>>The average Italian has a net worth three times as much as you.<<
The chart depicts median wealth, not average wealth. This reader comment explains the difference...
Gadfly on the Wall says:
In response to TaxSlave, “wealth” is defined as net worth. In other words, assets less liabilities. I do not like the use of “median” as a metric. What that means is that half of the people are above and half below, so let’s say you have 3 people … one has a net worth of $ 1,000,000, another has a net worth of $250,000, and another has a net worth of zero …. the median net worth would be $250,000. Now the average net worth would be $ 417,000 amongst those 3.
In the U.S., which has the most billionaires in the world, the median could be low, but the average could be higher (or vice versa). Australia, with a lesser population than the U.S., but with possibly flatter net worth demographics, could register a higher “median” net worth, but a lower average net worth. As Mark Twain said, “there are lies, damn lies, and statistics.” Always be careful with statistics.
Ric
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