# 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?
posted by yclipse to Law & Government (7 answers total) 2 users marked this as a favorite

posted by Blake at 5:31 AM on November 23, 2011 [3 favorites]

The top 1% of what?

Previously.
posted by John Cohen at 5:53 AM on November 23, 2011

Affluence in the United States

- 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 sizeâ€”specifically, by dividing income by the square root of a householdâ€™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

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]

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

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