The Average American is a Millionaire

[Anonymous]

So the average person is a millionaire? Why is everyone complaining?

The Federal Reserve’s 2022 consumer finance survey unveils a striking picture of American prosperity. The mean net worth of the average household has ascended to $1.06 million, up 23% from $868,000 in 2019.

[Anonymous]

What is the median?

[Anonymous]

Because that's a mean and not the median. Wealth is concentrated at the top.

[Anonymous]

Anonymous wrote:What is the median?

shh, we don't ask those questions

[Anonymous]

According to the Federal Reserve, the median net worth of the typical American family was $192,900 in 2022. This is in contrast to the average net worth, which was $1,063,700. The median net worth increased 37% between 2019 and 2022, while the average net worth increased 23%

[Anonymous]

So basically OP is asking people to feel good because the gazillionaires got even richer?

Classic DCUM clickbait.

[Anonymous]

Anonymous wrote:So basically OP is asking people to feel good because the gazillionaires got even richer?

Classic DCUM clickbait.

I would guess that OP didn't understand the difference between median and mean.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So basically OP is asking people to feel good because the gazillionaires got even richer?

Classic DCUM clickbait.

I would guess that OP didn't understand the difference between median and mean.

Yea. This.

[Anonymous]

Anonymous wrote:According to the Federal Reserve, the median net worth of the typical American family was $192,900 in 2022. This is in contrast to the average net worth, which was $1,063,700. The median net worth increased 37% between 2019 and 2022, while the average net worth increased 23%

So average net worth is still over one million?

[Anonymous]

Anonymous wrote:

Anonymous wrote:So basically OP is asking people to feel good because the gazillionaires got even richer?

Classic DCUM clickbait.

I would guess that OP didn't understand the difference between median and mean.

I weep for this country.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So basically OP is asking people to feel good because the gazillionaires got even richer?

Classic DCUM clickbait.

I would guess that OP didn't understand the difference between median and mean.

I weep for this country.

Same. And that people that don't understand basic math skills are making judgements on the health of the economy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So basically OP is asking people to feel good because the gazillionaires got even richer?

Classic DCUM clickbait.

I would guess that OP didn't understand the difference between median and mean.

I weep for this country.

Same. And that people that don't understand basic math skills are making judgements on the health of the economy.

Are they? Public policy schools are pretty statistically focused.

[Anonymous]

Anonymous wrote:So the average person is a millionaire? Why is everyone complaining?

The Federal Reserve’s 2022 consumer finance survey unveils a striking picture of American prosperity. The mean net worth of the average household has ascended to $1.06 million, up 23% from $868,000 in 2019.

Well, yes, because they own stocks and a house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:According to the Federal Reserve, the median net worth of the typical American family was $192,900 in 2022. This is in contrast to the average net worth, which was $1,063,700. The median net worth increased 37% between 2019 and 2022, while the average net worth increased 23%

So average net worth is still over one million?

The next sentence after the bold says exactly those words.

Let me give you an example. Let's say you have 10 households. One of them has a net worth of $10 million. The other 9 have $0. The average (or mean) net worth of those 10 households is $1 million.

You can see how distorting this is if you are trying to understand how the majority of people are living, etc. Hence almost every stat around income/net worth/etc focuses on the median.

[Anonymous]

I both know the difference between mean and median AND am not a millionaire. Winner, winner, chicken dinner over here.