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Context, for those that were interested like I was. According to Investopedia, based on SSI data. Top .1% is $3,212,486/year 1% is 823,763 5% is 342,987 10%

Context, for those that were interested like I was. According to Investopedia, based on SSI data. Top .1% is $3,212,486/year 1% is 823,763 5% is 342,987 10% is 173,176 I am waaaaay under that. Education is a joke.

hedora 4y ago
Check numbers for your profession, and if you are way below norms, consider looking for a new job (perhaps in a high wage geographic region), or ask for a raise. There are serious labor shortages throughout the job market.
dougmwne 4y ago
I am seeing significantly lower numbers which I look at the 2020 SSA data. I question if Investopedia got their number right. 5th percentile would appear to be about 150k. https://www.ssa.gov/cgi-bin/netcomp.cgi?year=2020 https://www.ssa.gov/cgi-bin/netcomp.cgi?year=2020
neogodless 4y ago
It looks like you're sharing income distribution, not wealth. This is a bit hard to parse - you might have to multiple the distributions by population and/or total national wealth to get household amounts: https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/ https://www.federalreserve.gov/releases/z1/dataviz/dfa/distr... This is interesting, as it shows wealth inequality with a breakdown by educational attainment: https://www.stlouisfed.org/open-vault/2020/december/has-wealth-inequality-changed-over-time-key-statistics https://www.stlouisfed.org/open-vault/2020/december/has-weal... 2019 > To be in the top 10%, a family needed $1.22 million or more (slightly less than in 2016). > To be in the bottom 50% meant a family had less than $122,000 in wealth.
tedd4u 4y ago
That’s income. Regarding wealth (“net worth”) [1] Median: $121,411 p90: $1,219,126 p95: $2,584,130 p99: $11,099,166 p99.5: $17,557,208 p99.9: $43,207,732 [1] 2020 federal reserve data https://dqydj.com/average-median-top-net-worth-percentiles/ https://dqydj.com/average-median-top-net-worth-percentiles/
- boringg 4y ago
  You should probably look at "net worth" with a normalization for age as it would be unfair to compare the 20-40 range vs the 60-80 range. Taking on debt vs paying off debt. Now to be fair I am not sure you can normalize this as we don't know what the future holds but it's worth noting for anyone sub 30 years old.
  - hwillis 4y ago
    > unfair to compare the 20-40 range vs the 60-80 range. No, you want the skew. The goal is to capture the people who own 90% of stock, so you do want wealth regardless of age. It would be more accurate to have some measure of stock ownership to income, but I think that would not be as useful. Stock ownership probably does just track closely with age, since you store up all these assets to live off during retirement. Most young people will not own 1M+ in retirement and investment funds. Even high income people will instead spend that money on a house etc.
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hedora 4y ago

Check numbers for your profession, and if you are way below norms, consider looking for a new job (perhaps in a high wage geographic region), or ask for a raise. There are serious labor shortages throughout the job market.

dougmwne 4y ago

I am seeing significantly lower numbers which I look at the 2020 SSA data. I question if Investopedia got their number right. 5th percentile would appear to be about 150k. https://www.ssa.gov/cgi-bin/netcomp.cgi?year=2020 https://www.ssa.gov/cgi-bin/netcomp.cgi?year=2020

neogodless 4y ago

It looks like you're sharing income distribution, not wealth. This is a bit hard to parse - you might have to multiple the distributions by population and/or total national wealth to get household amounts: https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/ https://www.federalreserve.gov/releases/z1/dataviz/dfa/distr... This is interesting, as it shows wealth inequality with a breakdown by educational attainment: https://www.stlouisfed.org/open-vault/2020/december/has-wealth-inequality-changed-over-time-key-statistics https://www.stlouisfed.org/open-vault/2020/december/has-weal... 2019 > To be in the top 10%, a family needed $1.22 million or more (slightly less than in 2016). > To be in the bottom 50% meant a family had less than $122,000 in wealth.

tedd4u 4y ago

That’s income. Regarding wealth (“net worth”) [1] Median: $121,411 p90: $1,219,126 p95: $2,584,130 p99: $11,099,166 p99.5: $17,557,208 p99.9: $43,207,732 [1] 2020 federal reserve data https://dqydj.com/average-median-top-net-worth-percentiles/ https://dqydj.com/average-median-top-net-worth-percentiles/

boringg 4y ago
You should probably look at "net worth" with a normalization for age as it would be unfair to compare the 20-40 range vs the 60-80 range. Taking on debt vs paying off debt. Now to be fair I am not sure you can normalize this as we don't know what the future holds but it's worth noting for anyone sub 30 years old.
- hwillis 4y ago
  > unfair to compare the 20-40 range vs the 60-80 range. No, you want the skew. The goal is to capture the people who own 90% of stock, so you do want wealth regardless of age. It would be more accurate to have some measure of stock ownership to income, but I think that would not be as useful. Stock ownership probably does just track closely with age, since you store up all these assets to live off during retirement. Most young people will not own 1M+ in retirement and investment funds. Even high income people will instead spend that money on a house etc.

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