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
