How much the top 1% of world’s richest earn in different countries
The income required to be in the “top 1%” varies greatly depending on what country you live in. To join the “richest top 1% club” in the United States requires more than $488,000, 6 times more income than in India ($77,000). An emerging market so populous that the top 1% includes more than 13 million people.
You might need the combined incomes of 12 richest one-percenters in India, a developing market, to equal 1 in the oil-rich United Arab Emirates.
In much of the developed world, an annual pretax income of $200,000 to $300,000 gets you into the richest top 1% club. Interestingly, Inequality is widening even within the ranks of the top 1%.
To be among the top 1 percent in America, you needed a minimum annual pretax income of $488,000 per year before taxes. While it takes about $488,000 per year to enter the “top 1% club” in the United States, reaching the “top 0.1%” now requires an annual pretax income of more than $2 million. And the threshold for 0.01% is more than $10 million.
From China to the United States, a breakdown of the wealthiest of the wealthy. Here’s the full breakdown of the annual pre-tax income you need to be among the top 1%of earners in various countries.
The one-percenters: annual pretax income threshold to be in the top 1 percent of earners
| Rank | Country | Annual pretax income (one-percenters) |
|---|---|---|
| 1 | United Arab Emirates | $922,000 |
| 2 | Singapore | $722,000 |
| 3 | United States | $488,000 |
| 4 | Bahrain | $485,000 |
| 5 | Germany | $277,000 |
| 6 | United Kingdom | $248,000 |
| 7 | Australia | $246,000 |
| 8 | France | $221,000 |
| 9 | Canada | $201,000 |
| 10 | South Africa | $188,000 |
| 11 | Brazil | $176,000 |
| 12 | Italy | $169,000 |
| 13 | China | $107,000 |
| 14 | India | $77,000 |
Note: All figures are given in 2018 U.S. dollars adjusted for purchasing power parity.
To illustrate the inequality problem, here are some facts: The richest 1% own 45% of global wealth. The richest 0.003% own 11.3% of global wealth.
The world’s top 10 billionaires
| Rank | Billionaire | Net worth | Comparable GDP values of countries (in US$) |
|---|---|---|---|
| 1 | Jeff Bezos | $126 billion | Morocco ($119 billion) |
| 2 | Bill Gates | $118 billion | Ecuador ($1.7 billion) |
| 3 | Bernard Arnault | $101 billion | Kenya ($98 billion) |
| 4 | Warren Buffett | $90.4 billion | Ethiopia ($90 billion) |
| 5 | Mark Zuckerberg | $80.4 billion | Guatemala ($78 billion) |
| 6 | Amancio Ortega | $75.2 billion | Venezuela ($72 billion) |
| 7 | Larry Page | $70.4 billion | Luxembourg ($70 billion) |
| 8 | Sergey Brin | $68.2 billion | Panama ($68 billion) |
| 9 | Steve Ballmer | $66.7 billion | Myanmar ($66 billion) |
| 10 | Carlos Slim | $61.9 billion | Costa Rica ($61 billion) |
The aggregate wealth of the world’s top 10 billionaires is approximately $858 billion, exceeding the GDP of Saudi Arabia, Turkey, or Switzerland.
In other words, the wealth of the richest 0.00000016% of the world’s population (7,762,807,450) accounts for 4% percent of America’s GDP of about 21.4 trillion.
The world’s richest man, Jeff Bezos, the owner of Amazon, saw his fortune increase to $126 billion. Just 1% of his fortune is equivalent to the whole health budget for Morocco, a country of 35 million people.
If he were to liquidate all of his assets, Bezos could purchase all of the final goods and services supplied by Morocco in a single year.
Following the same logic, the world’s top 10 billionaires could chip in their combined assets in exchange for the annual production of all goods and services in Turkey ($743.708 billion.
Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact: info@ceoworld.biz
