Central Banks: The Standard American Household Is A Millionaire

by Tommy Grant

Because of inflation and some central bank tricks, the standard American household has now reached millionaire status.  According to the Federal Reserve’s consumer finance survey, money is ridiculously tight amid the cost of living crisis, but the average American household has achieved millionaire status.

We live in a crazy world where the average person is struggling to put food on the table but is a “millionaire” by the central banks’ definition. The mean net worth of an American household, adjusted for inflation, was $1.06 million in 2022, according to the Federal Reserve’s consumer finance survey. In comparison, in 2019 the mean net worth of an average household was $868,000, marking a 23% jump, according to a report by Yahoo Finance. 

The mainstream media, the lapdogs of the ruling class, are trying to convince the public that they are “better off” now that inflation is out of control, and they can’t afford the same quality of life that they used to. Even when looking at the median—another measure of the average, which represents the midpoint in the ranking and is less likely to be skewed by exceptionally high or low numbers—the typical American household was worth $192,900.

Although that figure is less exciting for aspirational workers, it still represents an impressive after-inflation gain of 37% over three years.

The mean is substantially higher than the median because it is boosted by the top 10% of earners, who have a net worth, on average, of $6.63 million, according to the Fed. Meanwhile, households in the bottom 10% had a mean net worth of $5,300 in 2022. –Yahoo Finance

The average net worth of homeowners stood at $1.53 million in 2022, compared with just $155,000 for renters. Even in the United Kingdom, over 41,000 homeowners became millionaires, which is a rise of 6% from the year prior, as house prices skyrocketed last year.

So basically, the claim is, that because of inflation and the inability to afford a home at this point, people have become millionaires. This is actually quite terrifying for those young adults expected to be contributing members of society.

 

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