People selectively underestimate how rich the world's richest people are, according to a study. Increasing income inequality in many countries is driven by steep gains among the top 1% of earners. In the United States, support for policies that would redistribute wealth has not increased since the 1970s, even as the share of incomes held by the top 1% of Americans jumped from 10% to 19%.
  • Professorozone@lemmy.world
    2·
    2 days ago

    Or to quantify it further. If someone has $20m, but no job. Is this person in the top 1%? I think so, but it is conceivable that this person lives very frugally in order to pass that on to his children or something.

    Also, I think people like to say the top 1%, when they really mean the top 0.1%. I believe the top 1% income or savings, however it is defined, is a lot lower than most think. I believe when most people refer to this colloquially, they really mean billionaires.

    • ifItWasUpToMe@lemmy.caEnglish
      2·
      2 days ago

      If you have $20m you are EASILY making 500k/year in interest/dividends/investment growth. You’d have to try pretty hard to not grow your $20m.

      • Professorozone@lemmy.world
        1·
        2 days ago

        The point was, how is top 1% determined? Some people have high income and spend it all, others are good savers but don’t have a high income. Or is it based on net worth? I realize this may sound ridiculous, but as I mentioned, I believe 1% is a lower bar than people think it is.

        • ifItWasUpToMe@lemmy.caEnglish
          2·
          2 days ago

          To me net worth makes the most sense. I do agree 1% isn’t as high as people think. When people talk about the 1% they are probably thinking more about the top 0.1% or even 0.01%.

          Looking just at the states with ~330 million people that would be 3.3 million 1%ers. Tons of people who never made huge salaries, but are great at saving and investing will be in that category.