One out of 20 is a millionaire in the US

MichaelWinicki

MichaelWinicki

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JackOfNoTrades said:
not understanding this line......it says not income but then cites an annual income
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We could be looking at two different reports.

This is where I pulled the information:

http://time.com/money/5023038/millionaire-population-united-states-world/

And this was the statement within the article that touches upon median wealth in the US as opposed to other countries:

Yet not everyone is benefiting from the booming global economy. Credit Suisse finds that across all global regions, wealth inequality has increased from 2007 to 2016. And in every region of the world except for China, they say, median wealth has actually declined. Despite its plurality of millionaires, the U.S.’s median wealth of $55,876 puts it 21st place in the world, alongside Austria and Greece.


The top 10 countries for median wealth were:

  1. Switzerland: $229,000
  2. Australia: $195,400
  3. Belgium: $161,000
  4. New Zealand: $147,600
  5. Japan: $123,700
  6. France: $119,700
  7. Singapore: $108,900
  8. United Kingdom: $102,600
  9. Canada: $91,058
  10. Taiwan: $87,257
 
JackOfNoTrades

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MichaelWinicki said:
We could be looking at two different reports.

This is where I pulled the information:

http://time.com/money/5023038/millionaire-population-united-states-world/

And this was the statement within the article that touches upon median wealth in the US as opposed to other countries:

Yet not everyone is benefiting from the booming global economy. Credit Suisse finds that across all global regions, wealth inequality has increased from 2007 to 2016. And in every region of the world except for China, they say, median wealth has actually declined. Despite its plurality of millionaires, the U.S.’s median wealth of $55,876 puts it 21st place in the world, alongside Austria and Greece.


The top 10 countries for median wealth were:

  1. Switzerland: $229,000
  2. Australia: $195,400
  3. Belgium: $161,000
  4. New Zealand: $147,600
  5. Japan: $123,700
  6. France: $119,700
  7. Singapore: $108,900
  8. United Kingdom: $102,600
  9. Canada: $91,058
  10. Taiwan: $87,257
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I don't know, the article seems to interchange wealth and income terms where I see them, although related, as two different things
 
Stryker44

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MichaelWinicki said:
According to a report on the Global Wealth by Credit Suisse.

Americans count for 43% of the world's millionaires.

The flip side is the median wealth (not income but wealth) in the US is in 21st place at $55,000 per year.
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Isn't income directly proporitional to wealth?
 
CalPolyTechnique

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Palo Alto’s median household income is $132K (2016 data); the median home price is over $1M; population of ~67,000.

Median gross rent is $2,319
51.5% of the population over 25 holds a graduate degree.
 
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MichaelWinicki

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Stryker44 said:
Isn't income directly proporitional to wealth?
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No. And here's why income isn't always a reliable indicator of wealth...

"Keeping up with the Jones" is a powerful influence in all of our lives.

Our ego's and self-esteem are much more fragile than we let on, or ever acknowledge. The result is we're easily motivated to spend in order to not just stay "even" with those in our social circle but get a slightly ahead (if we can).

On top of that marketers... Well good marketers... are skilled at finding the angst in our lives about being left behind and agitating it raw.

The result of all this is that someone living in a neighborhood of $100K houses is apt to spend as much as necessary to keep out with the others in their social circle. Folks living in $500K houses do the same. Folks living in $1MM houses do the same.

The result of all this is that the person making $300K a year may not have any more wealth built up than the person making $40K a year.

I'm always intrigued by stories in the paper and on the news about some retired school teacher or someone earning average salaries and donating millions to a local college, hospital or non-profit upon their passing.

So no, salary can not be relied upon as a predictive indicator of wealth.
 
Longboysfan

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Tabascocat said:
Travis County(Austin) is just below 2%, so for a 250k house, it is about 5k a year. The highest in Texas is Fort Bend County at 2.4% and is located ESE of Houston.
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Mine in Fort Worth about the same.

House near 200K - Taxes about 4K.
 
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