1 in 10 US Households in 2019 Worth More Than $1.3 Million
Ten percent of the households in this country at the end of 2019 -- just before the COVID-19 pandemic hit -- had a net wealth of more than $1.3 million, according to a report published last month by the Census Bureau.
There were also definite patterns among households that had higher wealth and those that had less.
In fact, traditional American values and achieving the American financial dream appear to be linked.
Specifically, people who study, work, marry, buy a home and live past retirement age tend to be wealthier than people who do not.
The data to back this up comes from the Survey of Income and Program Participation that the Census Bureau conducted in 2020. The bureau's report -- "The Wealth of Households: 2019" -- defines "wealth" simply as "the value of assets owned minus the debts owed."
"Therefore," the report notes, "wealth can be negative."
"The median household wealth in 2019 was $118,200," it says.
"The 10th percentile of household wealth was -$3,487, meaning one in ten households had wealth of -$3,487 or less," it says.
"The 90th percentile of household wealth," it says, "was $1,301,000, meaning one in ten households had wealth exceeding $1.3 million."
What pushes someone toward the top -- or the bottom?