| | | Who are the "top 1%"?
Most people think of the "top 1%" in terms of net worth or income, typically referring to hedge fund managers, tech moguls, and the ultra-wealthy. But that framing ignores a more relevant and relatable truth:
Wealth isn’t just about how much you earn, it’s about how much control you have over your life.
By that measure, someone who owns their home outright and owns a reliable vehicle, free and clear, is wealthier than most people on the planet and even a large portion of people in North America.
- Global Perspective: If you own your home and your vehicle, you're in a very small global elite. Most people in the world don’t own land, a house, or a car. In fact, owning a modest home and a car puts you above the global 1% by wealth, according to Credit Suisse data.
- Freedom & Security: True wealth is freedom from monthly payments, debt, and dependency. If you own your home and car, you're not at the mercy of a landlord, bank, or bus schedule. That’s economic independence, a core trait of the truly wealthy.
- Financial Stability: Someone earning a high income but renting and leasing everything is more vulnerable than someone who earns modestly but owns their assets. The media glorifies income, but ownership is what lasts.
- Wealth vs Income: Many in the so-called "top 1%" by income are house-poor or debt-ridden. Net worth is a better indicator of actual wealth, and if your house and vehicle are paid off, that’s substantial wealth in practical terms.
The real top 1% are those who’ve achieved true ownership and autonomy, not just those with bloated portfolios and trust funds. |
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