Pages
Ever wondered how much money (and stock, assets, etc.) you needed to make the cutoff for the wealthiest 1 percent? Or even for the wealthiest 20 percent?
I’m nowhere close. Not even in the conversation.
More: Do You Have $2,385,036? No? Then You’re Not in the Wealthiest 1% - Vox
5 comments
1 |
freetoken Sep 19, 2014 12:04:47pm |
Be sure to read the description of the originating data here:
I’m not sure if the data really means what Ezra implies it means.
2 |
klys Sep 19, 2014 12:09:29pm |
Assets: Interest-earning assets held at financial institutions (savings accounts, money market deposit accounts, certificates of deposit, interest-earning checking accounts); other interest-earning assets (U.S. government securities, municipal or corporate bonds); stocks and mutual fund shares; rental property; mortgages held for sale of real estate; amount due from sale of business or property; non-interest earning checking accounts; U.S. savings Bonds; home ownership; vacation homes and other real estate; IRA and KEOGH accounts; 401K and Thrift Savings Plans; vehicles; and other financial assets.Liabilities: Secured liabilities (margin and broker accounts; mortgages on own home; mortgages on rental property; mortgages on other homes or real estate; debt on business or profession; and vehicle loans) and unsecured liabilities (credit card and store bills; doctor, dentist, hospital, and nursing home bills; loans from individuals; loans from financial institutions; educational loans; and other unsecured liabilities).
The numbers Ezra is using represents the net worth of Americans taking into account all of these items. So consider: that number includes the equity Americans have in their homes, for example.
Part of what it points to is that Americans have a savings problem. The reasons behind that are going to be varied but do include the stagnation of income and increase in expenses, for example.
| 3 |
freetoken Sep 19, 2014 12:16:44pm |
Well, the data Pew cites is here:
You can download the data, say for 2011, and look at Table 1, which is networth.
Given that the CB only includes quintiles, I don’t know how Pew generated the data for the small bins above “Wealthiest 10%”:
pewresearch.org
| 4 |
klys Sep 19, 2014 12:44:54pm |
re: #3 freetoken
Well, the data Pew cites is here:
You can download the data, say for 2011, and look at Table 1, which is networth.
Given that the CB only includes quintiles, I don’t know how Pew generated the data for the small bins above “Wealthiest 10%”:
pewresearch.org
The quintile breakdown of the divisions in household net worth for the $500,000 and over category seem to line up quite nicely with their approximations for the top 10% when you take into account inflation adjustments.
Once Praised, the Settlement to Help Sickened BP Oil Spill Workers Leaves Most With Nearly Nothing When a deadly explosion destroyed BP’s Deepwater Horizon drilling rig in the Gulf of Mexico, 134 million gallons of crude erupted into the sea over the next three months — and tens of thousands of ordinary people were hired ...
Cheechako
Alone in a Bathroom: The Fear and Uncertainty of a Post-Roe Medication Abortion Angel tucked two white pills into each side of her mouth, bracing herself as they began to dissolve. Her deepest fears and anxieties took over. Angel had wanted to talk to a doctor before she took the pills to ... Cheechako
They Were Desperate to Get Pregnant. Then IVF Gave Them Extra Embryos. One morning last spring, Ashley Harrolle put her 1-year-old daughter down for a nap and went to the kitchen. She pulled up her fertility clinic’s contact information. It was time to make the call. In a freezer several hundred ... Cheechako
Joe Bacon ✅
March FavoritesYou've seen these all already but looking back, just because. These are my favorite shots of this last month. That 1937 Zeiss Sonnar is such a gloriously wonderful bit of glass. Thanks for looking.
William Lewis
Russia’s New Combat Robots Blown Up by Drones Near Avdiivka When we landed on the moon, I thought about how science fiction had become real. Now, the robot wars have begun. It's more poignant somehow on the ground than in the missile wars we have in the air as ...
Rightwingconspirator
Why Did More Than 1,000 People Die After Police Subdued Them With Force That Isn’t Meant to Kill? An investigation led by The Associated Press has found that, over a decade, more than 1,000 people died after police subdued them through physical holds, stun guns, body blows and other force not intended to be lethal. More: Why ... CheechakoKGxvi
The Pandemic Cost 7 Million Lives, but Talks to Prevent a Repeat Stall In late 2021, as the world reeled from the arrival of the highly contagious omicron variant of the coronavirus, representatives of almost 200 countries met - some online, some in-person in Geneva - hoping to forestall a future worldwide ... Cheechako
Texas County at Center of Border Fight Is Overwhelmed by Migrant Deaths EAGLE PASS, Tex. - The undertaker lighted a cigarette and held it between his latex-gloved fingers as he stood over the bloated body bag lying in the bed of his battered pickup truck. The woman had been fished out ... Cheechako
