2 ms·
The top 10% don't hold their money in liquid assets. Most of the time they get loans and use their non-liquid assets as collateral. They just don't have money l
by BoredPositron 1y ago
The top 10% don't hold their money in liquid assets. Most of the time they get loans and use their non-liquid assets as collateral. They just don't have money laying around.
- danans 1y agoSource? The top decile of the US income distribution starts at $170000/yr. The top decile of the wealth distribution is around $1M net worth. The people doing the borrow-for-spending-against-non-housing-assets-as-collateral are beyond the top .01%. While they are also spending whales, they are able to negotiate far more favorable rates than the rest of the top 10%, whose spending is mostly income-driven.