What It Takes To Be In The Richest 1% Of Your Age Group
Wealth is extremely unequally distributed.
A few have unimaginable sums of money, while many can barely make ends meet.
Time and again, people talk about the “top 1%”.
But at what point do you actually, belong to this elite club? In this article, you will find out the answer.
What to do with the numbers? To be honest, not much. Money isn’t everything and comparing yourself to others isn’t the best thing either. This article is only for those who are interested in statistics.
To clarify what exactly is meant by the following numbers, here are a few explanations:
- Your net worth is simply the value of all your assets such as real estate, stocks, bank deposits, cash, etc. minus your debts, expressed in a monetary amount. So if you have a house worth $500,000, stocks worth $20,000, $10,000 in cash, and $200,000 of debt from a loan on your house, your net worth is $330,000
Networth= assets- liabilities
- The percentile indicates how many people have less than the given amount. For example, if your net worth is equal to the 75th percentile, 75% of the people are poorer than you.
- The figures do not necessarily refer to individual persons, but to so-called primary economic units.
…the PEU consists of an economically dominant single individual or couple (married or living as partners) in a household and all other individuals in the household who are financially interdependent with that individual or couple.
For example, in the case of a household composed of a married couple who own their home, a minor child, a dependent adult child, and a financially independent parent of one of the members of the couple, the PEU would be the couple and the two children.”
- The figures are from the Federal Reserve’s 2019 SCF, released in September 2020, and are thus the most current data available.
The Top 1% by age
Here’s the net worth you need to be in the top 1%:
- 18–24 — $435,076.59
- 25–29 — $606,188.36
- 30–34 — $956,944.74
- 35–39 — $4,034,486.45
- 40–44 — $7,909,636.79
- 45–49 — $10,494,100.10
- 50–54 — $13,524,093.87
- 55–59 — $17,545,848.60
- 60–64 — $14,629,637.13
- 65–69 — $16,439,046.11
- 70–74 — $12,625,305.04
- 75–79 — $12,770,142.25
- 80+ — $9,932,353.20
I got the data from these sources.
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