True, though most of the wealth in America is held by a small minority too, which kind of creates the weird taxing/spending incentives. (http://www.good.is/post/americans-are-horribly-misinformed-a...)
Spoiler alert: the difference between what Republicans and Democrats think the median wealth should be is less than a quarter of the difference between the lower of those numbers and what it actually is.
We're arguing over a fiction.