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Strange understanding of middle class right there, that includes the top 5% of US American population.
He's not wrong. The owning class, the billionaires, are so ridiculously farther ahead that it makes millionaires middle class.
And this is why we need to tax them out of existence.
"Make Millionaires 'Rich' Again"
That may be as it is, but that does not make the richest 5% of any population middle class.
It absolutely does when 90% of the wealth is grouped in the top one or two percent.
The difference between a millionaire and a homeless person is tiny compared to the difference between a millionaire and a billionaire.
Wouldn't the middle class be centered around the median, which would be completely unaffected by extreme outliers (such as the top 5%)?
I agree with the sentiment that the difference between a billion and a million is about a billion and all, and I'm not sure how things are actually defined... But I would think that it would make sense to use median income (instead of mean income) to determine what the "middle" class is precisely to avoid skew from outliers.
I suggest you tell the next homeless person that he’s practically a millionaire, when compared to Elon Musk, and see his face light up. He’ll thank you for the really useful reference point that practically gets him off the street.
That’s not what the word “practically” means and no one above you suggested such.
I agree with you that he's better off than most people, but do you consider a boomer who bought a house for $150k in 1980, that's now work $1m in 2023, to be upper class? Technically there's plenty of upper middle class people worth $1-2m.
What's your point exactly? That a millionaire could fix homelessness? Or do you disagree that 1M minus 0 is much smaller than 1B minus 1M?
Millionaires are only middle class now? What?
A million seconds is 12 days. A billion seconds is 31 years. That's how far income inequality has come. So yes, millionaires are middle class. I know so many people that think they are well off but are stupidly poor when compared to the top 1%
1 million dollars over the last decade is 100k a year. That's top 18% not top 5%. Top 5% would be over 350k a year. I'm just basing this off random Google stats so the numbers may shift a little but 100k is definitely upper middle class at best
A millionaire is a person who’s net worth is a million or more. As you noted that’s quite different from having had paychecks that sum up to a million.
Millionaires are definitely still well off but just to make a point: the average value of a US house is $450k. Add to this a $250k retirement fund and you're already up to 0.7M in net worth.
Does the average person in America also own an average house? Without knowing the statistics I think what you describe there might fit for upper middle class.
And there’s still quite a way to go before millionaire.
It definitely is upper middle income and I'm not trying to imply otherwise. It's just crazy to me that millionaires are so much closer to the average American than billionaires and corporations as far as income goes.