Americans make up half of the world's richest 1%

[GTaudiophile]

NEW YORK (CNNMoney) -- The United States holds a disproportionate amount of the world's rich people.

in the world. That's for each person living under the same roof, It only takes $34,000 a year, after taxes, to be among the richest 1%including children. (So a family of four, for example, needs to make $136,000.)

So where do these lucky rich people live? As of 2005 -- the most recent data available -- about half of them, or 29 million lived in the United States, according to calculations by World Bank economist Branko Milanovic in his book The Haves and the Have-Nots.

Another four million live in Germany. The rest are mainly scattered throughout Europe, Latin America and a few Asian countries. Statistically speaking, none live in Africa, China or India despite those being some of the most populous areas of the world.

The numbers put into perspective the idea of a rapidly growing global middle class.

Sure, China and India are seeing their economies grow quickly, and along with that growth, large portions of their populations are also becoming richer. But remember, the emerging world is starting from a very low base to begin with, so its middle class is just that -- still emerging, says Milanovic.

"It doesn't seem right to define as middle class, people who would be on food stamps in the United States," Milanovic said.

The true global middle class, falls far short of owning a home, having a car in a driveway, saving for retirement and sending their kids to college. In fact, people at the world's true middle -- as defined by median income -- live on just $1,225 a year. (And, yes, Milanovic's numbers are adjusted to account for different costs of living across the globe.)

In the grand scheme of things, even the poorest 5% of Americans are better off financially than two thirds of the entire world.

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Someone needs to share this article with the Occupy movement. I think it truly puts into perspective just how wealthy we Americans are. Of course to people like Obama, this is unfair and MORE money from rich Americans should flow to the poor around the world in the form of sending jobs overseas, etc.

 

[fskimospy]

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Someone needs to share this article with the Occupy movement. I think it truly puts into perspective just how wealthy we Americans are. Of course to people like Obama, this is unfair and MORE money from rich Americans should flow to the poor around the world in the form of sending jobs overseas, etc.

Perhaps you can link us to a policy or statement by Obama that showed his desire to alleviate poverty overseas by shipping US jobs there? Please be specific.

I have no idea where the crazies on here get these ideas. Do you really believe this stuff?

 

[GTaudiophile]

Perhaps you can link us to a policy or statement by Obama that showed his desire to alleviate poverty overseas by shipping US jobs there? Please be specific.

I have no idea where the crazies on here get these ideas. Do you really believe this stuff?

Just ask all the members of his Jobs Panel...Immelt & Co...including the CEO of Chevy who is now sending the Volt to China, etc.

 

[CPA]

Well, obviously the best thing to do is to take the 1%er's money and give it to ALL poor people in the world.

 

[fskimospy]

Just ask all the members of his Jobs Panel...Immelt & Co...including the CEO of Chevy who is now sending the Volt to China, etc.

I'm not asking them, I'm asking you. I want to see specific policies or statements. You know what you wrote is insane, right? I really hope you were just talking shit and you don't believe that sort of nonsense.

 

[Genx87]

I think this picture represents this pretty well.

 

[Macamus Prime]

http://money.cnn.com/2012/01/04/news/economy/world_richest/index.htm Of course to people like Obama, this is unfair and MORE money from rich Americans should flow to the poor around the world in the form of sending jobs overseas, etc.

Regan was way ahead of you,... and Obama.

He convinced people that lower taxes for the rich would result more jobs. Turns out, the more jobs part was meant for the people around the world.

The rich enjoyed the tax cuts and figured they could get even more money by sending jobs over seas.

Now, they get even more money by screwing with the stock market.

The majority (not all) of the rich (on this planet) are greedy, immoral, corrupt and evil to their very core.

 

[Vic Vega]

I think this picture represents this pretty well.

Epic.

 

[sm625]

And thanks to Romnebama, this great wealth will continue to trickle down to all americans! Ha ha HAAA! Suckers...

 

[First]

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Someone needs to share this article with the Occupy movement. I think it truly puts into perspective just how wealthy we Americans are. Of course to people like Obama, this is unfair and MORE money from rich Americans should flow to the poor around the world in the form of sending jobs overseas, etc.

Yes, we should all strive to be as poor as the rest of the world. That'll show us spoiled Americans!

Lol, you crazy libertarians.

 

[BoberFett]

Yes, we should all strive to be as poor as the rest of the world. That'll show us spoiled Americans!

Lol, you crazy libertarians.

The 1% in the US could ask the same question. Should they strive to be as poor as the rest of the Americans?

And has that not been the message from the Occupiers? That the 1% make too much money and that their income should be spread out among the 99%?

 

[First]

The 1% in the US could ask the same question. Should they strive to be as poor as the rest of the Americans?

And has that not been the message from the Occupiers? That the 1% make too much money and that their income should be spread out among the 99%?

Well I wouldn't say the rich paying marginally more in taxes (say 3%, hell even 5%) would change their standard of living at all, or their spending habits for that matter. The American middle class receiving those funds in the form of redistribution would undoubtedly see their standards of living rise as well as their spending habits increase. On the other hand, striving to be as poor as the rest of the world (going from $47K annually to $1.2K annually) is a big, big drop in standards of living.

 

[Dulanic]

So is this how we judge progress in the US? By how badly the rest of the world does? Sounds like high goals... Should we judge our freedom on China now too?

 

[IceBergSLiM]

People like obama? Obama is in bed with wallstreet to the fullest what are you talking about?

 

[BoberFett]

Well I wouldn't say the rich paying marginally more in taxes (say 3%, hell even 5%) would change their standard of living at all, or their spending habits for that matter. The American middle class receiving those funds in the form of redistribution would undoubtedly see their standards of living rise as well as their spending habits increase. On the other hand, striving to be as poor as the rest of the world (going from $47K annually to $1.2K annually) is a big, big drop in standards of living.

Likewise the world 1% (the American middle class) could then also handle a 5% tax increase which would then be distributed around the world.

So do Occupiers who are part of the world 1% really care about the world 99% or do they just care about themselves? And if they only care about themselves, then why should the American 1% care about the American 99%?

 

[Atomic Playboy]

...it truly puts into perspective just how wealthy we Americans are....

No, it puts into perspective how poor other countries are. And even that doesn't tell the whole story. The article says that number includes about 29 million Americans; that's less than 10 percent of the population. If anything, that just points to the dwindling middle class in our country. And money is only as good as what it will get you. A thousand dollars a month will go a LOT farther in rural Thailand than it will in San Francisco. Aren't you righties always saying that people who make 6 figures in Manhattan aren't rich because of the absurdly high cost of living? Shouldn't that argument go both ways?

 

[BoberFett]

So is this how we judge progress in the US? By how badly the rest of the world does? Sounds like high goals... Should we judge our freedom on China now too?

Should the wealthy in the US judge their progress by how badly the rest of the Americans are doing? Why is your benchmark designed around random geopolitical borders?

 

[MomentsofSanity]

So is this how we judge progress in the US? By how badly the rest of the world does? Sounds like high goals... Should we judge our freedom on China now too?

Why not. Couple weeks ago here some were comparing poverty in America to that in Haiti as a reason the poor shouldn't complain. Just seems like natural progression.

 

[Throckmorton]

Uhh the richest 1% in the world would be 70 million people. So 35 million Americans. What about the other 272 million Americans?


My net worth is about -$22,000. Where does that put me?

 

[First]

Likewise the world 1% (the American middle class) could then also handle a 5% tax increase which would then be distributed around the world.

Sure, but that's not even sensible or practical since we're a sovereign nation and all. I'm talking practically, and that obviously would never be passed into law. Higher taxes on the rich is a very moderate, middle of the road approach to solving debt and evening the playing field WRT income disparity. So is reduced spending, for that matter.

So do Occupiers who are part of the world 1% really care about the world 99% or do they just care about themselves? And if they only care about themselves, then why should the American 1% care about the American 99%?

They care about others and themselves, like most non-OWS Americans, I imagine.

 

[fskimospy]

Likewise the world 1% (the American middle class) could then also handle a 5% tax increase which would then be distributed around the world.

So do Occupiers who are part of the world 1% really care about the world 99% or do they just care about themselves? And if they only care about themselves, then why should the American 1% care about the American 99%?

Actually the people at OWS (at least the original one in Manhattan that I went to) were very much in favor of increased social justice the world over.

 

[dank69]

People like obama? Obama is in bed with wallstreet to the fullest what are you talking about?

Right, which is why Obama has been trying to appoint a Director for the new Consumer Financial Protection Bureau for the last year. Republicans have been blocking it not because they don't like the man selected, but because they don't want the department to start policing their constituency. But nevermind all that, it is Obama's fault. 🙄

 

[DucatiMonster696]

No, it puts into perspective how poor other countries are. And even that doesn't tell the whole story.

You state how "poor" other countries are but you don't take into account the actual standard of living, its raise/decline (being poor today is not the same as being poor 30-40 years ago in many nations, including the US) over time vs the actual cost of living that involves many factors such as taxes, regulations, etc found in these nations which paints a more accurate picture of the real levels of wealthy and poverty across the world.

The article says that number includes about 29 million Americans; that's less than 10 percent of the population.

This statement doesn't take into account that those who are in the middle class or higher but who are not the "1%" in the US still have a higher standard of living then the majority of the world.

If anything, that just points to the dwindling middle class in our country. And money is only as good as what it will get you. A thousand dollars a month will go a LOT farther in rural Thailand than it will in San Francisco.

Actually if anything it demonstrates that the standard of living and the cost of living is higher in the US then Thailand. The equivalent of a middle-class wage earner in Thailand would earn far less then a middle-class wage earner in San Francisco which has a hugely higher cost of living compared to Thailand but may also have a higher standard of living.

Aren't you righties always saying that people who make 6 figures in Manhattan aren't rich because of the absurdly high cost of living? Shouldn't that argument go both ways?

They aren't rich if their standard of living is equivalent to someone earning far less elsewhere which is what you seem to have not taken into account.

 

[DucatiMonster696]

Uhh the richest 1% in the world would be 70 million people. So 35 million Americans. What about the other 272 million Americans?


My net worth is about -$22,000. Where does that put me?

It depends on the median standard of living found in Hawaii and what it takes to have a decent life vs other parts of the world or even the US as a matter of fact. While you may earn less in some places your standard of living may be higher because the cost of living itself (purchases, taxes, etc) may give you more bang for your buck.

 

[theeedude]

So Conseravative's message to Americans is if you make $34K per year for a family of four, be happy.