This is an interesting read, so in Oz its $246k net income pa UAE $922k net income pa We are also up there for high tax... This Is What It Takes to Be in the 1% Around the World
And yet many of us are in the top 1% on a global level (I'm not, but comfortably in the top 5%). I find it important to cast our eye to how well we're doing, not how there's other people that are doing better than us, because those will always be there. How Rich Am I? | Giving What We Can
Yes Top 1% world wide is determined by net income. It probably wont be too hard to work out asset base for oz income of $246k
IMHO, to determine the Top 1%, they need to measure Net Worth and after-tax Passive Income. Using other measures is total cow manure .
I would like to know both.... but perhaps this is just the normal benchmark for this?? I prefer the other chart
Yes I agree too, in perspective we are so fortunate just by living in Australia. I think there's enough wealth to go around to all that want it bad enough. I always thought don't compare how green the grass is over the neighbour's place instead water your own lawn to make it greener. OR as someone said compare only yourself, say to where you were 10 years ago, 5 years ago, even a year ago! As JR said, "Learn how to be happy with what you have while you pursue all that you want."
This is a better measure...... quality of life, Australia no. 6...... pretty awesome Canada. No. 1 https://www.usnews.com/news/best-countries/quality-of-life-rankings
LOL you could go the opposite way like now vs 5/10/15 years ago. I have an relative - uncle on my father's side who went from rags to riches and back to rags. They were one of the first in our family to emigrate from the old country over, started investing much earlier than us from the successful small business he had started because he had a leg up from all his siblings (all 9 who eventually came over but in dribs and drabs) because he came over earlier and had a job earlier. A few bad investments (over stretched, purchased/sold at wrong times) and uncontrolled spending and a few bad business decisions pretty much whittled his wealth back down to just his PPOR being fully paid off and probably an emergency fund. After his failed business he went back to a relatively menial job just waitering for a Asian takeout place along with his wife. He still laughs about his fortunes though and said he'd do it all again even if he could relive life a second time....he calls himself the "human Japan" at our family gatherings - we all laugh because he pretty much built up his wealth during the mid 80s escalating to the peak during the late 80s/early 90s before busting.... Back during his heydays - I'd say between 1986 to 1991 he'd spend like crazy. The family lived a very lavish lifestyle - my cousin had every possible console on the market and what seemed to me at that time like every possible game cartridge. Ditto for the daughter, I'd guess all girls toys available at Myer or DJs....my aunty would recklessly spend every weekend buying clothes from Myer/DJs - some would have been unworn and thrown out years later. The kids would be decked out all in branded stuff, not high end fashion brands but stuff from Myer...back then a big deal to us immigrant folks! They'd have a new car (not German mind you....more like top of the range Japanese models - by very comfy nonetheless) every 2 years. His PPOR has a spa, sauna and pool as well as a well decked out bar in the rumpus room full of grog and cigars. They would spend like holidays in the USA/Canada and Japan, to the rest of our extended family this was a foreign concept, heck even Sydney was never on the cards, at least not by plane. Strangely but oddly, he left much "happier" in his own words when he went "broke". He constantly tells us the money he had earnt he didn't feel as if he deserved/earnt it and that it lead to really bad habits. The burden that went off his shoulders when he became poorer but happier.
Really needs to be adjusted for purchasing power parity. That isn't to detract from how fortunate we are
Pre-tax means before the tax is removed. Also those figures are in US Dollars so it’s about $325,000 AUD Taxable income to be in the top 1% of income earners according to those figures.
I read FEAR or GREED is why most people will lose money. So some will never take a risk and try and some will be too greedy overexerting trying to make more and more. I suppose we all have our thermostats set where we can handle certain amount of wealth and beyond that apparently we can lose it all. So I doubt the lifestyle your relative adopted was a wise one, especially spending most on luxury things rather than building asset base. You see many wealthy people realise you need to create alternative passive incomes in case some dry up like his business, and such asset base then can create income necessary for spending. As the saying goes, "The wealthy invest first then spend whereas the poor spend first and hence there's nothing left to invest". No disregard meant to poor just looking at comparisons of how different people act, their habits can create a different outcome, that's all!
