Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Another source of confusion is "household wealth" vs. individual wealth. Bob and Suzie are a married couple, with three children. Their net worth is $10M. Freddie is a single person without children. His net worth is $6M. Who is wealthier - Freddie, or the Bob/Suzie family?
Another source of confusion is "household wealth" vs. individual wealth. Bob and Suzie are a married couple, with three children. Their net worth is $10M. Freddie is a single person without children. His net worth is $6M. Who is wealthier - Freddie, or the Bob/Suzie family?
Suzie from the Bob/Suzie family is the wealthiest. Bob may as well buy a van and start checking out spots down by the river.
Nah, I live in Orange County and this top 1% salary is not common here. The median household income in OC is about $110k. If you said $200k was quite common, you'd be right, but at $600k your household would be way, way up there.
Check out some salaries for state workers esp UC system in medical professions and some academic professions in Orange and Los Angeles counties. Check out transparent CA salaries. Some are very well paid.
One percent is over 34 million people, it seems unlikely to think that many people were making over 5.8 million.
Our median household income is only $74,580.
Monaco, at 12.8 Million has only 341,238,363 people but their median household income is $186,080 in US dollars.
This is about household wealth, there are just over 125 million households of all ages with average of 2.57 persons in a household in the US from US census data, so 1% would be 1.25 million households. If you look at all households, it takes approx $12.3 million of wealth to put a household in the top 1% if aggregate across all ages (info here).
If go back to 65+, according to the census, 17.3% are over 65 so approx 21.6 M households - top 1% would be approx 216 K households and net worth approx $19+ M (65-69 NW number) to be there.
As far as Monaco - it is smaller in size than central park in NYC, only the Vatican is smaller in size. There is only about 38K population. To become a permanent resident there - A minimum investment of €1,000,000 is required, with €500,000 to be deposited in a Monaco bank and the remaining €500,000 for property purchase in Monaco.
Check out some salaries for state workers esp UC system in medical professions and some academic professions in Orange and Los Angeles counties. Check out transparent CA salaries. Some are very well paid.
Sure. But "quite common"? I guess it depends on definition; how common is "quite common" and how many of the over 1 million households in OC have members who work for the UC system? Maybe 20k?
Another source of confusion is "household wealth" vs. individual wealth. Bob and Suzie are a married couple, with three children. Their net worth is $10M. Freddie is a single person without children. His net worth is $6M. Who is wealthier - Freddie, or the Bob/Suzie family?
Quote:
Originally Posted by Preston3124
In absolute terms the family is wealthier.
What do we make of these "absolute terms"? Imagine two families living in one household, each with liquid net-worth of $5.5M. Now the household net worth is $11M. Is this household wealthier than Bob/Suzie or Freddie? Going further, consider a Soviet-style communal apartment... 10 families in one giant apartment, sharing a single bathroom and kitchen. One family per room. Each family has net worth of $4M... so, total of $40M for the household.
My point is that we should be assessing wealth strictly per capita, not per household or per family. An individual person with no partner or relatives, may be poorer in human terms, but is wealthier in pecuniary terms. The statistics don't reflect that. They should.
Sure. But "quite common"? I guess it depends on definition; how common is "quite common" and how many of the over 1 million households in OC have members who work for the UC system? Maybe 20k?
I guess in my mind, top 1% of wealth or top 1% of household income is just that. The top 1% in the US and will find more esp in the Bay Area and Southern California. It does not surprise me.
Check out some salaries for state workers esp UC system in medical professions and some academic professions in Orange and Los Angeles counties. Check out transparent CA salaries. Some are very well paid.
Do you expect a top layer researching or attending doctor to accept $25/50hr.? to work at UCLA/UCSF?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
