Fed Survey Excludes Richest Americans, But Some Slip Through
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The Fed's survey of consumer finances excludes the Forbes 400 richest people, but 7 still participated somehow. Their data was removed before publishing.
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The Fed tries to survey wealthy people to understand the upper tail of wealth distribution. It partners with the IRS and University of Chicago.
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The IRS scrubs Forbes 400 members from the list it gives the university, so these were likely new billionaires.
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There were 20 entries in the public database with net worths of at least $1 billion, though some details were altered.
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The ultra-wealthy respondents were old (61-88), mostly male, and mostly white.