No, seriously. if you make more than $34,000 per year, you’re in the top 1%.
In America, the top 1% earn more than $380,000 per year. In Australia, the top 3% of households earn more than $250,000 per week, according to the ABS. How much do you need to earn to be among the top 1% of the world?
$34,000.
That was the finding World Bank economist Branko Milanovic presented in his 2010 book The Haves and the Have-Nots. Going down the distribution ladder may be just as surprising. To be in the top half of the globe, you need to earn just $1,225 a year. For the top 20%, it’s $5,000 per year. Enter the top 10% with $12,000 a year. To be included in the top 0.1% requires an annual income of $70,000.
Not only am I in the top 1%, I’m just at the cusp of being in the top .1%, if I only look at gross income. I’m clearly wealthy beyond my wildest dreams, yet I still wince every time I fill up my gas tank.
The OWS who had her $5000 laptop stolen—that laptop represented half-a-year’s income to someone right at the nadir of the top 10% of earners in the world.
Not pointing fingers (well, except at our foreign aid, which clearly needs to be reserved for nations where contract law is enforced and it’s possible for citizens to own private property and build up equity), just sayin’ . . . it’s good to keep things in perspective.
How would you view someone making $350,000 per year who was out in the streets protesting those making $35 million per year, because those super rich folks could afford yachts and private jets and had the financial security that came with owning multiple houses in different countries, and the merely wealthy could only afford one vacation home—and could only lease time on a private jet, but could not own their own?
I doubt there’d be a lot of sympathy for the folks topping $350k or $500k a year, protesting those making tens-of-millions.
Yet to most of the world, that’s what the OWS people look like. Or would look like, if they could afford cable, television, internet, newspapers, or literacy.
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