China's average wealth, however, was still less than a third of the wealth of the median American ($93,271)
Who the fuck...this has to count shit like your house, car etc right? Stuff you can't live without but are super expensive so you have to pay? Cuz there's no way the median American has like $90k lying around.
I wonder how they count debt. Like, if you get a $30k car on a 7-year note, does that mean you have $30k in wealth? And does the bank that owns your note also get counted as having $30k in wealth?
:-p So much of the American financial system is funky like that.
Yes that counts all your "assets" with various estimates. All the crap you own. A number that high is definitely mostly about homeownership, though, which is roughly half the population. A homeowner with about $90k in assets is someone with a pile of junk and a car and a few years paying into the house and some savings. Or is someone with more years paying for the house but they're actually in debt so far as their liquid assets are concerned. Basically it's going to be dominated by newish homeowners.
Who the fuck...this has to count shit like your house, car etc right? Stuff you can't live without but are super expensive so you have to pay? Cuz there's no way the median American has like $90k lying around.
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Yes, this would have to be net worth per household, of which over 60% own home equity in America.
I wonder how they count debt. Like, if you get a $30k car on a 7-year note, does that mean you have $30k in wealth? And does the bank that owns your note also get counted as having $30k in wealth?
:-p So much of the American financial system is funky like that.
Yes that counts all your "assets" with various estimates. All the crap you own. A number that high is definitely mostly about homeownership, though, which is roughly half the population. A homeowner with about $90k in assets is someone with a pile of junk and a car and a few years paying into the house and some savings. Or is someone with more years paying for the house but they're actually in debt so far as their liquid assets are concerned. Basically it's going to be dominated by newish homeowners.