Half Of World's Richest One Percent Are Americans (VIDEO)


According to calculations by World Bank economist Branko Milanovic in his book The Haves and the Have-Nots, about half of the world's richest one percent live in the United States, about 29 million of them, to be exact.

But the qualifications to make the cut may surprise some people who've never considered themselves part of the world's financial elite.

According to CNN Money, who reported on Milanovic's findings, an individual with an after-tax salary of just $34,000 per year ranks among the richest one percent in the world. A family of four, Milanovic says, would have to make $136,000 in order to qualify.

To put things in perspective, the "true global middle class," as defined by the world's median income, live on just $1,225 per year, according to the report.

According to Milanovic, the other half of the global one percent live in Germany, the rest of Europe, Latin America, and a "few Asian countries."

Just as the wealth disparity between America and the rest of the world continues to grow, so does income inequality within many countries.

A report by the Organization for Economic Co-operation and Development (OECD) found that, since the mid-1980s, income inequality has increased by 77 percent in the 22 countries surveyed. In these countries, the average income of the richest 10 percent of the population is nine times that of the poorest.

Not only may many Americans not know they belong to the global one percent, but a new study shows some may not even know they're apart of the domestic one percent.

The survey, performed by wealth marketing firm HNW Inc., showed that half of those making $350,000 per year don't consider themselves part of the one percent. Nevertheless, a full two-thirds of those same respondents said they don't sympathize with the occupy movement.


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