Friday, February 28, 2020

Wealth And Lifestyle

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

RankCountryAnnual pretax income (one-percenters)
1United Arab Emirates$922,000
3United States$488,000
6United Kingdom$248,000
10South Africa$188,000

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

RankBillionaireNet worthComparable GDP values of countries (in US$)
1Jeff Bezos$126 billionMorocco ($119 billion)
2Bill Gates$118 billionEcuador ($1.7 billion)
3Bernard Arnault$101 billionKenya ($98 billion)
4Warren Buffett$90.4 billionEthiopia ($90 billion)
5Mark Zuckerberg$80.4 billionGuatemala ($78 billion)
6Amancio Ortega$75.2 billionVenezuela ($72 billion)
7Larry Page$70.4 billionLuxembourg ($70 billion)
8Sergey Brin$68.2 billionPanama ($68 billion)
9Steve Ballmer$66.7 billionMyanmar ($66 billion)
10Carlos Slim$61.9 billionCosta 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.

Anna Papadopoulos
Editor, writer, teacher, consultant. Advocate for plain language, journalism, free speech, and tolerance. Feminist. Based in Sydney, Australia.
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