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What Percentage of the Population Earns More Than $400k
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Q&A SessionThe other day, I was having a conversation with a friend about money. He asked me how much money I thought a person needed to earn in order to be considered “ rich.” I didn’t have an answer for him off the top of my head, so I decided to look into it. What I found surprised me. In this blog post, I’ll share with you what percentage of the population earns more than $400k and some of the reasons why.
The Top 1% of Earners
In the United States, the top 1% of earners make more than $380,000 per year. The top 5% of earners make more than $159,000 per year. The top 10% of earners make more than $107,000 per year.
The Top 10% of Earners
In the United States, the top 10% of earners make more than $118,200 annually. That’s about four times the median household income in the country. The top 5% of earners make more than $153,100 while the top 1% pull in over $208,000 a year.
So, what does it take to be in the top 10%? Let’s start with education. According to the U.S. Census Bureau, nearly 80% of Americans aged 25 and older have at least a high school diploma. But among the top 10% of earners, 91% have completed at least some college and about 60% have a bachelor’s degree or higher.
Work experience is another important factor. The median age for workers in the top 10% is 41, which is about eight years older than the median age for all workers (33). And while most American workers are employed full time (about 86%), nearly all (98%) of those in the top 10% are working full time.
Of course, not everyone who meets these criteria is going to make it into the top 10%. But these characteristics do give you a sense of what it takes to be an earner in America’s highest income bracket.
The Bottom 90% of Earners
In the United States, the bottom 90% of earners make less than $38,000 per year. That means that nine out of ten Americans earn less than $38,000 annually. The top 10% of earners make more than $118,000 per year. To put that into perspective, the top 1% of earners make more than $380,000 per year. The bottom 90% of earners in the United States make a combined total of just over $3 trillion per year while the top 10% of earners make a combined total of nearly $13 trillion per year. That means that the top 10% of earners make more than four times as much money as the bottom 90% of earners.
There are a number of reasons for this large discrepancy in earnings. One reason is that the top 10% of earners are much more likely to have college degrees than the bottom 90%. In fact, almost half of all Americans with college degrees earn more than $118,000 per year. Another reason is that the top 10% of earners are much more likely to work in high-paying professions such as doctors, lawyers, and bankers. The bottom 90% of earners are much more likely to work in low-paying jobs such as retail or food service.
The large discrepancy in earnings between the top 10% and bottom 90% has led to a growing gap between rich and poor in the United States. This gap is only expected to grow larger in the coming years unless
In conclusion, we can see that less than 1% of the population earns more than $400k per year. This means that if you are in this top earners bracket, you are doing extremely well financially. However, it is important to remember that there is a lot of income inequality in the world, and so even if you are earning a high salary, you may still be struggling to make ends meet if you live in an expensive area or have a lot of debts.
The question of what percentage of the population earns more than $400k is an important one, as it can provide insight into income inequality and the economic opportunities available to individuals. According to recent data from the U.S. Census Bureau, just 0.3 percent of Americans make more than $400k annually. This means that for every 1,000 people in the United States, only three are earning at least this amount of money each year.
The majority of American households fall far below this threshold; in fact, nearly two-thirds (62%) earn less than $50k per year and about a quarter (24%) make between $50k and $99k annually. As these figures demonstrate, higher incomes are concentrated among a small portion of American households – suggesting that there is an unequal distribution of wealth within our society.