anthropy, 23 days ago (edited 21 days ago)

When are you part of "the rich" (financial struggle edition)

Again hard to decide the scale because Musk/Bezos/etc will be off this chart by orders of magnitude (they can buy a small country on a whim), and on the other end being able to always buy luxury foods could be considered wealthy.

VickForcella, 22 days ago

@anthropy None of the above? I can't even create wealth for the admin of my instance.

anthropy, 23 days ago

Note, technically speaking if you select the first option, many average working class people that just happen to have a house, that cannot simply e.g go out and buy an expensive car with that money, will be considered part of "the rich"

anthropy, 23 days ago

And also note that, the truly filthy rich like Musk, Bezos, etc, are all in the 100s of billions, so they're off this chart by 2 orders of magnitude.

anthropy, 23 days ago

some further interesting metrics:

To be in the top 1% it depends on the country how much you need to have in 'net wealth', in the USA it's about 5 million, in Monaco it's about 12 million, in China it's about 1 million (see image).

But the average WAGES of the top % are:
Top 0.1% of Earners $3,312,693
Top 1% of Earners $819,324
Top 5% of Earners $335,891
Top 10% of Earners $167,639

So I think you could be in the top 1% of assets/cash, but not even make it to the top 10% in terms of wages?

eseilt, 23 days ago

@anthropy it does not include those of the working class whose properties are in fact owned by their banks. So that definition totally works for me. It's a level of financial independence that most people can only dream of.

And yes, if you have 100k in assets, you should be able to get credit to buy a car no matter how much cash you have.

anthropy, 23 days ago

@eseilt if you bought a house as little as 8 years ago, you're still paying the same mortgage and don't feel rich, but you easily own 100s of thousands in "asset".