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Wait... 140k/year is the top 1%?
You only need to be making / spending $50 a day to be in the top 10%, ~$19,000 a year. The world is extremely stratified and unequal and a majority of people would be lucky to make in a year what your average person in a developed country makes in a month.
That's why when we talk about the 1% we really mean the top 1% of the 1% (700k)... Maybe even 1% of that (7k)
Well it does seem to be talking about the global 1% which is known to include a pretty big slice of the population in relatively wealthy places like the US. The more exclusive 1% that people usually talk about is the US 1% or the 1% of another specific country.
Keep in mind that 1% of 7 billion people is 70 million. And estimates for the number of billionaires in the world look to be under 3000. In addition, most estimates for worldwide median individual income are under 3000 USD per year.
Taking all that into account, 140k sounds pretty reasonable as a boundary for the global 1%.
Keep in mind it'd be a lot larger without that top 3000
Let's work the problem.
It's a big club, and you ain't in it.
I mean 140k/year USD can be a little or a lot depending on where you live.
In New York or San Francisco for example, that's not that high. Cost of living would catch up to you very fast. You wouldn't be in any trouble, but you wouldn't be considered "rich". Even up here in Canada, in cities like Vancouver, Toronto or even Montreal, I think you'd just be comfortable but you wouldn't be able to afford a house for example. Maybe a 2 bedroom condo.
My girlfriend and I are making nearly that amount, we have no kids, and we don't feel rich at all. We still have to be careful with our money.
https://youtu.be/Nyvxt1svxso
Yeah that number seems super strange, and basing it on income makes little sense unless capital gains and the like are being considered. Even then, someone ultra rich may “appear” to make very little money one year only for their investments to pan out the next year and their gains to be extravagant. This should be based on net worth rather than income.
Net worth is good for talking about redistribution but for carbon emissions income is better. Emissions are largely based on consumption of fuel for cars and planes, meat, energy for climate control of homes ( the larger the home the more energy needed) etc. Consumption is correlated to income level, not net worth. You could inherit a home worth half a million which might put you in the top 1% globally in net worth but if you're only making $60,000 a year you're consumption isn't going to be near a person who makes $150,000 a year but has a lower net worth because they spend it all and have no savings.