Jeff Bezos, Warren Buffett and Bill Gates easily qualify as part of America’s 1 percent and while it may seem like a pipe dream, reaching the milestone globally isn’t that far of a stretch.
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Credit Suisse Research Institute’s 2018 Global Wealth Report found that to be among the global top 10 percent, you don’t even need six figures. A net worth of $93,170 in the U.S. is actually enough to make you richer than 90 percent of the population around the world. However, to join the global one percent in America, it takes a net worth of $871,320.
The institute notes that more than 19 million Americans currently qualify as the top one percent and more than 102 million Americans as the top 10 percent worldwide, far more than any other country. The most alarming statistic, however, is that you need to have a little more than $4,000 to your name to be among the top global 50 percent.
"While the bottom half of adults collectively owns less than 1 percent of total wealth, the richest decile (top 10 percent of adults) owns 85 percent of global wealth, and the top percentile alone accounts for almost half of all household wealth (47 percent),” the report said.
Yet, there are signs that wealth inequality is no longer rising globally. The share of financial assets among the world’s richest people has been declining since its peak in 2015. While researchers predict it’s too early to tell if it’s on a downward trend, evidence suggests it may have “leveled out.”
Net worth or “wealth”, as defined by Credit Suisse, is the value of financial assets plus real assets (principally housing) owned by households, minus their debts. Private pension fund assets are included, but not entitlements to state pensions, the institute notes.