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Reply to "The Average American is a Millionaire "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]According to the Federal Reserve, the median net worth of the typical American family was [b]$192,900[/b] 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%[/quote] So average net worth is still over one million? [/quote] 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. [/quote]
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