There has been a lot of talk about wealth disparity in the world. The Oxfam report released just before the World Economic Forum in Davos was designed to shock the world into the realization that the top 1% own nearly half of all wealth in the world. Even though the report has flaws and critics, we can’t escape the reality that there is a huge economic gap.
Before we start sniping at the 1% club, let’s not forget some estimates indicate a person worth $500,000 is in the top 1%, though the more likely number is $750k. Obviously a high number on a global basis, but still much lower than most people realize. Plus according to Global Rich List, earning just $33k a year puts you in the top 1% of wage earners in the world.
So when we talk about the top 1%, we’re often talking about ourselves. If you are a teacher, non-profit leader, bus driver, or roofer in the USA, you are probably in the 1% right alongside the Wall Street banker and Russian oligarchs.
The real issue is the top 1% of the top 1%. That’s where you get into the super rich club. Or as one blogger put it, that’s where you separate “the haves from the have yachts.”
More and more people are using the acronym UHNWI. It stands for Ultra High Net Worth Individual, which is a person earning more than $45 million a year, though some elitists insist on $100 million and the more generous put it at $25 million.
Either way, really? Yes, really. I’ve been economically fortunate, but that level is hard to fathom. Yet the number of people who fall into this category is growing.
If you want to read the blog post I’ve mentioned, here’s a link. You might also find the book Plutocrats by Chrystia Freeland to be interesting.
By the way, why do magazines always make the ultra high net worth individuals look like George Clooney or Leonardo di Caprio? The few I’ve met tend to be older and (at best) average looking. Often they are fat, bald, and look like they sit in meetings all day. Oh wait …. maybe God is preparing me to be richer than I thought ….