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  1. #1
    The Fool on the Hill bowie's Avatar
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    Money, Money, Money… just where do you stand?

    Well, well, well… here we have it, to be in the enviable top 1% of the worlds wealthy you need a net worth of: USD $871,320. Considerably lower than I had imagined. Unfortunately, not within my grasp.

    However, I do definitely make it into the top 10% by having a net worth exceeding USD $93,710.

    And, get this, if your net worth exceeds USD $4,210. You have more money than half the worlds population. Richer than you thought?

    Actually makes me feel rather good when I read those figures. Being in the top 10% makes me a lot richer than I feel.

    How ‘bout you?


    https://www.msn.com/en-us/money/mark...ide/ar-BBPdaUc

    How much money you need to be part of the 1 percent worldwide
    Just how much money do you need to be among the global 1 percent?

    According to the 2018 Global Wealth Report from Credit Suisse Research Institute, you need a net worth of $871,320 U.S. Credit Suisse defines net worth, or "wealth," as "the value of financial assets plus real assets (principally housing) owned by households, minus their debts."

    More than 19 million Americans are in the 1 percent worldwide, Credit Suisse reports, far more than from any other country, while "China is now clearly established in second place in the world wealth hierarchy," with 4.2 million citizens among the world's top 1 percent.

    To be among the top 10 percent worldwide, you don't even need six figures: A net worth of $93,170 will do it.

    And even if you have just $4,210 to your name, you're still richer than half of the world's residents.

    These numbers reflect the extreme level of persistent wealth inequality. As Credit Suisse reports: "While the bottom half of adults collectively owns less than 1 percent of total wealth, the richest decile (top 10 percent of adults) owns 85 percent of global wealth, and the top percentile alone accounts for almost half of all household wealth (47 percent)."

    The good news is, "there are signs that wealth inequality is no longer rising," Credit Suisse says.

    The share of financial assets among many of the richest people and richest countries "peaked in 2015 and has been declining since then. In previous reports, we predicted that wealth inequality would follow suit — possibly with a slight lag — and there is evidence that this is now the case. The share of the top decile and the top 5 percent remains at the same level as in 2016, while the share of the top 1 percent has edged down from 47.5 percent to 47.2 percent according to our best estimate."

    It's too early to conclude that wealth inequality is on a downward trend, Credit Suisse reports, but "the prevailing evidence suggests it may well have leveled out, albeit at a very high level."

  2. #2
    CCBW JPPR2's Avatar
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    Interesting. Is that liquid cash or asset combined?

  3. #3
    The Fool on the Hill bowie's Avatar
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    Quote Originally Posted by JPPR2 View Post
    Interesting. Is that liquid cash or asset combined?
    Assets combined.

    Credit Suisse defines net worth, or "wealth," as "the value of financial assets plus real assets (principally housing) owned by households, minus their debts."

  4. #4
    ความรู้ลึกลับ HuangLao's Avatar
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    Comparative competition.
    False wealth.


    'Tis all the fashion.

  5. #5
    The Fool on the Hill bowie's Avatar
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    Ahh... for us competitive animals, as humans happen to be... comparative competition is all that matters, no?

  6. #6
    Utopian Expat Chittychangchang's Avatar
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    All depends where you live....

  7. #7
    Thailand Expat

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    Quote Originally Posted by bowie View Post
    top 1% of the worlds wealthy you need a net worth of: USD $871,320. Considerably lower than I had imagined.
    Considerably lower than I would have guessed, too.


    Quote Originally Posted by HuangLao View Post
    Comparative competition.
    False wealth.
    Indeed. A Thai rice farmer with one acre of fertile land, for instance. He can make a living from it and feed his kids. In the US or Australia, one acre of fertile land would put you in the top 10%, but you wouldn't be able to make much of a living off it. A quarter acre of downtown Tokyo, New Yourk, or Singapore would put you in the top 1% and you could easily live off the income it generated. Asset values are relative.

    ^ Yes.

  8. #8
    Balls to Monty
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    It is funny how especially concerned we are with relative wealth rather than just wealth. It seems to be a universal human psychological weakness.

    The poor of today live infinitely more comfortable lives than the middle class of 100 years ago but you only ever read about the scandalous wealth gap and how cruel it is for 'poor' people.

    The poor people of 100 years ago would be scratching their heads trying figure out what 'poor' people today are grumbling about.

  9. #9
    disconnected SKkin's Avatar
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    the love of it...is...the root of all evil



    ...or has "money" always been God?


  10. #10
    The Fool on the Hill bowie's Avatar
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    ^ Money Is The Root Of All

    It really doesn't matter how much money you have, what matters is how much money you have relative to how much money other people have, that is what determines the "Standard-of-Living" you are able to maintain.

    Money is the artificial yardstick we use for comparative purposes. Otherwise, back to the barter system... how many shoes must the cobbler provide the roofer to patch the leak

  11. #11
    Thailand Expat

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    Quote Originally Posted by Looper View Post
    It is funny how especially concerned we are with relative wealth rather than just wealth
    Yes. Big fish small pond rather than "I've got what I need and am happy".
    Quote Originally Posted by Looper View Post
    The poor of today live infinitely more comfortable lives than the middle class of 100 years ago but you only ever read about the scandalous wealth gap and how cruel it is for 'poor' people.
    I don't know about that. In your parents' time, most middle and lower class people could get by with Dad working and Mum staying at home doing the housework. These days both Dad and Mum have to work just to pay the rent.

  12. #12
    Thailand Expat AntRobertson's Avatar
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    And even if you have just $4,210 to your name, you're still richer than half of the world's residents
    That's crazy.

  13. #13
    The Fool on the Hill bowie's Avatar
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    "I don't know about that. In your parents' time, most middle and lower class people could get by with Dad working and Mum staying at home doing the housework. These days both Dad and Mum have to work just to pay the rent."

    For comparative purposes though, my parents raised four kids in an "old" house, no AC, oil heat but daily use of a huge fireplace, a single "older" car, gravel driveway, leaky roof much patched, black & whit TV, one rotary phone, etc. Never went hungry, always food on the table, clothes on the back, a somewhat "simpler" life, maybe? Mother went to work part-time "after" the youngest child was 12 or 13.

    But, that was the norm, all folks in our neighborhood lived very similar lifestyles and routines.

    Today, in the same area, 2, 3 sometimes 4 new cars in the paved driveways of 4 - 5 bedroom luxury houses with large mortgages, both parents working long hours to make ends meet, refrigerator next to empty, money spend paying the mortgage or credit card debt and/or just no time to cook, easier to pickup precooked dinners, pizza's, many food delivery services, etc.

    The times have changed, and continue to change...

  14. #14
    'ello 'ello 'ello Luigi's Avatar
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    Quote Originally Posted by Maanaam View Post
    These days both Dad and Mum have to work just to pay the rent.
    Perhaps if they're a bit simple, and work lower-end jobs illegally.

  15. #15
    'ello 'ello 'ello Luigi's Avatar
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    Quote Originally Posted by bowie View Post
    if your net worth exceeds USD $4,210. You have more money than half the worlds population.
    Makes sense when you look at it like this:


    Then include Africa.

  16. #16
    Thailand Expat
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    Startling stats.

    Keep hearing that globally each year more are being lifted out of poverty (accepted there is still a lot in poverty), yet with the pace of change in peoples lives this doesn't seem to equate to happiness. Like the Bhutanese idea of gross national happiness as a true wealth figure but i fear for how long this will hold out against the capitalist onslaught and attractions that money can buy. Feels like the true spiritual home of Buddhism.

  17. #17
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    Quote Originally Posted by HuangLao View Post
    Comparative competition.
    False wealth.


    'Tis all the fashion.
    Jeff's got 20 baht then.

  18. #18
    Pedantic bastard
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    Not sure what it all means now a days. One of the cleaners at my work is a lovely lady. Hardworking, but illiterate. I bung her a bit of cash every so often for "special services" (not that, get your mind out of the gutter. She gives my office an extra once over and cleans my secret ashtray). She has a quite nice smart phone ( samsung) and is putting her daughter through Uni ( husband long gone).

  19. #19
    Thailand Expat
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    If you look at the place like HK where salary is basically tax free yet people with 10k a month live in 250sqf studio are they really rich? Not to mention all the cage housing.

    Or would you rather live in boring Canada where you have to worry about Fuck all and have housing and money handed to you if you're a bum.

    Btw, anyone that owns the shittiest house here in Toronto or Vancouver is already in top 1%.
    Here's a nifty app

    Global Rich List

  20. #20
    Thailand Expat
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    Quote Originally Posted by nidhogg View Post
    Not sure what it all means now a days. One of the cleaners at my work is a lovely lady. Hardworking, but illiterate. I bung her a bit of cash every so often for "special services" (not that, get your mind out of the gutter. She gives my office an extra once over and cleans my secret ashtray). She has a quite nice smart phone ( samsung) and is putting her daughter through Uni ( husband long gone).
    Nid, true but Thailand, given its supposed Buddhist leaning is one of the worst examples of the religion - its diametrically opposed to the Buddhist tenet and i have no real understanding of how you can have the keepers of said religion so obviously at odds with it and running it like a business but still have the front to preach to people what they clearly don't practice- the poor in Thailand don't stand a chance and constantly run around under the burden of debt trying to live up to material expectations they'll never afford.

    Luckily my Mrs is a tight bitch, monetarily.

  21. #21
    Thailand Expat David48atTD's Avatar
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    And even if you have just $4,210 to your name, you're still richer than half of the world's residents
    Quote Originally Posted by AntRobertson View Post
    That's crazy.
    Christ ... I know some people who would spend that on a Datsun Grill with the metal headlight inserts

  22. #22
    Thailand Expat
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    Quote Originally Posted by David48atTD View Post
    Christ ... I know some people who would spend that on a Datsun Grill with the metal headlight inserts
    And Ant will donate it to a worthy cause once he's finished with it as a dirt bike transporter, likely to the local wat who will of course not use it to take the monks to a karaoke club until it has been resprayed.

  23. #23
    disconnected SKkin's Avatar
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    Quote Originally Posted by NamPikToot View Post
    the poor in Thailand don't stand a chance and constantly run around under the burden of debt trying to live up to material expectations they'll never afford.
    That's happening all over the world...not just in Thailand.

  24. #24
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    Quote Originally Posted by HuangLao View Post
    Comparative competition.
    False wealth.


    'Tis all the fashion.
    You're a one stop shop for trite bullshit, aren't you? And, what are we on now, with your most recent username, almost 5,000 posts of complete and utter nonsense across every section of the forum?

    Nothing original. Nothing intelligent. Nothing ever worth reading.

    I suggest you "connect" yourself to the nearest plug socket and relieve the world of one of its oxygen thieves.

  25. #25
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