3 ms·
It's worse than strange, I don't think it works at all. Wealth increases from the bottom 1% to the top 1% at an ever accelerating clip. If you take the median,
by adventureful 14y ago
It's worse than strange, I don't think it works at all.
Wealth increases from the bottom 1% to the top 1% at an ever accelerating clip. If you take the median, you have absolutely no clue what the health of the groups above or below look like.
For example: if the median wealth is $77,000 --- you can't use that to then calculate how much actual wealth is in the middle 80% of the country (not even close in fact), because that $77k figure is radically off base for the massive skew that the top 10% in that 80% group is going to contain. But you have no means to derive how much wealth you're talking about being contained by that 10% group in the top of the 80% bracket (no means to figure out the skew at the top or bottom).
If you had 1 million data points, and your median is $77k, what does that tell you about the total wealth in the 1 million? It tells you almost nothing. What's the increasing skew like for the top 10,000 in that million? Because that probably contains 30% of all the wealth in the million set.