[quote=AN]I think flyer was talking about those who have net worth >$1M. At least that’s what I thought he’s talking about and that’s what I was agreeing with.[/quote]
$1M only gets you to top 10%. You will need >$3M to get into top 5%, which is probably what flyer meant for financial solvent, or in my definition, “financially independent”.
By the way, these wealthiest 5% of households owned the lion’s share of common stock excluding pensions (79.2%), common stock held either directly or through pensions (69.2%), and non-equity financial assets (76.1%), but only (33.1%) of housing equity.
