- Ben Steverman and Reade Pickert
This Is What It Takes to Be in the 1% Around the World
Since the financial crisis, income inequality has garnered increasing attention from economists, politicians, and journalists, and perhaps no income level has been cited more than the so-called 1 Percent. Yet that term can describe a wide variety of earners, depending on where they live.
What They Make
Income standards vary wildly around the world. You might need the combined incomes of eleven 1 Percenters in India, a developing market, to equal one in the oil-rich United Arab Emirates. The U.S. almost splits the difference.
What They Owe
In most of the developed world, 1 Percenters don’t keep everything they make. A significant share of their income is earmarked for the government. In many countries, the highest income tax rate applies to only a portion of the 1 Percent.
What They Spend
The cost of luxuries and amenities is relative, too. What you pay for a Los Angeles mansion might get you merely a charming apartment in Monaco. On the other hand, child-care costs in those cities aren’t nearly as far apart.
Housing, education, and childcare costs
Courtesy : Bloomberg