The millionaire next door

Discussion in 'Economics' started by sle, Dec 5, 2017.

  1. Maverick74

    Maverick74

    Yeah it was there. I read it. LOL. I can't copy and paste from the document unfortunately. But it is mentioned.
     
    #31     Dec 9, 2017
  2. sle

    sle

    Well, at least say which paper and give me the page :) I only had a cursory look, so I would not be surprised if I missed something.

    Well, actually, they specifically say that
     
    #32     Dec 9, 2017
  3. Maverick74

    Maverick74

    If you teach me how you copied and pasted that, I'll show you. :)

    I'm too lazy to write it out.
     
    #33     Dec 9, 2017
  4. sle

    sle

    LOL :) Simply selected it with a mouse. But I do see that section now.
     
    #34     Dec 9, 2017
  5. Maverick74

    Maverick74

    My sincerest apologies. Most PDFs I can't copy and paste. So I didn't try. LOL. Sorry that's on me.
     
    #35     Dec 9, 2017
  6. qlai

    qlai

    I was talking from an immigrant's perspective. Being born into poverty is a different issue, but still doubt there is country which offers more opportunities (not just safety net) than US. Just my admittedly limited opinion. Don't have the stats to prove it, just hearing things.
     
    #36     Dec 9, 2017
  7. sle

    sle

    Well, as an immigrant myself, I should say something like "I am the living example, I came here with $140 in my pocket and now I am in the top 5% by net worth in this country". But I am pretty sure that for any immigrant success story like my own, there are plenty failures. Plus, even in my case luck played a pivotal role - both my parents are doctors, I was lucky to get a full scholarship and was lucky to land in finance. The point is that opportunity does not necessarily equal ability.
     
    #37     Dec 9, 2017
    vanzandt likes this.
  8. srinir

    srinir

    #38     Dec 9, 2017
  9. sle

    sle

    Hmm. I was going to call this out as an under-estimate of the millionaires in the US (intuitively, I felt like around $5m is the 95th percentile by wealth, which apparently is very wrong), so I googled it. Instead, it appears that the estimates are all over the place depending on the metric and methods:
    -- net worth inclusive of primary residences and all sorts of possessions, the number apparently at 10.5 million in the US (spectrem group: https://goo.gl/QUPUAQ)
    -- liquid net worth, there are 7.6 million millionaire households in the United States and Canada (BCG: https://goo.gl/Y5etu5)
    --investible net worth only, 4.8 million according to the World Wealth Report (Capgemini: https://www.worldwealthreport.com/download), which apparently is the most reliable data
     
    #39     Dec 9, 2017
  10. Love that PPS
    You should get that on a mug, or something
     
    #40     Dec 11, 2017