Just so we are clear the global population is about 8.3billion. So there are about 830million in the top 10%. The US has a population of 340million, the EU of 450million and there are some other countries like the UK or Canada. Then there are some rich countries like South Korea, Japan, Saudi Arabia, South Korea and so forth, which also have large populations. Also obviously there are plenty of rich people in poor countries as well. Especially China will make up a good chunk of the global top 10%, just for being upper middle income and a country with a huge population.
In other words it is not being above median income in the West, but somewhat above that.
That’s going to include dual income households as well as single income, so the $70k threshold for being in the top 10% may actually include some people below median, depending on what the distribution of single vs dual income households happens to be.
Point being, since we’re being pedantic today, is that being anywhere above median income in a developed nation means you are likely in the global top 10%.
Yeah… the Median individual income is only 45k. So it kinda depends if the 70k threshold was accounting for household or single. If it’s just a single income then around 75% of Americans would not make it to the top 10%.
Household income is kinda a skewed way to evaluate income, especially considering that a lot of households do not share expenses equally. Younger generations could have 5 roommates and not make the 85k median.
The global 10% income threshold is about $70k.
Just so we are clear the global population is about 8.3billion. So there are about 830million in the top 10%. The US has a population of 340million, the EU of 450million and there are some other countries like the UK or Canada. Then there are some rich countries like South Korea, Japan, Saudi Arabia, South Korea and so forth, which also have large populations. Also obviously there are plenty of rich people in poor countries as well. Especially China will make up a good chunk of the global top 10%, just for being upper middle income and a country with a huge population.
In other words it is not being above median income in the West, but somewhat above that.
Median household income was $83,730 in 2024
That’s going to include dual income households as well as single income, so the $70k threshold for being in the top 10% may actually include some people below median, depending on what the distribution of single vs dual income households happens to be.
Point being, since we’re being pedantic today, is that being anywhere above median income in a developed nation means you are likely in the global top 10%.
Yeah… the Median individual income is only 45k. So it kinda depends if the 70k threshold was accounting for household or single. If it’s just a single income then around 75% of Americans would not make it to the top 10%.
Household income is kinda a skewed way to evaluate income, especially considering that a lot of households do not share expenses equally. Younger generations could have 5 roommates and not make the 85k median.
Oh by “western world” you meant the US and not developed country or european culture country.