Archived Are our older generations getting rich at the expense of the young? (fool.com.au)
submitted ago by captainplanet2
Posted by: captainplanet2
Posting time: 5.3 years ago on
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Archived on: 2/12/2017 1:51:00 AM
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Archived Are our older generations getting rich at the expense of the young? (fool.com.au)
submitted ago by captainplanet2
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[–] Microcosm 0 points 5 points 5 points (+5|-0) ago
Exactly! Think about it this way: if you earn more than $35k you are in the top 1% globally. For real. The number is that low. That is how much poverty exists in the world.
So it's like the top 1% of 1%. A super small group whose wealth grows exponentially no matter if markets rise or markets fall. Why? Because they always control both sides of the issue/market/bank/war.
[–] SlipperyChicken ago (edited ago)
How can 35k put you into the top 1% globally? 1% of 7 billion is 70 million. ~70 million is the largest number of people that could possibly constitute the 1%. There are more than 70 million people that make 35k. The US alone has 150 million workers in the labor force. The average wage is about 25k. Europe has about 500 million people, so their work force is probably around 200 million? So between Europe and the US you have ~350 million workers. There is no way that 35k puts you in the top 1% because that would mean we'd have more than 70 million people in the top 1%. That's only factoring in Europe and the US. It doesn't include Japan, Australia, South Korea, China, Russia, or the Middle East oil states. The math doesn't work out. You can't have more than 70 million in the top 1%
This article says you need to have about half a million pounds of net worth to be in the top 1% in the world. You'd have to own a house outright (with no mortgage) and then also have other assets on top of that. Now maybe if you make 35k a year you could potentially, eventually, find yourself in the top 1%. If you're just making 35k a year with a mortgage or rent, you aren't in the top 1%.
[–] Microcosm ago
Try this article for backup of my position.
http://www.dailymail.co.uk/news/article-2082385/We-1--You-need-34k-income-global-elite--half-worlds-richest-live-U-S.html