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

If you had a true representation of all Americans on any given street, yes. But who is actually on the street depends heavily on your location. You are far more likely to find a billionaire in the Hamptons or Beverly Hills than in most other cities in the US. Go to most small towns and your chances of finding one of the top 10% are probably non-existent. They’re just not there.