The Fed survey showed the median value of all vehicles owned by the wealthiest 10% of households was $25,400, compared to $11,800 for households overall. But vehicles represented just 2.4% of the wealthiest households' median net worth, compared with 8.8% of net worth overall.
"My wealthier clients are much more likely to own an American-made SUV than a Range Rover or a (Mercedes) S500," said Mark Lamkin, a financial planner in Louisville, Kentucky. "Most of them live a very unassuming lifestyle, but they're able to do anything they want, whenever they want."
"My wealthier clients are much more likely to own an American-made SUV than a Range Rover or a (Mercedes) S500," said Mark Lamkin, a financial planner in Louisville, Kentucky. "Most of them live a very unassuming lifestyle, but they're able to do anything they want, whenever they want."
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