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URL:  https://boards.fool.com/i-am-amazed-by-what-you-can-get-online-and-amazed-25478326.aspx

Subject:  Re: OT: Gates/Buffett Are Really, Really Rich Date:  5/9/2007  3:27 PM
Author:  RaplhCramden Number:  130026 of 253139

I am amazed by what you can get online and amazed at what you can't get.

The census through SIPP has networth by INCOME quintile. What I really want is net worth by networth quntile. It doesn't have that.

But you can beat to death the information in http://www.census.gov/hhes/www/wealth/1998_2000/wlth00-4.html for example. Estimating the AVEARAGE net worth of each category to be the mean of the top and bottom of the range, but using $0 for "$0 or less" and using $750,000 for the "$500,000 and over", I summed up the various income quintile households to get something like:

Networth 0 2500 7500 17500 37500 75000 175000 375000 750000
PrctHous 15 9.2 5.3 8.4 10.4 14.1 19.4 10.1 8.1

The total number of households in the US seems to be 104.6 Million. Then the bottom 24% of households has about $2.4 trillion of net worth, ~24x as much as bill and warren.

But still, bottom 15% of households have net nothing, so the top 2 richest guys combined own more than 15% of the entire American people. Of course, each one of the 85% of American households that has a positive net worth owns more than 15% of the entire American people. I personally own more than 15% of the entire American people.

So plausibly the Guardian exagerrated by as little as 50% or so, the number could be as high as 20% that Bill+Warren owns more than. Really for a rag, that is not so bad.

****

Despite exaggeration, the point that rich people have just unimaginably more money than poor people is, I think, a valid one.

R:
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