How to be the 1%

Recently the Australian Financial Review assessed what it takes to join this exclusive 1% club.

It takes assets of $11.2 million to be among the richest 1% of Australia's 8.4 million households.

The top 1% has around $1.07 million in cash or it's equivalent according to the Australian Financial Review. That compares with just less than $120,000 for the top 20% of households.

Those who make it in the top 1% of rich people tend to have extensive share portfolios, worth $450,000 and have a business valued at an average price of $3 million.

And their financial security is covered by $1.4 million in superannuation, more than double the super held by the wealthiest 20%.

The average value of cars owned by the top 1% is $84,000; compared with $32,000 for the top 20%.

Figures from the Australian Bureau of Statistics show that Australia's richest households are expanding their wealth three times faster than the poorest groups

IN COMPARISON:-
According to the UN, Nearly half the world's population, 2.8 billion people, earn less than $2 a day.
According to the World Bank, 95% of those living in the developing world earn less than $10 a day.