Car Brands of The New Elite: A Look Into the Top 1% of Wealth in the U.S.
12-21-11, 10:00 AM
#17
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I have no idea what she drives. But I don't see how that ties in with the point I was making. The list, as I see it, seems to give impression that rich people drive something from that list, but just one vehicle from the list. In actuality, many or most (maybe even all) of those persons have more than one vehicle they regularly own or drive.
12-21-11, 12:57 PM
#18
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I have no idea what she drives. But I don't see how that ties in with the point I was making. The list, as I see it, seems to give impression that rich people drive something from that list, but just one vehicle from the list. In actuality, many or most (maybe even all) of those persons have more than one vehicle they regularly own or drive.
The list, as I see it, seems to give impression that rich people drive something from that list...
House 1: Lexus, Mercedes, Toyota
House 2: Audi, Lexus, Ferrari, Toyota
House 3: BMW, Toyota
House 4: Audi, BMW
House 5: Mercedes, Chevrolet
House 6: Mercedes, Chevrolet
House 7: BMW, Honda
House 8: Ford, Honda
House 9: Porsche, Range Rover
House 10: Cadillac, BMW
2 out of 10 households owns at least one Lexus. It's perfectly accurate to say that 20% of households in this class own a Lexus. The fact that the 2 (out of 10) households in this question also own a Mercedes, Toyota, Audi, and Ferrari is irrelevant.
However, here's what you can't do - you can't simply add up the percentages for two different car brands (X and Y) and say that (X+Y)% of households own either car brand X or car brand Y.
For example, with the information above, 20% of households own a Lexus vehicle. It's also factual to say that 30% of households own a Toyota. However, it would be erroneous to say that 50% of households own either a Lexus or Toyota. Why? Because clearly there can be overlap. If some of the households that own a Lexus also own a Toyota, then this addition of percentage does not work.
Perhaps that's what you meant to say in your post - that you can't simply add up the percentages for 2 or more car brands and expect to obtain anything meaningful.
However, your following train of thought -
The list, as I see it, seems to give impression that rich people drive something from that list...
When you look at the statistics individually, it's perfectly reasonable to say that X% of wealthy households have at least one car from car brand.
Now, maybe each household in this class has a single income earner, a wife, and two kids. Maybe for House 2, the single income earner drives the Ferrari, the wife drives the Audi, and the two kids drive the Lexus and Toyota.
If you only want to know what the single income earner drives instead of household statistics, then you're right, these statistics don't make that distinction, but they never claimed to. It was clear from the start that these statistics are intended for households, and that a "household" could range anywhere from a single individual to a single income earner with a wife and 4 kids to a dual income family with 2 kids.
12-21-11, 05:58 PM
#20
I don't know about top 1% wealth, but I posted a forbes article that discussed median incomes for certain Lexus owners a while ago. Off the top of my head, here were the results -
The median income for LS460 and RX450h owners is $202,900/year. The median income for LS600hL is >$400,000/year.
The median income for LS460 and RX450h owners is $202,900/year. The median income for LS600hL is >$400,000/year.
01-04-12, 10:31 PM
#21
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01-05-12, 06:36 PM
#22
Moderator: LFA, Clubhouse
Nope, not by net worth estimates or by income (at least when averaged out). Since most of my income is from investments and business ventures, my income in any given year fluctuates hugely. Most years, I don't even make as much as the quoted median figure for LS600hL owners above. Some years, I don't even make it to the RX450h figure!
As a side note (perhaps better suited for the Debate Forum?), this is one example of why calendar-year taxation is silly and how the tax system can be quite inequitable at times, in that people like me with volatile incomes wind up paying far more in taxes (due to a combination of higher tax rates and deduction limitations) than people who make the same amount over a longer time period but have less income volatility. It is also the primary reason for governmental budget surplus during bubble economies and therefore the resulting budget deficits once those bubbles collapse.
It is also a good example of why touting figures like the "1%" is implicitly a bit silly, as it is something that changes from year to year (on an income level) and perhaps even from second to second (on a net worth level), and while it can be fun to think about and assess statically, should be summarily dismissed when used for anything meaningful socially - such as when our politicians try to incite class warfare.
As a side note (perhaps better suited for the Debate Forum?), this is one example of why calendar-year taxation is silly and how the tax system can be quite inequitable at times, in that people like me with volatile incomes wind up paying far more in taxes (due to a combination of higher tax rates and deduction limitations) than people who make the same amount over a longer time period but have less income volatility. It is also the primary reason for governmental budget surplus during bubble economies and therefore the resulting budget deficits once those bubbles collapse.
It is also a good example of why touting figures like the "1%" is implicitly a bit silly, as it is something that changes from year to year (on an income level) and perhaps even from second to second (on a net worth level), and while it can be fun to think about and assess statically, should be summarily dismissed when used for anything meaningful socially - such as when our politicians try to incite class warfare.
Last edited by gengar; 01-05-12 at 06:41 PM.
01-05-12, 07:50 PM
#23
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Great post OP.
This is a great analysis that hopefully clarifies many misconceptions about the wealthy. Especially these days with all the idiotic class warfare going on.
This is a great analysis that hopefully clarifies many misconceptions about the wealthy. Especially these days with all the idiotic class warfare going on.
As a side note (perhaps better suited for the Debate Forum?), this is one example of why calendar-year taxation is silly and how the tax system can be quite inequitable at times, in that people like me with volatile incomes wind up paying far more in taxes (due to a combination of higher tax rates and deduction limitations) than people who make the same amount over a longer time period but have less income volatility. It is also the primary reason for governmental budget surplus during bubble economies and therefore the resulting budget deficits once those bubbles collapse.
It is also a good example of why touting figures like the "1%" is implicitly a bit silly, as it is something that changes from year to year (on an income level) and perhaps even from second to second (on a net worth level), and while it can be fun to think about and assess statically, should be summarily dismissed when used for anything meaningful socially - such as when our politicians try to incite class warfare.
It is also a good example of why touting figures like the "1%" is implicitly a bit silly, as it is something that changes from year to year (on an income level) and perhaps even from second to second (on a net worth level), and while it can be fun to think about and assess statically, should be summarily dismissed when used for anything meaningful socially - such as when our politicians try to incite class warfare.
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