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To be global 1% means earning $32k/year (source: investopedia). It’s a catchy phrase but ironically basically any Westerner using it is part of it. The archetyp
by goatinaboat 7y ago
To be global 1% means earning $32k/year (source: investopedia). It’s a catchy phrase but ironically basically any Westerner using it is part of it. The archetypal Occupy protestors clutching their latest-model iPhone in one hand and a Starbucks in the other
- ethbro 7y ago"1%" is a mirror that reflects human tendencies to only look jealously at those doing better than them, rather than objectively include those worse off. Radiolab (I think?) had an episode on this. Even the rich are jealous of their "1%".
- abetusk 7y agoI assume you got this from the Investopedia article [1]? This seems a little disingenuous, no? To make the top 1% in terms of income, yes, it's $32k/year but to make the top 1% in terms of wealth you would need $770k in net worth, well beyond most Americans, even with assets such as an iPhone and a Starbucks coffee. [1] https://www.investopedia.com/articles/personal-finance/050615/are-you-top-one-percent-world.asp https://www.investopedia.com/articles/personal-finance/05061...
- goatinaboat 7y agoThis seems a little disingenuous, no? Not at all - from the comment I was replying to “Vast majority of top 1% don't even have much capital to speak of.” But my wider point being that it is just used to mean “anyone slightly wealthier than me”.