I’m a nerd at heart; and a weird one at that. Numbers occasionally fascinate me and inside my head I ask myself unusual questions. The other day I wondered what the average American family’s net worth was. Upon looking it up I came experienced a “wow” moment.
The best statistics I could quickly find were the Fed’s 2019 numbers. The average American household’s net worth was $748,800. Then the “hammer” descended. The median American Household’s net worth in that same year was $121,700. Keep in mind that the numbers were pre-pandemic which we know fell harder on the less wealthy so I’m assuming the gap has widened in the interim.
Perhaps we need a quick dictionary lesson. To get the average you would simply take the total net wealth of American families and divide it by the number of said families. To get the median you would find the number at which an equal number of families were both above and below said number. Or in plain language the midpoint. (In all honesty what most of us incorrectly think of as the average. The middle is not the average.)
The wealth in America is so skewed to the top that the average is more than six times the median. Think about that for a moment.
I could extrapolate from here seemingly forever. Today at least, I will not.
Were you wowed too?
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