4 ms·

the headline might have an inadvertent effect of making readers think of someone like Bezos, rather than themselves. The $80,000 threshold puts many Americans i

the headline might have an inadvertent effect of making readers think of someone like Bezos, rather than themselves. The $80,000 threshold puts many Americans in the global 1%, despite not considering themselves wealthy. I think their comment was to encourage readers to engage with the article rather than dismissing it based on the title and feeling resentful towards the “rich”.

lcnPylGDnU4H9OF 4y ago
Unfortunately, I suspect engaging with the article is likely to engender the same feelings (emphasis mine): > A total of $42 trillion in new wealth has been created since 2020, with $26 trillion, or 63%, of that being amassed by the top 1% of the ultra-rich, according to the report. Regardless, it is refreshing to see OP's explanation in these comments.
eurticket 4y ago
When I read the article it says richest 1% and I assumed it was America's ultra-rich, 1%. Think it could be good spin in the future for Americas ultra-rich. "Don't worry 80k/yr, you're part of the global 1%!" - Daddy Warbucks
88913527 4y ago
Going by individual income, 75% of Americans make less than that. Only one-quarter are in the global top 1%. Going by household income, 55% are below $80k. By net worth, 86% of households are below $850k.
- bscphil 4y ago
  Not to mention the fact that in some places in America, $80k is barely above the cost of living for a family of four. Plenty of Americans in the "global 1%" in terms of income have seen almost nothing of the new wealth created since 2020, and certainly have far less than $850k net worth (as you point out, there's a 31pp gap).
  - HeyZuess 4y ago
    I would say however if you are managing to stay with a range of lifestyle you are probably gaining from new wealth even though it is not extra wealth which you are accumulating in a bank. You are generating new money and that is new wealth. Every year that 80K is new wealth, I am pretty sure that is how the definition is in this case. A person in Sudan is averaging around $460 US a year, while in the US it is like $74K, and thus Americans are accumulating wealth at a higher percentage. Also the comparative lifestyle in regards to goods and services are much different. While it might be more expensive to live in the US the lifestyle is dramatically different. Wealth doesn't always mean accumulation.

lcnPylGDnU4H9OF 4y ago

Unfortunately, I suspect engaging with the article is likely to engender the same feelings (emphasis mine): > A total of $42 trillion in new wealth has been created since 2020, with $26 trillion, or 63%, of that being amassed by the top 1% of the ultra-rich, according to the report. Regardless, it is refreshing to see OP's explanation in these comments.

eurticket 4y ago

When I read the article it says richest 1% and I assumed it was America's ultra-rich, 1%. Think it could be good spin in the future for Americas ultra-rich. "Don't worry 80k/yr, you're part of the global 1%!" - Daddy Warbucks

88913527 4y ago

Going by individual income, 75% of Americans make less than that. Only one-quarter are in the global top 1%. Going by household income, 55% are below $80k. By net worth, 86% of households are below $850k.

bscphil 4y ago
Not to mention the fact that in some places in America, $80k is barely above the cost of living for a family of four. Plenty of Americans in the "global 1%" in terms of income have seen almost nothing of the new wealth created since 2020, and certainly have far less than $850k net worth (as you point out, there's a 31pp gap).
- HeyZuess 4y ago
  I would say however if you are managing to stay with a range of lifestyle you are probably gaining from new wealth even though it is not extra wealth which you are accumulating in a bank. You are generating new money and that is new wealth. Every year that 80K is new wealth, I am pretty sure that is how the definition is in this case. A person in Sudan is averaging around $460 US a year, while in the US it is like $74K, and thus Americans are accumulating wealth at a higher percentage. Also the comparative lifestyle in regards to goods and services are much different. While it might be more expensive to live in the US the lifestyle is dramatically different. Wealth doesn't always mean accumulation.