How far do we have to go?
November 23, 2011 5:30 AM Subscribe
To be part of the so-called 1%
If based on income, how much do you have to make?
If based on assets, how much do you have to have?
Affluence in the United States
-- Academic Class Models
- William Thompson & Joseph Hickey, 2005 - Upper class (1%) - Top-level executives, celebrities, heirs; income of $500,000+ common. Ivy league education common.
- Leonard Beeghley, 2004 - The super-rich (0.9%) - Multi-millionaires whose incomes commonly exceed $350,000; includes celebrities and powerful executives/politicians. Ivy League education common.
This is not a definite answer but gives you a ballpark figure and/or locus.
posted by dgeiser13 at 6:09 AM on November 23, 2011
-- Academic Class Models
- William Thompson & Joseph Hickey, 2005 - Upper class (1%) - Top-level executives, celebrities, heirs; income of $500,000+ common. Ivy league education common.
- Leonard Beeghley, 2004 - The super-rich (0.9%) - Multi-millionaires whose incomes commonly exceed $350,000; includes celebrities and powerful executives/politicians. Ivy League education common.
This is not a definite answer but gives you a ballpark figure and/or locus.
posted by dgeiser13 at 6:09 AM on November 23, 2011
In 2007, $352,875 in pre-tax income for a household of one. (To get the amount for larger households, multiply by the square root of the number of people in the household. So for a couple, 1.41*$352,875 =$499,040. For a family of 4, 2*$352,875 = $705,750.)
Source: Congressional Budget Office, Trends in the Distribution of Household Income Between 1979 and 2007 (October 2011), Table A-1 (p.36 of document, p.52 of PDF). Income Category Minimums, Top 1 Percent, Market Income Plus Transfers.
From p.4 of the PDF: "Income is adjusted for differences in household size—specifically, by dividing income by the square root of a household’s size. (A household consists of the people who share a housing unit, regardless of their relationships.)"
posted by Mr.Know-it-some at 6:58 AM on November 23, 2011
Source: Congressional Budget Office, Trends in the Distribution of Household Income Between 1979 and 2007 (October 2011), Table A-1 (p.36 of document, p.52 of PDF). Income Category Minimums, Top 1 Percent, Market Income Plus Transfers.
From p.4 of the PDF: "Income is adjusted for differences in household size—specifically, by dividing income by the square root of a household’s size. (A household consists of the people who share a housing unit, regardless of their relationships.)"
posted by Mr.Know-it-some at 6:58 AM on November 23, 2011
You're assuming the OP means the scope of the question to be the United States. That isn't specified in the question.
posted by John Cohen at 8:04 AM on November 23, 2011
posted by John Cohen at 8:04 AM on November 23, 2011
If the scope is international, the global rich list is a fun tool... if you enter your income, they will tell you what percentage you fall into globally.
posted by GraceCathedral at 8:18 AM on November 23, 2011 [2 favorites]
posted by GraceCathedral at 8:18 AM on November 23, 2011 [2 favorites]
If the scope is international, the global rich list is a fun tool... if you enter your income, they will tell you what percentage you fall into globally.
So, someone who makes $50,000 a year (US dollars) is in the 0.98% percentile -- top 1%. If we're talking about the world.
posted by John Cohen at 8:57 AM on November 23, 2011
So, someone who makes $50,000 a year (US dollars) is in the 0.98% percentile -- top 1%. If we're talking about the world.
posted by John Cohen at 8:57 AM on November 23, 2011
This thread is closed to new comments.
posted by Blake at 5:31 AM on November 23, 2011 [3 favorites]