You Don’t Need Six Figures to Join the One Percent Club— Here’s Why
As of July 2018, there are now more than 7,600,000 people in the world and most people often wonder how much money do they need to have in order for them to become a part of the worlds 1 percent. The Global Wealth Report for this year courtesy of Credit Suisse Research Institute said that the wealth of a person must meet a certain amount on their net worth to become a part of that 1 percent. This includes the income every single year as well as all the financial and real assets owned by the person.
As of this year, there are now more than 19 million people in the United States who are a part of the world’s 1 percent. The US has more people belonging in that one percent compared to any other country, which means that most of the people in the United States can be considered as wealthy. What most people don’t realize is that if they wish to become a part of the world’s top 10 percent, they don’t need to have six figures, a little over $90,000 a year will do.
Part Of The World’s One Percent
Another fact that surprise people are usually when they find out that even if they earn a little less than $5,000 a year they are still way richer than more than half of the world. Financial experts usually blame wealth inequality, especially when the House of Commons released the possible stats that by 2030 the richest 1 percent will most likely own the rest is the global wealth. Experts believe that there is just a massive lack of wealth distribution not in just the United States, but all over the world.
Lack of wealth distribution has always been around. It doesn’t even matter what kind of society we have whether it is democratic, aristocratic, communist and more. However, financial experts believe this can be avoided just like by properly measuring the inflation, editing tax codes, making zero-interest rates policies, and of course the income tax.
US Wealth Rank
Despite the unequal distribution of wealth in the United States, the country is still one of the nations who are at the top in terms of household wages. This is all based on the Organization for Economic Co-operation and Development or OECD’s recent data, which shows 1 percent of the households in the United States have way more wealth than most of the households in the bottom 90 percent of the world, which includes some of the poorest countries.
Credit Suisse has broken it down and said if it wasn’t for so much poverty some other countries are currently facing, this would’ve turned out differently. Just like the comparison between the nation’s average households, in India, an average net worth for a single family is $7,000, while in Africa it is even lower. The average household in the United States, on the other hand, has over $400,000. The term average wealth can totally be misleading for some, especially when countries get compared to one another. One nation’s average wealth can be another nation’s massive fortune.
Becoming a part of that 1 percent may seem so glorious, but a percentage means you belong to the millions of people included in that 1 percent. This only shows how different nations can be when it comes to their people’s income and way of living.
The United States is still the home of the most successful businesses in the world, the job opportunities are still rising and despite the trillions of dollars people have in debt, they still get way more than what most people in other countries get as their net worth. More than 80 percent of the world are still living in poverty, which means there are still more than 30 billion people who cannot make it to the 1 percent.
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