I have always been convinced that the general numbers on how many rich people (> 10M networth and > 50M networth) there are is a total lie. Maybe its the bubble that I live in, but there are ALOT of very wealthy people on the coasts. The government numbers dont match my anecdata, I think they are missing a ton of income/capital gains, and thus our wealth distribution charts dont match reality
A significant fraction of wealth is difficult to track because asset value isn't "real" until there is a transaction that places a value on it, which the government does track. Until those transactions happen, any estimates of asset value are notional and may not be remotely realizable in a real market.
when i took econ, there were a host of gva shenanigans that made it amply clear how asset values null out. canonical question - when you marry your cook, what happens to gdp ?
accepted textbook answer - gdp goes down because cook was paid income to cook your food. now she is your wife. if your wife cooks food for you there is no transaction. no invoice. no line item. gross value added has gone to zero.therefore gdp goes down. but you are still eating! well, cause the person who’s doing the cooking now is your wife, not a paid cook.