There has been much talk of the top “one percent”. It makes for great slogans, but putting the top 1% (whether by income or by wealth) into a single group is an over-simplification. When hearing about the “one-percent”, most people immediately think of Bill Gates, Warren Buffet and Carlos Slim. However, in a recent article about US millionaires, the Economist stated that the average millionaire drives a Ford. This apparent contradiction needs to be resolved.
Within the “one-percent” there is a distribution of incomes/wealth which approximates to a log-normal distribution i.e. increasingly fewer members the higher up the scale you go.
In fact, the top 1% can be divided into six distinct groups. Based on wealth, over and above their principal residence, these are: Continue reading “Not all “One-Percenters” are Equal”