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It Only Takes $34K to Be Global One Percenter

Things are tougher elsewhere
By Mary Papenfuss,  Newser User
Posted Jan 6, 2012 2:46 AM CST

(Newser) – Oh, this is rich. Many members of the 99% turn out to be one-percenters when incomes from all over the world are ranked. In fact, it takes an annual per-person income of $34,000—after taxes—to place an American in the global 1%, according to the book The Haves and Have-Nots by World Bank economist Branko Milanovic. The true global middle class gets by on just $1,225 a year, notes the New York Daily News. “It doesn’t seem right to define as middle class people who would be on food stamps in the US,” Milanovic tells CNN.

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Half of all of the world's richest (29 million) live in the US, with most of the rest in Germany (4 million); France, Italy, and England (3 million each); and Japan and Brazil (2 million each). There's nobody in the richest 1% in Africa, China, India, Eastern Europe, or Russia in "statistically significant" numbers, Milanovic writes in his book. (Read more One Percenter stories.)

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