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re: No vacation nation
Posted on 8/27/14 at 8:45 pm to HailHailtoMichigan!
Posted on 8/27/14 at 8:45 pm to HailHailtoMichigan!
Here is a link. Our middle class wealth is way behind even though it works much harder.
Study is from Credit Suisse
LINK /
Study is from Credit Suisse
quote:
America's middle class: Poorer than you think
quote:
Americans' median wealth is a mere $44,900 per adult -- half have more, half have less. That's only good enough for 19th place, below Japan, Canada, Australia and much of Western Europe.
More from Ozy: Working for the moneyed classes
"Americans tend to think of their middle class as being the richest in the world, but it turns out, in terms of wealth, they rank fairly low among major industrialized countries," said Edward Wolff, a New York University economics professor who studies net worth.
Why is there such a big difference between the two measures?
Super rich Americans skew average wealth upwards. The U.S. has 42% of the world's millionaires, and 49% of those with more than $50 million in assets.
LINK /
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Posted on 8/27/14 at 8:58 pm to Tiger n Miami AU83
Miami, here is why your article is a bit misleading:
Most Americans main source of "wealth" is their house. The reality market took a huge hit in a few years back. For someone who owns their home, that represents a huge hit to statistical "wealth". But it's only pertinent in cases where the home has to be placed on the market. Even when they do have to put their underwater home on the markiet, owners will often simply walk away from their loan obligations and cede the home to the lender. So the wealth statistic is misleading to say the least.
Most Americans main source of "wealth" is their house. The reality market took a huge hit in a few years back. For someone who owns their home, that represents a huge hit to statistical "wealth". But it's only pertinent in cases where the home has to be placed on the market. Even when they do have to put their underwater home on the markiet, owners will often simply walk away from their loan obligations and cede the home to the lender. So the wealth statistic is misleading to say the least.
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