Median versus mean for net worth. A report on the assets of American households says that the median net worth of U.S. families is $120,300. The mean net worth of these families is $556,300. 29 What...

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Median versus mean for net worth. A report on the assets of American households says that the median net worth of U.S. families is $120,300. The mean net worth of these families is $556,300.²⁹
What explains the difference between these two measures of center?

Answered Same DayDec 25, 2021

Answer To: Median versus mean for net worth. A report on the assets of American households says that the median...

David answered on Dec 25 2021

120 Votes

Since networth cannot be negative, it will naturally be skewed to the right.
Further, we know that higher and higher net worth will be found with fewer and
fewer people, so this means this distribution is extremely skewed to the right,
with outliers to extreme right. This does not change the...

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Median versus mean for net worth. A report on the assets of American households says that the median net worth of U.S. families is $120,300. The mean net worth of these families is $556,300. 29 What...

Answer To: Median versus mean for net worth. A report on the assets of American households says that the median...

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