According to Joshua Kennon, the percentage of the american population that makes up the so called power elite is 1%. They also hold around the top 1% of the wealth. They make investments ranging from 5 to 10 million dollars. Most of these elites drove on Mercedes-Benz, BMW and Lexus. They spent an average of 50,000 dollars for their cars . Most of them lived on suburban areas not on heavily congested cities like New York or Los Angeles. Majority of them holds a degree and has graduated from college.