[wilshiredetroit]

Chamath Palihapitiya had some interesting comments about this topic that I think you guys might enjoy:

Narrative violation for the "progressive" left: The American Dream is alive and well.

12% of American Families are now Millionaires "Perhaps most noteworthy, there really are a lot of true millionaires. About 16 million American families—just over 12%—have wealth exceeding $1 million, up from 9.8 million families in 2019. Nearly eight million families are multimillionaires, i.e., their wealth exceeds $2 million, up from 4.7 million."

Who are mini-millionaires? "They generally earn between $150,000 and $250,000 a year. Rather than being left behind as all the gains in the economy accrue to billionaires, they have in fact seen bigger wealth gains over the past three years than the top 10% of families."

Who saw the biggest gains in wealth? "Indeed, the biggest wealth gains between 2019 and 2022 were among the approximately 13 million families in the 80th to 90th percentile of the income distribution. Their median wealth jumped 69% from 2019, adjusted for inflation, to $747,000 in 2022." https://twitter.com/chamath/status/1718016818118553622

here is a snippet from the allinpodcast thats related.. https://www.instagram.com/reel/C1VXuOAyBqz/

definitely worth the 2 mins

[orwin]

Not interested enough to check the veracity of those claims, but my grandfather somehow had 2/3rd or more of his wealth in non-public traded companies from different countries, and that part seems to be a pain to evaluate (it has been 5 years and my family is nowhere close, because at least 3 of them are wankers who want to avoid paying their fair share of taxes, and there seems to be contractual issues with disclosure). The wealth you see in Forbes or Fortune is only a part of the existing wealth.