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This Is What It Takes to Be in the 1% Around the World

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JoelR

From Mexico to India, a breakdown of the richest of the rich.

By Ben Steverman  and Reade Pickert | February 4, 2019, 11:00 AM CST

https://www.bloomberg.com/news/articles/2019-02-04/a-global-guide-to-what-it-means-to-be-part-of-the-1?srnd=premium

Since the financial crisis, income inequality has garnered increasing attention from economists, politicians, and journalists, and perhaps no income level has been cited more than the so-called 1 Percent. Yet that term can describe a wide variety of earners, depending on where they live. 

What They Make

Income standards vary wildly around the world. You might need the combined incomes of eleven 1 Percenters in India, a developing market, to equal one in the oil-rich United Arab Emirates. The U.S. almost splits the difference.

Annual pretax income threshold to be in the top 1 percent of earners

What they make.JPG

Figures are for the most recent year available; all figures given in 2017 U.S. dollars adjusted for purchasing power parity

Sources: World Inequality Database, Statistics Canada

 

What They Owe

In most of the developed world, 1 Percenters don’t keep everything they make. A significant share of their income is earmarked for the government. In many countries, the highest income tax rate applies to only a portion of the 1 Percent.

top marginal tax rates.JPG

Source: KPMG

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Tomster

Unfortunately, I do not belong to the richest of the rich, do you? 

Talking about the richest of the rich, are they happy? 

Are they really happy? 

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Sammy
11 hours ago, Tomster said:

Unfortunately, I do not belong to the richest of the rich, do you? 

No, I do not belong to the richest of the rich.

11 hours ago, Tomster said:

Talking about the richest of the rich, are they happy? 

Well, I am certain money does not make you happy just like that. Although I can solve (all of) your financial issues/struggles and there’s plenty of population who have to deal with that everyday.

Someone I know is neither part of the richest 1% (I assume) but they have enough cash to pay a house just like that. But as he does not want to pay the outrageous high house prices at the moment, he doesn’t buy one. His main hobby is saving money and looking for new ways to do that. While I wouldn’t mind to have a bit more money, I wouldn’t want to change my mindset with his. 

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