How do people's beliefs about the distribution of wealth in the United States compare to the actual distribution of wealth in the country?

Question

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Numerous studies have shown that people tend to overestimate the level of equality in society, including the distribution of wealth. Many believe that the wealth is more evenly spread than it actually is. For instance, in a 2011 study by Harvard Business School, participants estimated that the top 20% of Americans own 59% of the wealth, when in reality, they own over 84%. Similarly, they estimated that the bottom 40% owned 9%, while in fact, they only owned 0.3%.

How Do People's Beliefs About the Distribution of Wealth in the United