You're One of the Richest People in the World. You.

CNN Money delivered some startling news yesterday. Reporting on World Bank economist Branko Milanovic's book, "The Haves and the Have-Nots," you are one of the haves. Here's the deal:

It only takes $34,000 a year, after taxes, to be among the richest 1% in the world. That's for each person living under the same roof, including children. (So a family of four, for example, needs to make $136,000.) ... In the grand scheme of things, even the poorest 5% of Americans are better off financially than two thirds of the entire world.

Do check out the chart:

I could be wrong, but I'm guessing that you're in the global one percent, or close to it. 




Their math seems wrong, the richest 1% of the world population would be ~70 million people. Considering the US population is over 300 million, its mathematically impossible that everyone making over $34k would be in the top 1% of the world, considering the fact that there are millions who make over that in Europe, Russia, China, India, Africa, and South America, not to mention Aussies and Canadians.

Its a quibble, lets be clear, I do acknowledge we're enormously well off, but lets not use bad math to support that argument.

This appears too mathematically simple to be true. Perhaps it will help a lot by tiering continentally. Seems as if what we see and what we think we know, particularly in Africa, do not support this argument. It is quite interesting and quite revealing though.

You need to be logged in to comment.
(If there's one thing we know about comment trolls, it's that they're lazy)