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World's richest 1% gained $40 tn in a decade: Oxfam
(www.france24.com)
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this post was submitted on 25 Jul 2024
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I was asking myself, how much money do you need to have, to be in the top 1%?
So for context, according to this article, you are in the top 1% worldwide, if your net worth is above ~872'000.-, that is 19 million US Americans.
With 94'000.- you are in the top 10%
What if your net worth is -$50,000? Asking for a friend...
The top 10% includes the majority of people in the western world. We have been lied to by the select few above us that we have more in common with them than we do with the bottom 90% in the rest of the world.
In terms of lifestyle we definitely do. To go from a retail worker living in a typical US apartment to a jet-setting billionaire with a superyacht is a big jump in quality of life but it’s FAR less than going from a dirt-floored shack in central Africa to the apartment in the US.
Both the retail worker and the billionaire can enjoy healthy food, clean drinking water, access to medicine, electricity, a shower any time, a smartphone with unlimited data, a home PC with unlimited internet, Netflix, Amazon, Uber Eats... These are all luxuries beyond what even a king from two centuries ago could dream of, and they’re available to anyone on a minimum wage retail job and a bit of budgeting skills.
Meanwhile the poor shack-dweller faces unimaginable grinding poverty, no running water, no medicine, rampant disease, war, slavery (conflict minerals) and prostitution.
The problem with billionaires isn’t how luxurious their yachts are. It’s how much power their wealth gives them and how unaccountable they are for it. Heck, you can probably see posts on Lemmy every day about the stuff Elon Musk is doing.
Right. I wish they would start using the more accurate figure of .01% for articles like this. The 1%-.011% are successful upper class households, none of which are Billionaires. The .01% is all the billionaires.