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  • surewhynotlem@lemmy.world
    6·
    1 year ago

    It absolutely does when 90% of the wealth is grouped in the top one or two percent.

    The difference between a millionaire and a homeless person is tiny compared to the difference between a millionaire and a billionaire.

    • Chobbes@lemmy.world
      1·
      1 year ago

      Wouldn’t the middle class be centered around the median, which would be completely unaffected by extreme outliers (such as the top 5%)?

      I agree with the sentiment that the difference between a billion and a million is about a billion and all, and I’m not sure how things are actually defined… But I would think that it would make sense to use median income (instead of mean income) to determine what the “middle” class is precisely to avoid skew from outliers.

    • redballooon@lemm.ee
      14·
      1 year ago

      I suggest you tell the next homeless person that he’s practically a millionaire, when compared to Elon Musk, and see his face light up. He’ll thank you for the really useful reference point that practically gets him off the street.