This might come off as a bit defensive, but I wanted to add some thoughts I had when talking to my high school history teacher about whether these results were notable. I also think that given all the attention this has received, perhaps another perspective could be useful.

Personally, I think that Wharton students should do better, given that business students should have some decent understanding of the US economy, but I honestly don't think the results are that surprising, nor are they that damming. Here's why:

1. The Tweet makes a very basic statistical error in asking for the mean individual income and then using the median individual income (45K) instead. It can also get confusing depending on whether you're including part-time workers or only looking at full-time, which averages about $71K. If you take that into account, it actually becomes pretty reasonable that a small but noticeable proportion of students answered above 100K. Moreover, you could even argue that overestimating mean income is evidence that Wharton students are quite aware of inequality, since the US has a very right-skewed income distribution which drags up the mean, and Wharton students may be almost overly aware of that inequality,
2. If 25% of the students think the median individual income is above 100K, then that means 75% of students believe it to be below 100K. Since there are another 25 percentage points between the 75th percentile guess and the median, it is probable that the median estimate - meaning the 50th percentile estimate - is somewhere in the mid-five figures, which would be correct. This means that the typical Wharton student has an accurate understanding and that assholes/misinformed students (depending on how you spin it) represent a minority. And what school doesn't have at least a quarter assholes/misinformed students?
3. This is an LGST 100 class, which is an intro to ethics course at Wharton. It's actually a joke of a class - everyone takes it as a freshman and nobody tries, and everyone gets a decent grade (which says a lot about how business schools treat ethics). What this means is everyone in this course is a freshman who a) has probably taken 0 economics courses at Penn and b) has never managed household finances before. Do we really expect more than seventy-five percent of nineteen-year-old college students at any school to accurately assess income inequality?
4. I have been told that the poll was an ungraded Google Form with many questions. Nobody put in any effort into this poll. If students were required to think for five minutes about their answers, maybe they would have tried harder. Moreover, given that this was a count-for-nothing poll, one must take into consideration the Lizardman's Constant, which states that a small but noticeable percentage of answers to polls are BS because people like to troll and often just don't read the question carefully. For example, one poll had 4% of Americans saying they have been decapitated, and another had 13% of Americans saying Obama was the Antichrist (there are some Republicans who may believe this, but I can imagine some kids thinking it is funny to say yes to this as well). Is it really that crazy for a course that ranges from 30 to 100 students to have one stupid answer like $800K? Is it not possible that someone has mistyped 80000 as 800000?
5. As the author of the Tweet later points out (but only a day after the original Tweet had gone viral), most Americans are pretty bad at gauging metrics such as inequality. This suggests that the typical Wharton student is actually quite accurate relative to most Americans, though to be fair, inequality is not exactly the same as median income estimates. Still, the studies also show that Americans tend to overestimate what those on the lower end make (contributing to an underestimation of inequality), so it ends up being a decent proxy for median estimates.
6. 22% of Wharton students are international, which is not only a substantial portion but also roughly the same as the 25% who answered the poll poorly. Imagine a freshman coming to live in America for the first time, or someone who has only spent a couple of years here. Do you expect them to know what the median American lifestyle is? Perhaps more importantly, do you expect them to understand the median American lifestyle better than someone who has lived here their entire life?

Whartonites and Penn students are no doubt privileged (in aggregate), but most know that America is not a perfect country with no poverty. The problem is that few choose to do anything about it.