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Edit: A different article was saying it wasn't the percentile rank but the % of your MMR compared to the lowest numbered mythic rank (#2000), which makes more sense given the numbers you see.
Quick maths.
Until you hit a certain number of top players, like Tom said.
The % number is a percentile. If you are in the 88th percentile you are in the top 12% of the world. 89th? Top 11% of the world, etc.
This is not true. when I lose I lose a percentage
So I need to get more wins and fewer losses from those in the 89%
Lesson learned!