{"id":4752,"date":"2023-10-23T22:20:08","date_gmt":"2023-10-23T22:20:08","guid":{"rendered":"https:\/\/infundpros.com\/finance\/in-a-world-of-declining-response-rates-the-fed-got-27-billionaires-to-participate-in-a-household-finance-survey\/"},"modified":"2023-10-23T22:20:09","modified_gmt":"2023-10-23T22:20:09","slug":"in-a-world-of-declining-response-rates-the-fed-got-27-billionaires-to-participate-in-a-household-finance-survey","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=4752","title":{"rendered":"In a world of declining response rates, the Fed got 27 billionaires to participate in a household-finance survey"},"content":{"rendered":"
\n

Did Elon Musk respond? Or Jeff Bezos? How about Warren Buffett?<\/p>\n

There were seven people who participated in the Fed\u2019s authoritative survey of consumer finances that were so wealthy and prominent that the central bank excluded them from the public database of responses so that they could not be identified.<\/p>\n

\n

\u201cBy design, the [survey of consumer finances] sample excludes people who are included in the Forbes Magazine list of the 400 wealthiest people in the U.S.,\u201d said the Fed. \u201cHowever, there are several reasons why respondents with wealth at this level could appear in the sample anyway. In the 2022 survey, there were observations that had net worth at least equal to the minimum level needed to qualify for the Forbes list.\u201d<\/p>\n

The most recent Forbes 400 cutoff was $2.9 billion.<\/p>\n

The Fed continued: \u201cBecause it would be very difficult to obscure sufficiently the identity of such people without rendering their data virtually useless, it was decided to remove them from the public version of the data set. Thus, the public version of the data set contains 4,595 of the 4,602 observations in the full data set,\u201d noted the Fed.<\/p>\n

That\u2019s actually remarkable given the Fed goes out of its way not to find such respondents to the 28-page survey conducted on information ranging from payment methods to vehicle ownership to charity to pensions. Findings from the survey include the median, and average, value of net worth for U.S. households.<\/p>\n

Related: <\/strong>Are you in an average American family? Then you\u2019re a millionaire. <\/p>\n

But to understand how the Fed tries not to find the super-duper-wealthy, you have to first understand why it makes an extra effort to look at the finances of wealthy people.<\/p>\n

As the Fed put it: \u201cEvidence suggests that there is differentially higher nonresponse among wealthy households. Failure to account for such differences in the creation of analysis weights leads to a misrepresentation of the size of the upper tail of wealth and characteristics associated with being in that tail.\u201d<\/p>\n

So in addition to a national random survey, the Fed also went after this hard-to-reach segment with an assist from the Internal Revenue Service, which gives it special access to tax records. In fact, it\u2019s a delicate, three-way partnership between the Fed, the University of Chicago\u2019s National Opinion Research Center that carries out the polling, and the Internal Revenue Service; the IRS doesn\u2019t receive the survey responses, for instance, while the Fed doesn\u2019t get the contact details.<\/p>\n

It\u2019s all the more remarkable that the seven super-rich people responded, because the list that the IRS hands over to the University of Chicago is specifically scrubbed of Forbes 400 members, or in fact any person that would be easily identified by their sociodemographic characteristics.<\/p>\n

That suggests for instance that these are newly minted billionaires; that Forbes has missed a few people; or, probably less likely, that the sample of the \u201cnormal\u201d people somehow stumbled on seven of these mega-rich.<\/p>\n

In all, there were 1,304 wealthy families targeted through this special polling. And even in the public database, there were billionaires.<\/p>\n

The Fed, it should be noted, did alter some details to obscure identities in this public database, and it wouldn\u2019t say which or whose details have been altered. But there were 20 entries who responded to the Fed that listed a net worth of at least $1 billion. <\/p>\n

They\u2019re all old \u2014 ranging in age from 61 to 88 \u2014 mostly men, and mostly white.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Did Elon Musk respond? Or Jeff Bezos? How about Warren Buffett? There were seven people who participated in the Fed\u2019s authoritative survey…<\/p>\n","protected":false},"author":1,"featured_media":4753,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-4752","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance"},"yoast_head":"\nIn a world of declining response rates, the Fed got 27 billionaires to participate in a household-finance survey | inFundPros<\/title>\n<meta name=\"description\" content=\"Did Elon Musk respond? Or Jeff Bezos? How about Warren Buffett? 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