The richest one percent

[Dos Equis]

Being a millionaire today, is NOT what it once was Beach. Many may think millionaires are rich,
...but most millionaires aren't. When your wealth is not liquid, ...you're very exposed.

There are alot of "millionaires", ...but most of them don't even approach anywhere near the top 1%

I agree in part.   

I agree a million today isn't the same as a million 20 or 30 years ago.  I don't think a millionaire is necessarily "rich."  If that were the only criteria then most of the people who own homes in Hawaii would be "rich," with the average home price well over $600,000. 

When I was referring to millionaires I was talking about those with a net worth of at least a million.  Much different than simply having assets of a million or more.  You can have $10 million in assets, but if you have $15 million in liabilities you're in deep kimchee.
 
And I'll ask you the same question I asked Decker:  who are you referring to when you mention the "the top 1%"?  People whose income places them in the top 1% or people whose net worth places them in the top 1%?

[Decker]

When you refer to "the 1%" are you talking about income or net worth? 

I pointed out that income tax is largely inconsequential to the true elites based on how they acquire wealth.  So it follows that I'm talking about net worth.

[Dos Equis]

I pointed out that income tax is largely inconsequential to the true elites based on how they acquire wealth.  So it follows that I'm talking about net worth.

Understood.  When we talk about the "richest 1%," there are the "super rich," but there are also a lot of average people as well.  You should read The Millionaire Next Door and its sequel The Millionaire Mind.  Twenty year study of Americans with a net worth of a million or more.  Really changed my view of money, income, and wealth. 

[Decker]

Understood.  When we talk about the "richest 1%," there are the "super rich," but there are also a lot of average people as well.  You should read The Millionaire Next Door and its sequel The Millionaire Mind.  Twenty year study of Americans with a net worth of a million or more.  Really changed my view of money, income, and wealth. 

Thanks.  I'll take a look for it.  Me and the wife always go to the bookstore after one of her doctor appointments and tonight is that night.