Are you in the top 1% of the world?
Just a handful of people – 42, to be exact – hold the same amount of wealth as 3.7 billion of the world’s poorest people, according to a recent report by Oxfam that stunned the world.
And that gap between the super rich and those in poverty isn’t getting any narrower: Oxfam also found that the world’s richest 1 per cent own 82 of the world’s money generated in 2017.
Exactly what does it take to be part of that 1 per cent?
A new report by Bloomberg has revealed how much you need to earn in order to be part of that exclusive club.
If you’re Australian, you need to earn US $239,000, or AU $336,368.60, to be rubbing shoulders with the world’s richest 1 per cent, according to Bloomberg.
In India, you’d need to be earning US $81,000, or 5.8 million rupees. On the other end of the spectrum, residents in oil-rich United Arab Emirates would need to be earning US $891,000, which is nearly 3.3 million in the local currency of dirham.
But Australia is also among the countries with the highest tax rates, too.
Our costs of living are incredibly high, too: Sydney’s top-tier homes are among the world’s most expensive, and lived-in nannies cost a cool US $63,500 or AU $89,336.
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