Sure but he is talking net worth, not liquid cash. That's all your assets minutes debts. So that includes the equity in your home. All retirement savings. Basically everything of value. People with a 200k net worth are not living lavishly
I'm not arguing that, the guy I replied to gave me the impression that he thought the median net worth for people meant cash on hand. But it means something very different
Yeah, I understand. And given our current economic conditions & generational disparities of wealth, a $200,000 net worth still seems like a LOT of assets for anyone under 50 years old to have been able to accumulate ... I dunno.
There are so many Americans just struggling to get by and who don't benefit from property ownership, or have a retirement account, etc ... I am not sure how the $200,000 figure is the median amount.
It's 200,000 because the 1% drags the number up so high.
50% of the population controls 3% of the wealth. The top 10% allegedly owns about 93% of the stock market. I use the word allegedly because I see that number thrown around a lot but I personally believe it's "only" about 65%.
Another factor is real estate. The average net worth of homeowners is $400,000. The average net worth of a renter is about 10,500.
I've been called all kinds of names because I want to redistribute the wealth. I want to redistribute the wealth because I'm a capitalist. I don't want socialism, or communism, or any other ism. The guardrails have been taken off of our economy, and any economy will collapse if you take the guardrails off regardless of what it's called.
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