If the top 10% of Americans own 80% of the wealth, does that mean 1 in 10 people I see on the street have significantly more money than me?

Question

If the top 10% of Americans own 80% of the wealth, does that mean 1 in 10 people I see on the street have significantly more money than me?

In: 4977

Answer 1

It’s only true if you assume that wealthy people and not wealthy people are equally likely to walk the same streets at the same time as you. But it is not true. The top 10% wealthy people are much more unlikely to be on the street when you are.