Dear Clients & Friends,
Since I’m traveling, this will be a short Weekend Reading. A conversation that I had with clients in my Vero office inspired me to share some data about wealth in America with you. Most of our readers might find this information to be surprising.
A household income of $118,200 puts a person in the top 10% of US income earners. A household income of $166,200 puts a person in the top 5% of US income earners.1 I know that this is somewhat hard to believe; given the cost of healthcare, post-high school education, and many other disturbingly expensive necessities, most people who earn $120k don’t consider themselves to be highly affluent.
Here are a few more statistics that illustrate the distribution of wealth in America:
People representing the lower 60% of net worth in the US possess only 3% of the wealth in America2
The wealthiest 10% of Americans control 76% of America’s total wealth3
A net worth of $1,182,000 puts a person in the wealthiest 10% of Americans4
A net worth of $93,170 (USD) puts a person in the wealthiest 10% of the global population5
If you have a net worth of $770,000 (USD), you are in the wealthiest 1% of the global population!6
I think it’s a wise practice to align our personal perspectives with reality. Warren Buffett once said, “If you’re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%.” We are proud that this philosophy is so prevalent among the family of clientele that we serve.
Have a lovely weekend.
US Census 2006
Matthew Ramer, AIF®
Principal, Financial Advisor
MOR Wealth Management, LLC
1801 Market Street, Suite 2435
Philadelphia, PA 19103
P: 267.930-8301 | c: 215-694-4784 | f: 267.284.4847 |
601 21st Street, Suite 300
Vero Beach, FL 32960
The majority of this content was written and distributed MOR Wealth Management, all rights reserved. Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a registered investment adviser. Fixed insurance products and services offered through CES Insurance Agency.