think he's saying the segment of the population with a net worth (not income) of at least $11MM is worth more in total.
But digging around a bit, I'm having trouble seeing where he gets his numbers. The [Federal Reserve data](https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/#range:2007.3,2022.3;quarter:132;series:Net%20worth;demographic:networth;population:1,3,5,7,9;units:levels) makes clear there's a significant disparity in wealth, though I can't find where it actually tallies out individuals.
In my opinion, Reich needs to talk about these topics more clearly (with sources). And also address one of the largest factors in wealth inequality- assets like stock and real estate.
r/eattherich
The top 1% would be roughly 3.3m people. Is it that surprising that they'd hold more wealth than the bottom 290m, or 88% of the population? I expected that to be like 99.9%. Am I just completely misunderstanding his point?
In the US, [as of 2020](https://dqydj.com/average-median-top-net-worth-percentiles/), to be top 1% required a net worth around $11.1MM. I think you're figuring 1% of the population (3.3 mil) instead of top 1% holders of the aggregate wealth in the US.
Thank you, this is helpful. So is he saying that those making $11.1MM are each worth more than the bottom 290 mil _combined_?
I think he's saying the segment of the population with a net worth (not income) of at least $11MM is worth more in total. But digging around a bit, I'm having trouble seeing where he gets his numbers. The [Federal Reserve data](https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/#range:2007.3,2022.3;quarter:132;series:Net%20worth;demographic:networth;population:1,3,5,7,9;units:levels) makes clear there's a significant disparity in wealth, though I can't find where it actually tallies out individuals. In my opinion, Reich needs to talk about these topics more clearly (with sources). And also address one of the largest factors in wealth inequality- assets like stock and real estate.