Drudge Retort: The Other Side of the News
Thursday, December 28, 2017

Net worth is a common metric used to measure an individual's financial health. It's simply the difference between all the assets someone owns (like cash, stocks, bonds, real estate, etc.) and all the liabilities they owe (like student loans, car loans, credit card debt, etc.). Today I want to explore the net worth of Americans based on age bracket. I start by taking a look at the distribution of net worth by age, then by looking at what percentage of each age bracket has a positive and negative net worth, and end by comparing the net worth of the 1% with the median net worth for each age bracket. Let's have a look!

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The median net worth for 40-44 year olds is:

$62,200

The net worth of the top 1% of 40 - 44 year olds is:

$7,282,400

The net worth of the top 1% of 40 - 44 year olds is

117 times larger

than the median net worth for their age bracket.

For 40 - 44 year olds, the Americans in the top 1% net worth percentile have an unbelievable 117 times as much wealth as the median net worth percentile in the same age bracket.

Among every age bracket the top 1% has at least 50 times as much wealth as the median individual in the same age bracket.

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So the best thing to do for society is to give more money to the 1%?

Inequality is already astronomical.

#1 | Posted by BruceBanner at 2017-12-28 07:22 AM | Reply | Newsworthy 1

Oh good, another attempt to turn a class war into a generational conflict. Sorry Bruce, I usually agree with your posts but the 1% would like nothing better than to divide us along generational lines. It is only logical that those who have worked all their lives, bought homes, made investments, saved, etc. would be in better financial shape than the younger members of society who are still raising families, are lower down to totem poles in jobs, etc. This isn't news, this is an attemp to shift the anger of the younger generations from the 1% to their "greedy" parents. I'm of the elder generation, I'm so greedy that I still support my daughter who became ill, I collect SS but I still work full time. I simply am not willing to accept attacks on my generation which has done more for their children than any previous generation in history.

#2 | Posted by danni at 2017-12-28 08:24 AM | Reply

Danni. You're comment is so weird considering the article posted.

Why do you think that this information is stoking a generational division?

#3 | Posted by BruceBanner at 2017-12-28 08:38 AM | Reply

Especially considering the comparison is between people within a 5 year time span....

#4 | Posted by BruceBanner at 2017-12-28 08:53 AM | Reply

depressing.

I'm not in the 1%.

#5 | Posted by eberly at 2017-12-28 09:22 AM | Reply

Me either Eb, not by a long shot but I am above the median for any age group so happy about that.

#6 | Posted by TaoWarrior at 2017-12-28 09:23 AM | Reply

Tao, the median number isn't that high and I get the point of the article....that the difference between the median and the top 1% is friggin huge.

#7 | Posted by eberly at 2017-12-28 09:28 AM | Reply

I wonder what the factors are to bring one from the median to the 1%? I'm guessing:
-family business
-high earning professional degree
-early profitable business
-inheritance

#8 | Posted by BruceBanner at 2017-12-28 09:40 AM | Reply

Maybe a good real estate venture?

#9 | Posted by BruceBanner at 2017-12-28 09:40 AM | Reply

8

I would say all but high earning professional degree. I know a lot of people in that category...they don't care about net worth....just cash to spend.

#10 | Posted by eberly at 2017-12-28 09:46 AM | Reply

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That's been my experience too. Professional school usually means spending it as fast as they get it. Had a surreal conversation about how there is no decent daily wine under $50 a bottle with my cardiologist friend.

#11 | Posted by BruceBanner at 2017-12-28 10:01 AM | Reply

#9

I don't think a high earning professional degree is enough Figure the net worth in the 40-44 bracket of over 7 million and a professional degree which means you probably didn't start working till 25 means adding 370,000 to your net worth each year. Even with a high earning professional degree you are probably not making enough to add 1/3 of a million to your net worth each year. Maybe with some good investments in the market or real estate you might get there but income alone won't cut it.

In the 18-29 brackets you are probably looking at youtube stars, sports stars, actors etc. in the 1% The 30-39 brackets probably are some high earning professionals but once you cross the 40 threshold your money better have worked for you if you want to stay in the top 1%.

Heck look at me. My income is right along the median and has never been higher than the median but net worth wise I'm top 70%. It's not income it's investments in my case primarily real estate because I'm in a great market but my cousin who is probably top 1% did it through stocks and bonds. In both cases though having a high net worth depended primarily on our money working for us not us working for money.

#12 | Posted by TaoWarrior at 2017-12-28 10:11 AM | Reply

Had a surreal conversation about how there is no decent daily wine under $50 a bottle with my cardiologist friend.

Glad I'm not a wine drinker. It's bad enough that a decent scotch will set you back minimum 70 bucks but at least one of those lasts me a couple weeks to a month.

#13 | Posted by TaoWarrior at 2017-12-28 10:13 AM | Reply

The cardio friend is being pretentious. There are tons of fantastic $10-$15 bottles. Hell, there are some really nice $8-$10 bottles if you know what to look for.

#14 | Posted by jpw at 2017-12-28 11:57 AM | Reply

I'm in a great market but my cousin who is probably top 1% did it through stocks and bonds. In both cases though having a high net worth depended primarily on our money working for us not us working for money.

A person like that on this site is Evil.

They should have any earnings confiscated..

#15 | Posted by boaz at 2017-12-28 12:33 PM | Reply

That's an interesting way to describe progressive taxation. Drama queen Boaz would be a great idea if you're looking to change your handle

#16 | Posted by BruceBanner at 2017-12-28 12:52 PM | Reply

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