How to Join the 1%

[Monoriu]

US$800k is a really low threshold.  That's probably 80% of homeowners who have paid off their mortgage in Hong Kong.  This is probably because the article defines 1% as "1% of the world's population".  I think it should probably be "1% of the city/country I live in."

Then the answer is "Move to Haiti".

Yeah, that's a good point.  1% in China probably doesn't mean much, given the huge number of peasants and poor factory workers.  Getting to within 1% of the wealthiest in Hong Kong is insanely difficult. 

[Richard Hakluyt]

I think that most well-off people use the Mono approach; instead of looking at their position on a global scale they compare themselves with the people around them............the advantage of that is that hardly anyone ends up being in the unpopular 1% 

[Monoriu]

I think that most well-off people use the Mono approach; instead of looking at their position on a global scale they compare themselves with the people around them............the advantage of that is that hardly anyone ends up being in the unpopular 1% 

People in Haiti don't affect me.  It is utterly meaningless to say I am richer than the majority of Haitians.  I live in Hong Kong.  Other people in Hong Kong compete with me to get goods and services.  So it makes sense for me to compare myself with my peers. 

[Richard Hakluyt]

Yes, I agree with you but the problem is that your peers is a group that changes. If we take, for example, a succesful banker in the City, he will compare himself to his peers and not feel particularly rich, same with premier league footballers and so on.

I'm interested in this because so many political parties want to soak the rich, this is a popular move because, after all, barely anyone thinks that they are rich.

[Warspite]

Yes, I agree with you but the problem is that your peers is a group that changes. If we take, for example, a succesful banker in the City, he will compare himself to his peers and not feel particularly rich, same with premier league footballers and so on.

Yes - this reminds me of an argument I once had in a cab regarding that MP who complained about their salary:

Person on £75000: "What people don't understand is that it's really hard to live on £60,000 in London. I barely get by."
Me: "Do you realise how you sound? The median salary in London is only £26k!"

The thing is, once you have adjusted to two skiing holidays a year, it is very hard to imagine life without that sort of comfort.

I'm interested in this because so many political parties want to soak the rich, this is a popular move because, after all, barely anyone thinks that they are rich.

On the other hand, I think a lot of left-wing, soak-the-rich thinkers fail to understand a genuine perception amongst a lot of "working people" (as we now call them) that people can get rich because they are hard-working and talented, so they deserve their rewards. The idea that if you build up a business that earns you £20,000 a year or £200,000 a year, there's no principle that demands you fork over a punitive sum to the government.

[garbon]

Yes - this reminds me of an argument I once had in a cab regarding that MP who complained about their salary:

Person on £75000: "What people don't understand is that it's really hard to live on £60,000 in London. I barely get by."
Me: "Do you realise how you sound? The median salary in London is only £26k!"

The thing is, once you have adjusted to two skiing holidays a year, it is very hard to imagine life without that sort of comfort.

I guess it depends on the point of making the comparison, no? There is something to be said that there is something to be said that for a person renting a 1 bed flat in Kensington, a person living in Tooting in a 3 person houseshare is not exactly a relevant comparator...other than like well you certainly make more than the latter person.

[Valmy]

It is really hard to get data on income (on a worldwide basis), but here is a neat calculator to play with :

https://www.givingwhatwecan.org/get-involved/how-rich-am-i

It seems I joined the 3.4%

[Gups]

1.7%. So near and yet so far.

[DontSayBanana]

13.3%  I didn't even make top 10.

[Maladict]

It is really hard to get data on income (on a worldwide basis), but here is a neat calculator to play with :

https://www.givingwhatwecan.org/get-involved/how-rich-am-i

It seems I joined the 3.4%

I was pleasantly surprised how high I scored until I noticed it said 'after taxes'.

Anyway, if I give away 10% of my net income, which I really cannot afford, I will save 1 life.
Somehow I was expecting it to be more than that.

[lustindarkness]

I joined the 1% in 1993.

[Richard Hakluyt]

That calculator is very sensitive to family structure, maybe too sensitive.

[garbon]

That calculator is very sensitive to family structure, maybe too sensitive.

Yeah looks like it.  Apparently, I've long been in the 1% post-tax.

edit: there also seems to be something quite rigid about cost of living in each location. Appears to be much harder to break 1% in UK vs. US.

[Caliga]

0.2% 

[Valmy]

0.2% 

So why are you still working?