We’ve all read and heard about the top 1%. But what does being among the richest of the rich actually mean?

The answer or the definition of being the richest of the rich, just as in real estate, depends upon where one is located, where one lives in the world.

Bloomberg’s Ben Silverman and Reade Pickert delved into what it takes to be among the richest among the rich, what it takes to be among the wealthiest top 1%, around the world. Silverman and Pickert zeroed in on three elements of wealth: earnings, taxes and spending. Let’s take a look.

Income Standards – What The Top 1% Earn Annually

India                           $81,000

China                          $105,000

South Africa                $162,000

Brazil                          $169,000

Canada                       $190,000

France                        $215,000

Australia                     $239,000

Britain                        $290,000

Bahrain                      $473,000

US                             $478,000

Singapore                   $694,000

UAR                            $891,000

Source: World Inequality Database, Statistics Canada

Taxes – What The Top 1% “Give” To Their Governments Annually

(All figures below are Marginal Tax Rates in 2018 by country.)

France                          50%

Australia                       45%

China                           45%

South Africa                 45%

Britain                         45%

Switzerland                  40%

US                              36-37%

India                           35%

Canada                        33%

Brazil                           27%

Singapore                     22%

Bahrain                        0

UAE                             0

Source: KPMG

Spending – What The Top 1% Spend on Homes, School Tuition, Nannies Annually

Homes By Value

 Monaco                     $226.4M

Hong Kong                  $6.8M

Singapore                   $5.3M

Sydney                       $4.2M

London                       $4.1M

Los Angeles                 $3.8M

New York City              $3.8M

Dubai                          $3.1M

Paris                           $2.9M

Berlin                          $2.5M

Miami                          $1.9M

Beijing                        $1.9M

Vancouver                   $1.9M

Shanghai                     $1.7M

Sao Paolo                    $0.7M

Cape Town                   $0.6M

Mumbai                       $0.6M

Average Tuition at Private Day School

Los Angeles                $60,400

New York City             $49,000

London                       $42,000

Mumbai                      $36,000

Shanghai                    $35,000

Paris                          $34.500

Beijing                       $34,000

Miami                        $27,900

Vancouver                  $26,500

Dubai                        $26,000

Hong Kong                 $23,800

Sao Paolo                  $23,600

Monaco                     $23,100

Sydney                      $19,500

Berlin                        $19,200

Cape Town                 $5,800

Experienced Live-In Nanny

 Monaco                   $120,000

Los Angeles              $83,200

Sydney                    $63,500

Dubai                      $60,000

Hong Kong               $50,400

Paris                        $48,000

Miami                      $46,000

New York City           $41,000

Beijing                    $40,000

London                   $40,000

Vancouver               $40,000

Berlin                     $36,600

Cape Town              $36,400

Shanghai                $35,000

Singapore               $29,300

Sao Paolo               $7,800

Mumbai                  $6,100

 

Source: Black Knight, Chamness Worldwide Relocation Services

Also read: https://timandjulieharris.com/2019/09/11/some-worry-that-america-could-talk-itself-into-recession.html, https://timandjulieharris.com/2019/10/10/similarities-among-billionaire-buyers-and-sellers.html, https://timandjulieharris.com/2019/10/09/7-north-american-cities-most-at-risk-of-crash.html