It’s no secret we live in a world fascinated by the mythical 1 percent, the richest of the rich.
But while many imagine that to earn your way into this exclusive club you must have a fleet of superyachts, it turns out the label changes depending on where you earn your keep.
According to a recent Bloomberg piece, you’d need to bank the combined incomes of eleven ‘1 percenters’ in India, a developing market, to equal just one in the United Arab Emirates.
Below is a list of annual pretax income you need to be among the top 1 percent of earners in various countries. All figures are in U.S. dollars from 2017.
- India: $81,000
- China: $105,000
- Canada: $190,000
- France: $215,000
- United Kingdom: $290,000
- United States: $478,000
- Singapore: $694,000
- United Arab Emirates: $891,000
On home turf, if you want to access the 1 percent group in Australia, you’d need to be banking $US239,000. The report also takes into account the dollar difference in housing, education, and childcare costs globally, which again proves 1 percent isn’t one for all and all for one.
For instance, the property entry point for a 1 percenter in Monaco is around $US26 million, while in Sydney that figure drops to (just) AU$5.8 million ($US4.2 million).
Basically, the gap between the haves and the have-a-helluva-lots is getting bigger.
The bottom line – if you’re sick of slumming it with the rest of the 99%, your best bet is to move to India.
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