If we're talking aspirational spending, no, we're not.
It's not the median, but the marginal cost to advance to the next level.
In 1947, to go from the top of the first quintile by income to bottom of the top 5%, required increasing your income 501%. In 2001, the differential was 685%. Wealth disparities tend to exceed income (your marginal savings and/or investment growth increases with marginal income).
Another relationship is to consider ranking determined by mean (not median) income. If half the wealth and spending power is in the top 5% rather than top 20% of households, then the relative wealth of the lower 95% has decreased -- they're not keeping up with the Jonses.
It's not the median, but the marginal cost to advance to the next level.
Again, the marginal cost to advance to the "next level" can only increase if more people are able to achieve it. "Keeping up with the joneses" is a zero sum game.
Also, if we are talking about "keeping up with the joneses", then it's irrelevant to focus on income or wealth. We should focus on consumption - interestingly, consumption inequalities are lower than both income and wealth inequalities.
It's not the median, but the marginal cost to advance to the next level.
In 1947, to go from the top of the first quintile by income to bottom of the top 5%, required increasing your income 501%. In 2001, the differential was 685%. Wealth disparities tend to exceed income (your marginal savings and/or investment growth increases with marginal income).
http://www.econlib.org/library/Enc/DistributionofIncome.html
A similar relationship is shown in this plot: http://en.wikipedia.org/wiki/File:US_Income_Inequality_1967-...
Another relationship is to consider ranking determined by mean (not median) income. If half the wealth and spending power is in the top 5% rather than top 20% of households, then the relative wealth of the lower 95% has decreased -- they're not keeping up with the Jonses.