Think you know how wealth is distributed in America? Think again.
A YouTube video that's gone viral recently shows that our perceptions of who has money and how much they have is quite skewed. The poor and middle class have a lot less than most people think, while the rich have a lot more. And the Top 1% are off the charts.
The video, which has been viewed more than 3.8 million times, draws heavily on the wealth inequality work of Michael Norton and Dan Ariely, professors at the business schools of Harvard and Duke business, respectively. The duo asked Americans how they thought wealth was distributed and found that the estimated and ideal divisions of the wealth pie bear little resemblance to reality.
The piece also features a CNNMoney story on an AFL-CIO report that showed CEOs earned 380 times the average worker.
Check out the video for yourself:
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.73%||3.65%|
|15 yr fixed||2.85%||2.79%|
|30 yr refi||3.72%||3.64%|
|15 yr refi||2.85%||2.78%|
Today's featured rates:
|China and Fed fallout to weigh on stocks|
|Japan stocks plunge on weak China data|
|Tesla repays federal loan nearly 10 years early|
|China factory activity contracts in May|
|How police can find your deleted text messages|
|Latest Report||Next Update|
|Home prices||Aug 28|
|Consumer confidence||Aug 28|
|Manufacturing (ISM)||Sept 4|
|Inflation (CPI)||Sept 14|
|Retail sales||Sept 14|