There aren't that many people above you, but 1% of the US population is still millions, and they have an outsized influence and visibility.
Property also suffers from "pigeonhole" effects; a few foreign millionaires parking their money in empty properties at the top end causes everyone to move along one.
The threshold to be in the top 1% in the US is 11M. A US citizen needs 4.4M to be in the top 1% globally. More than 8% of US families fall into the millionaire category.
In my opinion, it's more meaningful to look at top X% as a function of age bracket. Any moderately successful American born in 1950 is probably a millionaire today.
There aren't that many people above you, but 1% of the US population is still millions, and they have an outsized influence and visibility.
Property also suffers from "pigeonhole" effects; a few foreign millionaires parking their money in empty properties at the top end causes everyone to move along one.