People underestimate the income of the top 1%, researchers find
People underestimate the income of the top 1%, researchers find
People selectively underestimate how rich the world's richest people are, according to a study. Increasing income inequality in many countries is driven by steep gains among the top 1% of earners. In the United States, support for policies that would redistribute wealth has not increased since the 1...
The difference between a million and a billion?
About a billion.
I just spent a few days visiting the French Riviera during my vacation.
Yeah we do
overestimateunderestimate the income of the top 1%. The amount of absurd wealth these people have is gross.Edit: thank you stranger for the word
I think you meant "underestimate."
Yes. Yes I did.
Thank you for noticing
Visited Seoul with my friend who's family is deeply tied to Samsung.
What an eye opener.
I learned a perspective trick whenever I ridicule a price I see for something like quality clothes and such. For every additional digit in your income, remove a digit from the cost of something. Most of us are at 5 digits, and we prefer sales because 100 dollars for a pair of jeans is way too much while 10 dollars isn't. To a 6 digit earner, the base price of affordable.
Now think of someone who earns 7 digits as year, to them a 1000 dollar piece of clothing is reasonable. To the 8 digit, a 10000 dollar piece of clothing is reasonable. If you make a billion dollars a year? A pair of jeans worth 1 million dollars is reasonable.
It's just a thought experiment but it helps me better understand why gacha whales exist, why people buy million dollar cars, etc.. It's also just so far removed from the rest of society that it'd be laughable if it wasn't so sad.
I guess it depends on how they quantify it.
Are they talking about a $ value cutoff or a % of wealth cut off?
Top 1% of $ varies by state:
https://www.fox29.com/news/salary-needed-top-1-percent-all-50-us-states
So, for here, it's $707,296.
Lowest is West Virginia at $435,302.
Or to quantify it further. If someone has $20m, but no job. Is this person in the top 1%? I think so, but it is conceivable that this person lives very frugally in order to pass that on to his children or something.
Also, I think people like to say the top 1%, when they really mean the top 0.1%. I believe the top 1% income or savings, however it is defined, is a lot lower than most think. I believe when most people refer to this colloquially, they really mean billionaires.
Visualize it https://mkorostoff.github.io/1-pixel-wealth/
Their money makes money. If you have enough of a surplus in your income to save money or invest then you are accumulating money faster than the rest of us, and we will likely never catch up.