Wednesday, November 09, 2011

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

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.

No comments: