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That may be as it is, but that does not make the richest 5% of any population middle class.
It absolutely does when 90% of the wealth is grouped in the top one or two percent.
The difference between a millionaire and a homeless person is tiny compared to the difference between a millionaire and a billionaire.
Wouldn’t the middle class be centered around the median, which would be completely unaffected by extreme outliers (such as the top 5%)?
I agree with the sentiment that the difference between a billion and a million is about a billion and all, and I’m not sure how things are actually defined… But I would think that it would make sense to use median income (instead of mean income) to determine what the “middle” class is precisely to avoid skew from outliers.
I suggest you tell the next homeless person that he’s practically a millionaire, when compared to Elon Musk, and see his face light up. He’ll thank you for the really useful reference point that practically gets him off the street.
That’s not what the word “practically” means and no one above you suggested such.
I agree with you that he’s better off than most people, but do you consider a boomer who bought a house for $150k in 1980, that’s now work $1m in 2023, to be upper class? Technically there’s plenty of upper middle class people worth $1-2m.