Top 1% of income is a red herring too - Top 1% of wealth is what everyone is focused on. Top 1% of household wealth is more like $10M in net worth. Almost nobody earning $500k will ever amass $10M in net worth due to income taxes (vs. capital gains for those with substantial wealth) and living expenses. It really is a separate stratosphere.
https://equitablegrowth.org/wp-content/uploads/2019/03/table...