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||$922,000|
Note: All figures are given in 2018 U.S. dollars adjusted for purchasing power parity.
To illustrate the inequality problem, here are some facts: The richest 1% own 45% of global wealth. The richest 0.003% own 11.3% of global wealth.
The world’s top 10 billionaires
|Rank||Billionaire||Net worth||Comparable GDP values of countries (in US$)|
|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.