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Top 10% of the US population has a net worth of 4 million? That does not seem right.
Net worth includes all asset value. Pensions, investments, and property.
That seems about right to me. A lot will be tied up so liquid assets will be lower.
The 50% upwards middle class being $400,000 will mostly be the value of a house.
Very annoying they just specify "average". I'd expect this data to be based on the median values so it should just say.
Even with the value of your house and 401k, it's still very hard to believe. I just did a quick Google search and the 90th percentile in 2001 is 1.6 million, which seems more accurate.
The top 10% includes all the people in the top .01% which skews the average higher. You might only need about 1.6 million to be in the top 10% but the average will be higher.
Ah, that makes sense. Appreciate the explanation.