The all-American working man demeanor of Tim WalzāKamala Harrisās new running mateālooks like itās not just an act.
Financial disclosures show Tim Walz barely has any assets to his name. No stocks, bonds, or even property to call his own. Together with his wife, Gwen, his net worth is $330,000, according to aĀ reportĀ by theĀ Wall Street JournalĀ citing financial disclosures from 2019, the year after he became Minnesota governor.
With that kind of meager nest egg, he would be more or less in line with theĀ median figureĀ for Americans his age (heās 60), and even poorer than the average. One in 15 Americans is a millionaire, a recent UBS wealth reportĀ discovered.
Meanwhile, the gross annual income of Walz and his wife, Gwen, amounted to $166,719 before tax in 2022, according to their joint return filed that same year. Walz is even entitled to earn more than the $127,629Ā salary he receivesĀ as state governor, but he has elected not to receive the roughly $22,000 difference.
āWalz represents the stable middle class,ā tax lawyer Megan Gorman, who authored a book on the personal finances of U.S. presidents, told the paper.
Net worth isnāt net income. Net worth is assets - liabilities. So itās basically the equity on your home + savings(401k,checking,retirement) + whatever you can sell your car for.
The average (mean) is different from the median too. The fact that there are mega rich inherently pushes the āaverageā (mean) higher than the median.
Median is a better measure of average when there are outliers (like billionaires)
Youāre both right and wrong. Mega wealthy are a problem, but your understanding of the terms youāre using is why youāre confused.
1.6 mil is the average net worth of an American in their 60s. 445k is the median though! The difference between the two comes from the billionaire outliers!
Tim is below the āaverageā, but a majority of Americans are. However, half of Americans are above the median, and half are below.
Youāre right that Average income is 37k. However, average income is not net worth. Thatās why youāre confused.