How much money you need to be among richest people worldwide – Pulse.com.gh
The 2018 Global Wealth Report has revealed the amount needed to be richer than half of the people across the globe.
Research carried out by the Credit Suisse Research Institute has shown that it takes exactly $4,210 (N1.5 million) to join the list of the richest 50 per cent of people in the world.
According to the institute, your “wealth or net worth doesn’t just have to be the money in your bank account.”
It can also include “the value of financial assets plus real assets (principally housing) owned by households, minus their debts.”
The Credit Suisse Research Institute also discovered that it does not take as much as you might imagine to make you richer than 90 per cent of people across the world. Actually, all you need to be among the world’s top 10 per cent richest people is $93,170.
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However, it takes a lot more to join the 1 per cent of rich globally. For this extremely exclusive list, you need a net worth of $871,320.
Majority of these people can be found in the United States, followed by China, as Americans continue to lead the world wealth hierarchy.
This is as a result of the U.S. which “currently accounts for 41 per cent of the world’s millionaires,” and “the number of UHNW individuals with wealth above USD 50 million is about four times that of the next country, China” the Credit Suisse reports.
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Implications for Africa
The report also profiled South Africa and its wealth distribution as it relates to the rest of the world.
It found that the household wealth has gone from $9,560 in 2000 to $25,280 to 2007. While wealth has risen by 26% in US dollar and 13% in rand (the currency of South Africa) since 2015.
Individually, it’s been estimated that 61,000 South Africans have $871,320, which makes them members of the top 1% of global wealth holders while 50,000 are US dollar millionaires.
The 2018 Global Wealth Report on South Africa
Overall, the level of wealth inequality is quite high not just in South Africa but all over the world.
As Credit Suisse puts it, “While the bottom half of adults collectively own less than 1 per cent of total wealth, the richest decile (top 10 per cent of adults) owns 85 per cent of global wealth, and the top percentile alone accounts for almost half of all household wealth (47 per cent).”
Still, it is important to note that “wealth inequality is no longer rising” as “the prevailing evidence suggests it may well have levelled out.”
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