The Average American is a Millionaire

[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?

Yes, because of people like Bezos and Musk driving up the average.

[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.

+1
A reflection of the public education in this country. Pitiful.

[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?

only because the Billionaires skew the "average" up ridiculously high. That's why there's such a huge difference between mean (average) and median.
Median is the right way to look at typical net worth in America.

Example: 5 people net worths $100, $80,000, $150,000, $2,000,000, $1,000,000,000. Mean "Average net worth" = $200,446,020. but the median is $150,000.

[Anonymous]

Anonymous wrote:

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.

Most people don't own a home; they live in a mortgaged home.

[Anonymous]

That is household and it is mean. The billionaires are pulling the mean up.

[Anonymous]

This is one of those statistics that keeps stupid people complacent

[Anonymous]

I think this is one of those statistics that is used to rile people up. If you don't understand the difference between mean and median, you'll come away thinking most of America is a lot better off than you.

[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%

And therein lies the problem.

[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?

Yes, but that is pointless. It is skewed higher by the ultra rich getting richer.

The median tells you why People cannot afford college or to retire. If I only had $192K saved for retirement, I wouldn't be paying $30K/year for college, I couldn't afford it

[Anonymous]

Anonymous wrote:

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?

Yes, but that is pointless. It is skewed higher by the ultra rich getting richer.

The median tells you why People cannot afford college or to retire. If I only had $192K saved for retirement, I wouldn't be paying $30K/year for college, I couldn't afford it

It depends on age. I was on a college tour recently in North Carolina and the local in state parents many I could not tell the daughter from the Mom. Their were plenty of Moms who looked 44-45 with husbands who were 45-47. $192 is a lot saved for retirement as these peoples were 20-25 years away from retirement. One Mom two daughters in front of me was not to one called one Mom I had no clue who the Mom was. The Mom looked in her 30s and kids were like 17,15. The Dad looked like he was at most 38.

BTW 30K for college even for instate is not doable anymore in most states.

[Anonymous]

Both mean and median are important statistics to understand for context. Keep in mind every day the stock market hits a new high, the gap between the rich and poor is widened.

[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%

NP. Well it's still good news that the median increased more than the mean.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

Yes, but that is pointless. It is skewed higher by the ultra rich getting richer.

The median tells you why People cannot afford college or to retire. If I only had $192K saved for retirement, I wouldn't be paying $30K/year for college, I couldn't afford it

It depends on age. I was on a college tour recently in North Carolina and the local in state parents many I could not tell the daughter from the Mom. Their were plenty of Moms who looked 44-45 with husbands who were 45-47. $192 is a lot saved for retirement as these peoples were 20-25 years away from retirement. One Mom two daughters in front of me was not to one called one Mom I had no clue who the Mom was. The Mom looked in her 30s and kids were like 17,15. The Dad looked like he was at most 38.

BTW 30K for college even for instate is not doable anymore in most states.

Are you writing in English or jumble garbledy gook? Try again with proper grammar and punctuation and less stream of consciousness. Maybe then the message you are trying to convey will be revealed.

[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.

What is the mean of the average household? What? Sounds like gibberish

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

Yes, but that is pointless. It is skewed higher by the ultra rich getting richer.

The median tells you why People cannot afford college or to retire. If I only had $192K saved for retirement, I wouldn't be paying $30K/year for college, I couldn't afford it

It depends on age. I was on a college tour recently in North Carolina and the local in state parents many I could not tell the daughter from the Mom. Their were plenty of Moms who looked 44-45 with husbands who were 45-47. $192 is a lot saved for retirement as these peoples were 20-25 years away from retirement. One Mom two daughters in front of me was not to one called one Mom I had no clue who the Mom was. The Mom looked in her 30s and kids were like 17,15. The Dad looked like he was at most 38.

BTW 30K for college even for instate is not doable anymore in most states.

Are you writing in English or jumble garbledy gook? Try again with proper grammar and punctuation and less stream of consciousness. Maybe then the message you are trying to convey will be revealed.

I think he liked the Mom and needed a reason to talk about her - give him some room. Let him work it out.