Many of you are in the top 10% globally
Millions of people complain about wealth inequality, but the ones complaining the loudest are actually the wealthiest. Yes, I’m talking about you. Don’t agree? Read on and I’ll explain.
So, let’s get straight into it.
According to the Credit Suisse Global Wealth Report 2021, the average global net worth per adult is $79,952.
If you have a net worth of at least $129,624 you’ll be in the top 10% globally.
You’ll need $1,055,338 to get into the top 1%.
Most readers on Medium are American, so I’ll focus mainly on them for the purposes of this article.
Just let that sink in for a minute. If you have a net worth of $129,624 or more, you’re in the top 10% globally. According to CNBC, more than 102 million adults in America have over that amount.
For those of you who own properties, it’s a figure that’s fairly easily reached.
Here’s an even more shocking fact to think about:
The median net worth globally is just $7,522. If you have a net worth of more than that, you’re in the top 50% globally.
So why are so many people in the US and other Western countries complaining about wealth inequality?
We’re among the richest in the world yet we complain that those that are ahead of us have too much.
Have you ever heard anyone complain that inequality is bad because those poorer than us have less? Probably not. Why is that?
The sad fact is that as a society we’re not interested in wealth equality. What we’re interested in is taking from those above us to make ourselves better off.
Do you think that people like Elon Musk, Jeff Bezos, and Bill Gates have too much wealth? If you’re like most people, you’ll think they do?
So what should be done about it? If we want to decrease inequality, that money should go to people in Africa. The median net worth there is only $1,068.
How many would agree to that though? What most really want is a share of Musk’s money for themselves. Even though they’re already in the top 10%, they want more. They should should be showing some gratitude for being where they are, yet all they can show is greed.
I see this all the time. A pretense of wanting equality, but in reality wanting more for themselves.
Here’s a little math for you. Elon Musk has a new worth of around $220 billion. What if we took that off him and shared it among the planet’s 8 billion people? We’d all be rich, right?
We’d each get $27.50.
Even if it got shared just among Americans it would be less that $700 each.
Elon Musk isn’t making us all poorer like many seem to think. Quite the opposite, in fact. We’re probably all better off financially because of him. It’s people like Musk, Bezos, and Gates who create the wealth we all take for granted. Most just don’t appreciate it. Or want to admit it.
Most are just plain jealous because a few others have more than them.
Most are bad at math. They think taking from others will make them wealthy.
Most want more money for themselves. Being in the top 10% doesn’t matter. They want more.
They don’t want a more equal world. If they did, they’d be giving their wealth away to poorer people.
Those are the facts as I see them.
It might be an unpopular opinion, but it’s a valid opinion.
If you want to compare yourself to other Americans in your age group, check out the following article: