[mercurialshark]

I really hope this guys 1% reference is metaphorical. You can be in the 1% and not be able to afford a weekend stay at the St. Regis.

But you wouldn't expect accuracy from a guy who appears genuinely surprised that financial executives have a club. Guess what? Sometimes, they play golf and tennis together too. Someone alert the SEC...

[GFischer]

"You can be in the 1% and not be able to afford a weekend stay at the St. Regis"

I think you're seriously underestimating the wealth of the 1%:

"The 1 percent threshold for net worth in the Fed data was nearly $8.4 million"

So basically, everyone in the 1% has 10 million or more. I doubt a weekend stay at the St. Regis makes a significant dent.

Source: economix.blogs.nytimes.com/2012/01/17/measuring-the-top-1-by-wealth-not-income/

www.nytimes.com/2012/01/15/business/the-1-percent-paint-a-more-nuanced-portrait-of-the-rich.html

[rbcgerard]

haha - you should probably read the articles you reference:

"Some readers wondered if the 1 percent by wealth weren’t an entirely different group of people from the 1 percent by income. But there is substantial overlap: the Fed data suggests that about half of the top 1 percent of earners are also among the top 1 percent in the net worth category."

[GFischer]

So the grandparent poster is not in the 1% of wealth, but might be in the 1% of earners :) .

When I think of the 1%, I think of the former, but I guess many are referencing the latter.

In any case, I am neither :P