The World Inequality Database recently released data on what it takes to be in the top 1% of annual income in many countries around the world. The results were a bit surprising and here is how things fall in a number of countries:
NATION INCOME NEEDED TO BE IN TOP 1%*
India $77k
Italy 169
Canada 201
France 221
United Kingdom 248
Bahrain 485
UAE 922
China. 107
Brazil. 176
South Africa. 188
Australia. 246
Germany. 277
United States. 488
Singapore. 722
Source: World Inequality Database, 2020
*all figures in US dollars
In the U.S., the top .1 (one tenth of one percent) earned approximately $2 million while the .001 earned an eye-popping figure close to $10 million
Surprised by these numbers? I thought that Canada and Germany would be somewhat higher but was not surprised by low population countries in the Middle East nor Singapore, long a high growth country in Asia.
As we have often written, there will always be some measure of inequality in free market nations but it seems to be cresting right now. When I can get clear data on median income for these nations plus wait for the fallout to settle from the pandemic, I will update this information and provide more detailed comments.
Meanwhile, stay safe my friends.
If you would like to contact Don Cole directly, you may reach him at doncolemedia@gmail.com
