The dominant discrepancies are "expected" fat (boobs, etc), and "unexpected" muscle (cyclists, body builders, hard labour careers, etc). I'm currently around 10-15lb overfat and 40-50lb overweight [0]. Only the former statistic matters.

[0] And that, at least somewhat, tracks visual perceptions. Nobody looks at me with a shirt on and believes I need to lose weight, because 10-15lb isn't _that_ much extra on a tall frame. If I were 40-50lb overfat then that would be painfully obvious regardless.