Quintiles are used to create cut-off points for a given population; a government-sponsored socio-economic study may use quintiles to determine the maximum wealth a family could possess in order to belong to the lowest quintile of society.

How do you explain quintiles?

A quintile is a 1/5th (20 percent) portion of the whole. In statistics, it's a population or sample divided into five equal groups, according to values of a particular variable. It can also be used to refer to the cut-of points (quartiles) for these portions.

What is the use of quantile in statistics?

In statistics and probability, quantiles are cut points dividing the range of a probability distribution into continuous intervals with equal probabilities, or dividing the observations in a sample in the same way.