What It Takes to Be in the 1% Around the World

[Mike OReilly]

Originally Posted by denverd0n

Have to agree. I have no doubt that SOME of the participants here have that kind of net worth, but I doubt that the majority do. Otherwise, why so very many threads on how to buy a boat for $50k, fit it out for cruising on a minimal budget, and then go cruising for $3k or $4k per month?

There aren't that many. Maybe a 1/2-dozen. There are far more threads about how to buy that multi six-figure cat. But regardless, the real POINT is that almost all of us are in the global rich category.

[MyCatLife]

Originally Posted by Mike OReilly

...the real POINT is that almost all of us are in the global rich category.

That is certainly true...

(2018 report). A net worth of $93,170 U.S. is enough to make you richer than 90 percent of people around the world, Credit Suisse reports.

https://www.cnbc.com/2018/11/07/how-...worldwide.html

[Fore and Aft]

Great perspective Mike. Certainly when you travel overseas you see just how little some people have.
Cheers

[Time2Go]

Originally Posted by MyCatLife

That is certainly true...

(2018 report). A net worth of $93,170 U.S. is enough to make you richer than 90 percent of people around the world, Credit Suisse reports.

https://www.cnbc.com/2018/11/07/how-...worldwide.html

Sad but Good News for me
When I jump ship from the Land
of the Gun Crazies and Religious Zealots
I will be able to live fairly well
Wish it wasn’t so but it is
Cheers
Neil
“Don’t argue with idiots, first they drag you
down to their level then beat you with
experience “ Mark Twain

[Tetepare]

Originally Posted by Fore and Aft

Great perspective Mike. Certainly when you travel overseas you see just how little some people have.
Cheers

My friends should be waking about now. They’ll be well rested, since the breeze blew through the hut all night.

They don’t have electricity or a flush toilet. They’ll go down to the beach or outhouse to do their thing. Then a quick refreshing swim before work.

No big breakfast- just some papaya and banana they grabbed on the roadside yesterday. And some fish they’ll roast quickly over the remains of last nights fire.

Their clothing is likely second hand, or sent by a friend. Shirt, shorts, sandals. The tie and jacket is hung under plastic- who knows, they may wear it this year.

They’ll go to work and make a tenth of what they’d make at McDonald’s in LA. Then on the way home they’ll stop at the fish market and buy a unicorn fish. Fresh tuna costs 1/30th of what I pay for frozen tuna, but why eat tuna when one can eat reef fish?

It takes a long time to buy an outboard. It’s one of those things that gets budgeted, not bought at West Marine because there’s a sale. But they don’t have to buy snow tires, HVAC, or winter clothing. They don’t have to keep the auto in top shape because there’s no government BS, and they only drive 40kph.

They’re not stressed at the end of the day. They enjoy the outdoors and family. There’s no worry about retirement accounts crashing, since all they’re going to do is return to the home village.

Apendicitis, cancer, and others are fatal. They laugh at that and invoke something they call quality of life. When they say that they look at me like I’m an idiot.

Who’s rich now?

[Discovery 15797]

Originally Posted by GordMay

The wealthiest pay almost no tax

This is complete crap and utter nonsense.


Please stop with the wealthy people don't pay their fair share drivel.

Look at IRS data on tax contributions. Start here...https://www.irs.gov/statistics/soi-t...ts-at-a-glance

Here are a few facts from the Tax Foundation to chew on between your petty whining...

• Since 2001, the share of federal income taxes paid by the top 1 percent increased from 33.2 percent to a new high of 40.1 percent in 2018.

• In 2018, the top 50 percent of all taxpayers paid 97.1 percent of all individual income taxes, while the bottom 50 percent paid the remaining 2.9 percent.

• The top 1 percent paid a greater share of individual income taxes (40.1 percent) than the bottom 90 percent combined (28.6 percent).

• The top 1 percent of taxpayers paid a 25.4 percent average individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.4 percent).

• The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to a high of nearly 40.1 percent in 2018. Over the same period, the share paid by the bottom 50 percent of taxpayers fell from 4.9 percent to just below 3 percent.

http://taxfoundation.org/publication...come-tax-data/
(This a pretty good, unbiased simplification of the above mentioned data provided by the IRS spreadsheets linked above.)

Oh...and why 2018? Because that's the last year the IRS has published data as seen on the IRS website.

I suspect most people who whine about "fair share"

• Don't have to report and pay estimated taxable income quarterly to the IRS

• Don't have to worry about getting a $5000 fine if quarterly income is under-reported

• Don't get audited regularly

• Don't have to worry about paying the state and federal gov't "death tax"

• Don't have to worry about taking income distributions that will increase your tax burden from 34% to 39% and having to pay a penalty.

• Have never invested more than $250K to start or invest in a business

• Have never ran a business that employed more than 100 people

• Don't have to hire tax attorneys or CPAs to navigate the ridiculous tax code put together by the chowderhead politicians who are mostly millionaires and promise ideologues and naive people to vote for them on promises of "making the rich pay their fair share"

• Mostly have no clue about US tax code

• Are excited to apply for and receive "credits" or "refunds" on their tax forms

People in the US are all supposed to be equal in the eyes of the law, and I am all for a personal/individual flat tax, or a VAT (value add tax) in which everyone pays into the system based on the amount they spend on things other than food and shelter.

(IMHO corporations, including C, S, LLC, and non-profit corporations should have different tax codes that apply to them.)

Or maybe the top 10% should start demanding the bottom 50% of all taxpayers pay their fair share, and end all "tax credits." Afterall, the US is a country of "equality"...right?

This bash the wealthy nonsense is just that...nonsense.

[bgallinger]

Originally Posted by GordMay

The Richest People in the World 2021

2,755 billionaires and millionaires make up the Forbes list of the richest people in the world. That’s 660 more than in 2020, even though the pandemic devastated the global economy.
Altogether these billionaires are worth $13.1 trillion, up from $8 trillion in 2020.

The pandemic did not bother them
In fact, the group of billionaires and millionaires in the world managed to accumulate 5 billion dollars more, during the pandemic year, than they had in the year before that.

The 400 wealthiest Americans saw their collective fortune increase 40% over the last year, to $4.5 trillion.

Forbes:
World list ➥ https://www.forbes.com/billionaires/
American list ➥ https://www.forbes.com/forbes-400/

Today’s Winners and Losers Reflects changes since 5pm EST of prior trading day
➥ https://www.forbes.com/real-time-bil.../#9c53f2a3d788

Bloomberg Billionaires Index [updated daily]➥ https://www.bloomberg.com/billionaires/

So what!!?? Good for them!

[donradcliffe]

Originally Posted by denverd0n

Have to agree. I have no doubt that SOME of the participants here have that kind of net worth, but I doubt that the majority do. Otherwise, why so very many threads on how to buy a boat for $50k, fit it out for cruising on a minimal budget, and then go cruising for $3k or $4k per month?

Probably 90% of the ones who are looking for or have catamarans

[gonesail]

Originally Posted by Discovery 15797

This bash the wealthy nonsense is just that...nonsense.

it beats bashing the rest of us. you know .. the ones who are supposedly doing better with all that trickle down prosperity

[jimbunyard]

Originally Posted by Discovery 15797

This is complete crap and utter nonsense.


Please stop with the wealthy people don't pay their fair share drivel.

Look at IRS data on tax contributions. Start here...https://www.irs.gov/statistics/soi-t...ts-at-a-glance

Here are a few facts from the Tax Foundation to chew on between your petty whining...

• Since 2001, the share of federal income taxes paid by the top 1 percent increased from 33.2 percent to a new high of 40.1 percent in 2018.

• In 2018, the top 50 percent of all taxpayers paid 97.1 percent of all individual income taxes, while the bottom 50 percent paid the remaining 2.9 percent.

• The top 1 percent paid a greater share of individual income taxes (40.1 percent) than the bottom 90 percent combined (28.6 percent).

• The top 1 percent of taxpayers paid a 25.4 percent average individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.4 percent).

• The share of income taxes paid by the top 1 percent increased from 33.2 percent in 2001 to a high of nearly 40.1 percent in 2018. Over the same period, the share paid by the bottom 50 percent of taxpayers fell from 4.9 percent to just below 3 percent.

http://taxfoundation.org/publication...come-tax-data/
(This a pretty good, unbiased simplification of the above mentioned data provided by the IRS spreadsheets linked above.)

Oh...and why 2018? Because that's the last year the IRS has published data as seen on the IRS website.

I suspect most people who whine about "fair share"

• Don't have to report and pay estimated taxable income quarterly to the IRS

• Don't have to worry about getting a $5000 fine if quarterly income is under-reported

• Don't get audited regularly

• Don't have to worry about paying the state and federal gov't "death tax"

• Don't have to worry about taking income distributions that will increase your tax burden from 34% to 39% and having to pay a penalty.

• Have never invested more than $250K to start or invest in a business

• Have never ran a business that employed more than 100 people

• Don't have to hire tax attorneys or CPAs to navigate the ridiculous tax code put together by the chowderhead politicians who are mostly millionaires and promise ideologues and naive people to vote for them on promises of "making the rich pay their fair share"

• Mostly have no clue about US tax code

• Are excited to apply for and receive "credits" or "refunds" on their tax forms

People in the US are all supposed to be equal in the eyes of the law, and I am all for a personal/individual flat tax, or a VAT (value add tax) in which everyone pays into the system based on the amount they spend on things other than food and shelter.

(IMHO corporations, including C, S, LLC, and non-profit corporations should have different tax codes that apply to them.)

Or maybe the top 10% should start demanding the bottom 50% of all taxpayers pay their fair share, and end all "tax credits." Afterall, the US is a country of "equality"...right?

This bash the wealthy nonsense is just that...nonsense.

Really, really, really, really curious who you stole your 'money' from? Also curious 'who' clued you into how the 'value' it has was validated?

Does it have anyhing at all to do with an arbitrary assessment? How 'bout if 'we' make those that use individuals for their source of income pay those individuals enough to allow them to pay their 'fair share'?

Such buffoonery is as ridiculous as believing that 'trickle-down economics' has any basis in reality. No? I suggest, then, you provide a prospectus illustrating your business model catering to non-customers.


Leaving aside the other clues demonstrating who's dictated your opinion to you...

[ChrisJHC]

From an article in “The Conversation” (Aus) earlier this year:

“Credit Suisse’s Global Wealth Report in October last year showed an individual net worth of US$1 million (A$1,295,825) - combined income, investments and personal assets — will make you among the world’s 1% richest people.

The latest official data shows the average Australian household has a net worth of A$1,022,200.”

Hence anyone who is slightly above the average net worth in Aus is in the global 1%.

[ChrisJHC]

Originally Posted by MyCatLife

Mike am I reading you correctly,... you believe most CF users have a net worth over $4.4M USD?

Based on my short time here and the majority of threads I've read,... I find that hard to believe.

Best regards

Simon

You need to be careful how you interpret the table.
It shows the net worth required to be in the top 1% for that country.

E.g the $4.4m USD figure quoted is to be in the top 1% of US people.
To be in the global 1% is a significantly lower figure and probably achieved by many people in the developed world who own their own home and have a regular income.

[valhalla360]

Originally Posted by Mike OReilly

Yes... if not the majority, then certainly a high percentage. Might be an interesting poll.

Might not be the majority but definitely higher than the average population in 1st world countries. Very few people are buying half million dollar (or higher) boats without a net worth of a few million.

A few notes:
- Far more than 2,755 billionaires and millionaires kicking around. I'm pretty sure the US alone has more than a million millionaires. So without seeing past the paywall, something is lost in translation.
- As far as the rich don't pay any taxes, that is a complete misrepresentation of the data. The vast majority of taxes are paid by those in the upper middle class and up with the amount increasing with wealth and income.

I haven't hit the $4mil figure and likely never will but I appreciate the opportunity rather than limitation of the govt mandating you can't make more than your neighbor.

[valhalla360]

Originally Posted by denverd0n

Have to agree. I have no doubt that SOME of the participants here have that kind of net worth, but I doubt that the majority do. Otherwise, why so very many threads on how to buy a boat for $50k, fit it out for cruising on a minimal budget, and then go cruising for $3k or $4k per month?

Even buying a $50k toy and living a life of leisure on $40k/yr puts you far above the worldwide average.

If we back calculate that person's net present worth (to account for pensions and the like), that's up around $1million.

[GordMay]

“The Global wealth report 2021" ~ Credit Suisse Research Institute

The twelfth edition of the ‘Global Wealth Report’, published by the Credit Suisse Research Institute, shows continued wealth growth. Total global wealth grew by 7.4% and wealth per adult reached another record high of USD 79,952. Overall, the countries most affected by the COVID- 19 pandemic have not fared worse in terms of wealth creation.

Download the Global wealth reports, and Global wealth databook
Here ➥ https://www.credit-suisse.com/about-...th-report.html





26 Billionaires Hold the Same Amount of Wealth as Half the World's Population
Global wealth inequality is increasing, according to nonprofit Oxfam's JANUARY 2019 report.
➥ https://oxfamilibrary.openrepository...-210119-en.pdf


How billionaires saw their net worth increase by half a trillion dollars during the pandemic
40 million Americans filed for unemployment during the pandemic, but billionaires saw their net worth increase by half a trillion dollars.
This isn't the first time billionaires have seen gains while others dealt with loss, and it tends to tie back to two things. First, the government disproportionately gives more aid to larger companies.
Then, when the stock market bounces back, the unequal bailouts mean that the wealthy still have money on hand to invest and thus profit, while the middle and lower classes do not.
Much more ➥ https://www.businessinsider.com/bill...andemic-2020-7