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Reply #62: 3 different - overlapping - 1%s [View All]

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Samba Donating Member (13 posts) Send PM | Profile | Ignore Sun Dec-11-11 03:27 AM
Response to Original message
62. 3 different - overlapping - 1%s
Edited on Sun Dec-11-11 03:32 AM by Samba
top 1% of : 
Wealth
Income
Wage-earners

-The top 1% of Wealth - as in wealth concentration. 
  Usually - net worth - total assets minus debts.
    
  The Wealth top 1% starts about $1.2M of net worth.  
  They hold about 40% of the total wealth and 50% of all the
stock/bond financial instrument wealth. 
  This has to be under-reported - it wouldn't include stuff
in off-shore tax havens or some overseas investments or even
current values for a lot of real estate. 

  If you tell a retirement calculator you want 35K a year for
25 years it will tell you to save up $1.2M to be 'safe'. 
  So a lot of this lower-end of the 1% - life savings - were
never in the 'income' 1%   

  Theres a difference though between these 'prudent
retirement planning' 1%  and the truly rich. 
  0.5%     > $3.1M    (1,550,000 people)
  0.1%     > $5.5M    (310,000 people)
  0.01%    > $24.4M   (31,000 people)
  0.00013% > $1050M   (Forbes 400)
  
 http://whorulesamerica.net/power/investment_manager.html 


-The top 1% of income - perhaps the easiest to get stats for
- but often mingled in interchangeably when making points
about wealth. 
   The Income top 1% bring in about $350k+ per year. 


-The top 1% of wage-earners - for some stats 
   SSA uses this - it comes from W2 forms.  So its not
actually 'wages' as in 'hourly wage' but includes salaries
and bonuses and such. 
   The top 1% of Wage earners bring in about $250K+ per year
in earnings. 
   Many of them will be in the 'income' 1% once you add other
income thats not on a W2

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