Updated: Jul 7, 2022
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 America(2)
The wealthiest 10% of Americans control 76% of America’s total wealth(3)
A net worth of $1,182,000 puts a person in the wealthiest 10% of Americans(4)
A net worth of $93,170 (USD) puts a person in the wealthiest 10% of the global population(5)
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 P: 772-453-2810
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.