According to a recent study, what percentage of the american population makes up the power elite?

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. 

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