There are those who envy the top 1%. In an interview aired on ABC News on October 18, 2011, former President Obama expressed his commitment to the Occupy Wall Street protesters. “I understand the frustrations being expressed in those protests,” Obama told ABC News' Jake Tapper.
The top 1% are the sworn enemies of the leaders of the Democratic Party and Democrat Socialists. But who really is in the 1% globally?
The growth of income inequality has long been a hot topic around the globe, but it wasn't until the “Occupy” movement that the amount of wealth concentrated in the top 1% of society received so much attention.
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This raises an interesting question: who exactly are the 1%? The surprising answer: if you’re an American, you don’t have to even be close to being uber-rich to make the list.
Daniel Kurt notes:
Ranking by Income
According to the Global Rich List, a website that brings awareness to worldwide income disparities, an income of $32,400 a year will allow you to make the cut. $32,400 amounts to roughly:
- 30,250 Euros
- 2 million Indian rupees, or
- 223,000 Chinese yuan
So if you’re an accountant, a registered nurse or even an elementary school teacher, congratulations. The average wage for any of these careers falls well within the top 1% worldwide.
Figure 1. The percentage of global wealth owned by the top 1% surpassed 50% as of 2016.[caption id="" align="alignnone" width="562"] Source: Oxfam[/caption]
Kurt concludes, "The term 'top 1%' of global income may sound like an exclusive club, but it’s one to which millions of Americans belong. It’s a reminder of just how prosperous developed countries are compared to the vast majority of other people who share our planet."