Friday, September 10, 2021

g-f(2)486 THE BIG PICTURE OF THE DIGITAL AGE (9/10/2021), Business Insider, One chart shows how poor even the top 1% is compared to billionaires — and how far behind the average American is

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"g-f" fishing of golden knowledge (GK) of the fabulous treasure of the digital age, American billionaires (9/10/2021)  g-f(2)426 

Alert, How far ahead the billionaires are from everyone else, Business Insider
  • The chart shows just how far ahead the billionaires are from everyone else. The dot representing the average American's wealth is so small that we had to draw a circle around it. If it had been any larger, Elon Musk's bubble — 488,000 times as large as the average American's — would be wider than the page. Even the average wealth of the top 1%, at about $13.7 million, is dwarfed by the billionaires.
  • Most HENRYs, a term that stands for "high earner, not rich yet," make six figures but still live paycheck to paycheck. Though they're in a much better position than many Americans to pay their mortgage, buy a car, or take a vacation, compared to billionaires like Musk or Benioff, they don't make the cut for the wealthiest. 
    Lesson learned, The US has 650 billionaires, Business Insider
    • According to an analysis by Americans for Tax Fairness and the Institute for Policy Studies Project on Inequality, if they had paid the 2% to 3% tax Warren proposes, the US government would've raised $114 billion. Or $1.4 trillion in a decade — enough to pay for half of President Biden's economic agenda.

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      Alert, The gap between normal Americans and the wealthy, Business Insider
      • The gap between normal Americans and the wealthy shouldn't surprise anyone — but just look at this chart and the mind reels.
      • It can still be surprising to visualize the actual magnitude of the difference between a typical person, or even a very well-off person, and a billionaire.
      • The average American has personal wealth of about $393,000, according to the World Inequality Database. It might surprise you to learn that someone with that kind of net worth is not "wealthy," relative to the country's elite earners. 

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        • Category 2: The Big Picture of the Digital Age
        • [genioux fact deduced or extracted from Business Insider]
        • This is a “genioux fact fast solution.”
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        Bartie is the economy editor at Insider. She writes and edits stories that explain how the economy is shaping the way we live in the 21st century. Bartie studied economics at the University of Tennessee and business and economic reporting at New York University. Find her on Twitter @bartielouscott or email 

        Andy Kiersz

        Andy is a quantitative editor at Business Insider.

        He studied mathematics at the University of Chicago and Purdue University. 

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