"In his book The Nature of Rationality he gets, as is typical with philosophers, into amateur evolutionary arguments and writes the following: “Since not more than 50 percent of the individuals can be wealthier than average.” **Of course, more than 50% of individuals can be wealthier than average. Consider that you have a very small number of very poor people and the rest clustering around the middle class. The mean will be lower than the median**. Take a population of 10 people, 9 having a net worth of $30,000 and 1 having a net worth of $1,000. The average net worth is $27,100 and 9 out of 10 people will have above average wealth." --- **Tags** -- [[quotes]], [[problem-with-averages]], [[data-analytics]], [[regression-to-the-mean]], [[means]], [[medians]], [[statistics]], **Source** -- [[202410121132 - B - Fooled by Randomness]]