Hands Up... Who Qualifies?

[neonlyte]

The UN report on 'Wealth' was published today.

They define wealth as 'assets' after 'debt' - so take away everything you owe on your mortgage, credit cards, bank loans, car finance from the value of what you own.

If your wealth is greater than 2,200 dollars - you're in the top 50%

If your wealth is greater than 61,000 dollars - you're in the top 10%

If your wealth is greater than 500,000 dollars - you're in the top 1%

That top 1% owns 40% of global wealth, the bottom 50% own just 1% of global wealth.

85% of the worlds population are in the top 10% which seems an anomoly until you think through the way they have worked this, rich westerners, with big mortgages skew the figures downward, whilst poor agrarian families with land holdings and little debt skew the figures upward. I don't quite see the point - other than to enable a lot of people (37 million) to claim to be in the top 1%. I wonder how much they give to charity?

World Institute for Development

 

[Trinique_Fire]

Haha...I don't fit any of those. I'm below that 2200 one.

 

[English Lady]

Yep, count me in as poor, too!

 

[rgraham666]

At $8,052 I'm doing better than most.

But by Canadian standards, where the cutoff for poverty for a single male is about $12,000, I'm very poor.

 

[Trinique_Fire]

We all po', ain't we.

 

[oggbashan]

The taxman wants to kick me out of the top 10%.

Og

 

[kendo1]

The tax man wants to kick me out of the top 1%.

 

[Dr_Strabismus]

It looks iniquitous, but I'm sure it's fairer now than ever before in history.

I think a big thing that's happened relatively recently is that poor people literally didn't count at all. Now they do and and the iniquity is visible.

 

[cheerful_deviant]

Factor in the morgage, car payments, student loans, credit cards, etc. and suddenly it's a good thing they did away with debtors prison.

 

[angelicminx]

I fall into the top 10%, but I have little cash on hand. I have no debt, two vehicles, two pcs and a laptop, and my SO owns more than 60k worth of tools-- not to mention other 'assests' that nickel and dime their way to wealth, lol.

Amazing. I always considered myself monetarily poor.

 

[TE999]

WTF is the point of publishing studies like this?

So we can feel bad about our own standard of living compared to some yutz in a third world country?

Economically speaking, they're comparing pumpkins and grapes.

Economic policies and resultant opportunities to succeed in the countries of the world are so varied they skew these figures off the chart.

Pop the cap on a cold one and enjoy where you are right now.

"It was the best of times, it was the worst of times."

Twas ever thus.

Peace.

 

[Liar]

Was gonna say top 10% since I, just like Minx, own a little random stuff, and part in a family house, but then I remembered a drained credit card and my recent student loans. Snuck me below the line.

Bogus way of counting anyway. I'd like to see the statistics on disposable wealth. I don't have enough for a pizza and a beer.

 

[Dr_Strabismus]

Was gonna say top 10% since I own a little random stuff, and part in a family house, but then I remembered a drained credit card and my recent student loans. Snuck me below the line.

Bogus way of counting anyway. I'd like to see the statistics on disposable wealth. I don't have enough for a pizza and a beer.

So I guess it's beer again for supper then

 

[kendo1]

Mm. Disposable wealth, what's that?

Definitely in the top 1%, but I guess we'll be eating beans tomorrow.

 

[Liar]

So I guess it's beer again for supper then

Actually. Got a beer in the fridge already. So I can go wild.

Yes, that means 2 beers for supper.

 

[oggbashan]

One of my Australian relations is definitely in the top 1% because of large land-holdings that have a nominal value of 'x' Australian dollars per acre but after years of drought he couldn't give it away. I'm not sure of his current holding but it was tens of thousands of acres.

His children, working in the big city, are supporting him despite his apparent wealth.

Og

 

[neonlyte]

That 85% of the world population sits in the top 10% wealth band surprised me. I delved into the report to see who they'd 'fixed' this result. The study appears to have applied different measures to different economic situations in an attempt to level the playing field. Thus a cash poor farmer, with family land, qualifies in the top 10% by virtue of the value of land holding, and not income.

We personally have a similar situation, cash poor and asset rich, trying to capitalise assets is a devil of a job if you are cash poor, but we signed off on our development loan last week (after eleven months) so we are now poorer, in setting this new debt against one of our assets, but the proceeds from developing the asset more than offset the debt, the asset has effectively tripled in value, but I still don't have any cash, not until I finish and sell something

 

[cloudy]

top 50%, anyway. Most of that has to do with my absolute refusal to own a credit card. A debit card, yes, but no credit cards.

 

[Misty_Morning]

..........

 

[amicus]

TE999]WTF is the point of publishing studies like this?

So we can feel bad about our own standard of living compared to some yutz in a third world country?

Economically speaking, they're comparing pumpkins and grapes.

Economic policies and resultant opportunities to succeed in the countries of the world are so varied they skew these figures off the chart.

Pop the cap on a cold one and enjoy where you are right now.

"It was the best of times, it was the worst of times."

Twas ever thus.

Peace.

[/I]


Pretty Classy there, TE....quoting Voltaire and all...


amicus...

 

[oggbashan]

[/I]


Pretty Classy there, TE....quoting Voltaire and all...


amicus...

I thought it was Charles Dickens opening line from The Tale of Two Cities.

Og

 

[TE999]

[/I]


Pretty Classy there, TE....quoting Voltaire and all...


amicus...

Ami, my man!

What it is!

Hmmm...I tho't I was quoting Charles Dickens of " A Tale of Two Cities" fame.

Ol' Volty said that too, huh?

The t'ings you learn on these threads.

Peace.

 

[deliciously_naughty]

The UN report on 'Wealth' was published today.

They define wealth as 'assets' after 'debt' - so take away everything you owe on your mortgage, credit cards, bank loans, car finance from the value of what you own.

If your wealth is greater than 2,200 dollars - you're in the top 50%

If your wealth is greater than 61,000 dollars - you're in the top 10%

If your wealth is greater than 500,000 dollars - you're in the top 1%

That top 1% owns 40% of global wealth, the bottom 50% own just 1% of global wealth.

85% of the worlds population are in the top 10% which seems an anomoly until you think through the way they have worked this, rich westerners, with big mortgages skew the figures downward, whilst poor agrarian families with land holdings and little debt skew the figures upward. I don't quite see the point - other than to enable a lot of people (37 million) to claim to be in the top 1%. I wonder how much they give to charity?

World Institute for Development

top 10ish

 

[TE999]

I thought it was Charles Dickens opening line from The Tale of Two Cities.

Og

Ya' beat me to it, Og.

Gotta learn to type and think more quickly.

Story of my life (lol).

Peace.

 

[oggbashan]

Ya' beat me to it, Og.

Gotta learn to type and think more quickly.

Story of my life (lol).

Peace.

Just wait until next week when I'm on broadband instead of dial-up...

Og