How Wealthy Really Is Everybody?

When I read statistics on wealth of United States citizens, there's raw numbers like the average savings is $20,000, the average debt excluding home mortage is just $2,000 and so forth. Yet when I read about people's finances online, there seems to be many people just struggling along paycheck to paycheck or on the verge of bankruptcy. I know there's people living in nice homes that are appreciating in value and people who say that they'll have a million socked away by retirement, so I know there's some wealthy people out there, but is it really that typical to have $20,000+ stowed away in bank accounts to reflect in these economic statistics?

My opinion is, the middle class is disappearing. Walking through Manhattan & then London a few months ago, it dawned on me - there are two types of people in the world - the ones who are filthy rich who can afford these lavish houses or flats, and then there is everybody else. I know that's not true, but it sure seemed like it. Bottom line is, (IMO) if these wealthy people have thousands or millions of dollars socked away or in investments and the average Joe is living from paycheck to paycheck, it throws the averages out of whack.

to put this into perspective vs the human race,

IF you have a net of 75,000, that's the value of all liquid and hard assets minus all outstanding debts, you are in the top 10 percent of Humanity

If your net worth is 750,000 you are a 1%er of the Human race.

Even income does not tell the whole story though. My salary in NYC would barely afford me a tiny apartment, but here in North Carolina I can buy a brand new 2000 sq foot house with a small yard, still afford a nice car and some amenities.

Global poverty has actually fallen in the last 2 decades with less of humanity living in absolute poverty than in the 70s and 80s, India now has the largest population of middle class.

The current economic conditions are temporary. New technologies in manufacturing and construction will lower the costs of common goods and housing, reducing the amount of income needed to live, day to day.

Also keep in mind that class is not static, as explained by Thomas Sowell, PHD

in America, where i live, last year 1% of the population got 99% of the profits. that is not to mention what they already owned, how little they paid the people who made that money for them (from 50 cents a day to $7/hr).

something you need to know about Averages is: one elephant equals 100,000 cats. on average.

don't be fooled, the poor ARE getting poorer, in america, and many other parts of the world, and the rich are definitely getting richer. how else could they afford to buy so many governments ?

Too funny

Hmmmm I am farrrrr beloooow 'averageeeee'!

ABSOLUTELY NOT.....in my opinion

To be honest......I am *pretty* daggone sure I don't know ANYONE that is that well off financially.....as for me? *HUGE LAUGH!*

I think most people are stuggling right now....part of life right now.

My little affluent town, saw the poverty line rise. Those that qualify for the free lunch program, rose 30% in the past couple years. That could be reflective on society, perhaps.

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The number is a 75k household is in the top 20. It is the top 400 that have all the wealth and the top 1 that has increased its wealth. Being in the bottom of the top 20 and only making 75k is disturbing because it means most of the wealth is held by a relative micron percent of the country. These are us numbers not global numbers. They are getting really confusing lately. There's another one floating around that is the top 20 of the bottom 60 or something like that.

IMO, there is no way class is as fluid as he would like you to believe. Imagine how hard it would be to succeed in school if your nutritional needs are not being met for example. Then add work hours, child care, gangs and drugs in the area.

Never seen a number that low for average debt. That might work if they are including people with no debt because they don't qualify. That number has gone up. I wonder if they are including things like payday loans. "Savings" probably includes retirement but hard to answer without the source.

Also keep in mind the population in this forum is not representative of the rest of the world. On top of that the people you are referring to are asking for support. That makes the population even less relevant statistically. The opposite is true if you are gauging off a neighborhood with a lot of wealth (my area is like this). Or watching too much "reality tv".