I thought this video would be applicable immediately after the elections. I started thinking about it, and I realized that if you apply the basics of this, that the top 1% own close to 40% of the total wealth in the USA, then you can start making some projections. For each of the top groups, the top tenth of each group owns about half of the total wealth. So the top 0.1% owns close to 20%, the top 0.01% owns around 10%, the top 0.001% owns 5%, the top 0.0001% owns around 2%, and the top 0.00001% owns around 1%. Thats one out of each ten million people. At this point, you can start counting, especially when you have the wealthiest 100 Americans listed by Forbes and you match that with the total household assets of the USA. We have over 300 million people in the USA. One out of each 10 million is 30 people. According to the Wall Street Journal, the total household wealth in the USA is around $80 trillion. Therefore, for this model to be accurate, the top 30 people has to have a total wealth of 1%, or around $800 billion. Thats a lot. Adding up the estimated wealth of the top 30 people as listed by Forbes gets to around $900 billion, or about 1.1% of the total wealth in the USA. The model breaks down after that due to a small sample size, and the top 3 people only have around $200 billion for total wealth, instead of around $400 billion. The top 400 people are listed as having $2.3 trillion, with $0.2 trillion in the hands of the last 100, leaving around $2.1 trillion in wealth for the wealthiest 300 people in the USA, or one out of each million people. This is around 2.6% of the wealth for the top 0.0001%. https://youtube/watch?v=QPKKQnijnsM
Posted on: Wed, 05 Nov 2014 08:52:37 +0000
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