07/02/2019 This Is What It Takes to Be in the 1% Around the World - Bloomberg

Wealth

This Is What It Takes to Be in the 1% Around

the World
From Mexico to India, a breakdown of the richest of the rich.

By Ben Steverman and Reade Pickert

5 February 2019, 01:00 GMT+8

Since the financial crisis, income inequality has garnered increasing attention from
economists, politicians, and journalists, and perhaps no income level has been cited more
than the so-called 1 Percent. Yet that term can describe a wide variety of earners, depending
on where they live. 

What They Make

Income standards vary wildly around the world. You might need the combined incomes of
eleven 1 Percenters in India, a developing market, to equal one in the oil-rich United Arab
Emirates. The U.S. almost splits the difference.

Annual pretax income threshold to be in the top 1 percent of earners

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07/02/2019 This Is What It Takes to Be in the 1% Around the World - Bloomberg

INDIA S. AFRICA FRANCE AUSTRALIA BAHRAIN U.A.E.

$81K $162K $215K $239K $473K $891K

CHINA BRAZIL CANADA U.K. U.S. SINGAPORE

$105K $169K $190K $290K $478K $694K

Figures are for the most recent year available; all figures given in 2017 U.S. dollars adjusted for purchasing power parity
Sources: World Inequality Database, Statistics Canada

What They Owe

In most of the developed world, 1 Percenters don’t keep everything they make. A significant
share of their income is earmarked for the government. In many countries, the highest
income tax rate applies to only a portion of the 1 Percent.

Top marginal tax rate in 2018

0 10% 20% 30% 40% 50%

FRANCE
AUSTRALIA
CHINA
S. AFRICA
U.K.
SWITZERLAND
U.S.
INDIA
CANADA
BRAZIL
SINGAPORE
BAHRAIN 0
U.A.E. 0

Source: KPMG

What They Spend

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The cost of luxuries and amenities is relative, too. What you pay for a Los Angeles mansion
might get you merely a charming apartment in Monaco. On the other hand, child-care costs in
those cities aren’t nearly as far apart.

Housing, education, and childcare costs

ENTRY POINT FOR THE AVERAGE ANNUAL AVERAGE ANNUAL COST

TOP 1 PERCENT OF TUITION AT A PRIVATE OF EXPERIENCED LIVE-
HOMES BY VALUE DAY SCHOOL* IN NANNY

MONACO $26.4M LOS ANGELES $60.4K MONACO $120K

HONG KONG 6.8 NEW YORK 54 LOS ANGELES 83.2
SINGAPORE 5.3 SINGAPORE 49 SYDNEY 63.5
SYDNEY 4.2 LONDON 42 DUBAI 60
LONDON 4.1 MUMBAI 36 HONG KONG 50.4
LOS ANGELES 3.8 SHANGHAI 35 PARIS 48
NEW YORK 3.8 PARIS 34.5 MIAMI 46.1
DUBAI 3.1 BEIJING 34 NEW YORK 41
PARIS 2.9 MIAMI 27.9 BEIJING 40
BERLIN 2.5 VANCOUVER 26.5 LONDON 40
BEIJING 1.9 DUBAI 26 VANCOUVER 40
MIAMI 1.9 HONG KONG 23.8 BERLIN 36.6
VANCOUVER 1.9 SÃO PAULO 23.6 CAPE TOWN 36.4
SHANGHAI 1.7 MONACO 23.1 SHANGHAI 35
SÃO PAULO 0.7 SYDNEY 19.5 SINGAPORE 29.3
CAPE TOWN 0.6 BERLIN 19.2 SÃO PAULO 7.8
MUMBAI 0.6 CAPE TOWN 5.8 MUMBAI 6

*Costs vary by grade

Sources: Knight Frank, Chamness WorldWide

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