Wealthy people are renouncing American citizenship

Re:Wealthy people are renouncing American citizenship by aabaker99 on Thursday August 05, 2021 @09:24AM (#28073408)

Unless there are more than 20 million millionaires, you're talking about the top 6 percent of the wealth distribution. I wouldn't call that particular percentile "barely middle class". That term probably should be reserved for the 60th percentile, no? Middle being 60 to 40? 70 to 30?

Edit: fixed my percentile thanks to child comment!

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Re:Wealthy people are renouncing American citizenship by alephnan on Thursday August 05, 2021 @09:38AM (#28073559)

> "barely middle class".

Inflation. Being a millionaire or having a six figure salaries used to have much more weight during the 80s.

Pretty much any senior level engineer at FANG can be a millionaire if they saved, but they can barely afford a standalone home in San Francisco. What does the term 'middle class' even mean if they can't afford a home?

Only 20% of millionaires surveyed feel they're rich.

https://www.cnbc.com/2021/05/12/net-worth-to-be-considered-w...

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Re:Wealthy people are renouncing American citizenship by mywittyname on Thursday August 05, 2021 @02:15PM (#28077449)

Senior-level engineers at a FAANGs are already a pretty rare and prestigious class of people. I'm a reasonably intelligent person and I've failed to pass the hiring bar at every FAANG.

And of course they don't "feel" rich. Lifestyle inflation is a thing. Trade the Civic for a Tesla; send the kids to private school; buy organic groceries; take international vacations every year or so; yet still find the means to save more money each year than the average household in the USA earns. Feeling is a state of mind, not a state of being.

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Re:Wealthy people are renouncing American citizenship by pedrosorio on Thursday August 05, 2021 @09:33AM (#28073496)

> Unless there are more than 20 million millionaires, you're talking about the top 0.6 percent of the wealth distribution

6 percent

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Re:Wealthy people are renouncing American citizenship by adventured on Thursday August 05, 2021 @10:07AM (#28073910)

You're including non-adults (330m population @ 6%). It's closer to 8% of the adult US population. Not very many people under 18 are millionaires or reasonably likely to be. The non-adults in question fall under the millionaire household grouping.

And if anyone is interested in the household wealth distribution (as of 1Q21):

Top 1%: $41.5 trillion | 90%-99%: $48.8 trillion | 50-90%: $36.5 trillion | bottom 50%: $2.6 trillion

$129.5 trillion total household assets.

There are around 128 million households in the US. The average American household is now worth a million dollars (the median is obviously far lower).

That top 1% of US households - 1.28 million households - holds an average of roughly $32 million in assets.

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