Monday, June 22, 2015

Are you in the top 1 per cent?

The Occupy Wall Street movement promoted the slogan "We are the 99%" to highlight economic, political, and social inequality in the USA.

It is interesting to consider what it takes to be in the top 1% or 10% globally.

According to The Economist 
Wealth is so unevenly distributed, that you need just $3,650 (less debts) to count yourself among the richest half of the world’s population. A mere $77,000 brings you among the wealthiest 10%. And just $798,000 puts you into the ranks of the 1%—within the reach of many white-collar urban professionals in the West. Hence, more than 35m people carry such a plump purse. Among the three billion adults at the bottom with less than $10,000 in wealth, 90% reside in developing countries. Yet 15% of millionaires live in developing countries too.
Note that this wealth is not necessarily cash in a bank account but includes home equity and investments in superannuation (retirement) funds.

I recently encountered this video when it was shown by Cathy Delaney during a talk she gave at Theology on Tap.

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