DYSPEPSIA GENERATION

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Attention Media: Occupy Wall Street Protesters Are World’s Richest One Percent

31st October 2011

Read it.

As the Motley Fool reported Friday, those sleeping in tents and skipping showers in cities around the country are actually part of the world’s richest one percent:

In America, the top 1% earn more than $380,000 per year. We are, however, among the richest nations on Earth. How much do you need to earn to be among the top 1% of the world?

$34,000.

That was the finding World Bank economist Branko Milanovic presented in his 2010 book The Haves and the Have-Nots. Going down the distribution ladder may be just as surprising. To be in the top half of the globe, you need to earn just $1,225 a year. For the top 20%, it’s $5,000 per year. Enter the top 10% with $12,000 a year. To be included in the top 0.1% requires an annual income of $70,000.

Imagine that.

Contrary to the current media meme, when adjusted for international dollars as well as cost and standard of living, there is far greater income inequality in Brazil, China, and India.

More importantly as it pertains to the Occupy Wall Street movement, people in the bottom five percent of income here are still richer than 68 percent of the world’s citizens.

4 Responses to “Attention Media: Occupy Wall Street Protesters Are World’s Richest One Percent”

  1. Cathy Sims Says:

    There’s “An Inconvenient Truth” for you!

  2. RealRick Says:

    Yet they are not among the brightest 1%.

    It’s becoming somewhat of a neo-hippie cult. While I seriously doubt it will have any real impact on Wall Street or any other part of industry or government, it will create a whole Woodstock following, complete with “I wuz there” books, documentaries, and reunions.

  3. Dennis Nagle Says:

    Interesting riff on the theme, “They can’t be poor because look at everything they have: running water, flush toilets, electric lights–what are they bitching about?”

    Yes, I’m better off than 99% of the folks in India.
    But we’re not in India, are we?

  4. Tim of Angle Says:

    We would be, if people like you had their way. The problem is that whiners never think of what they have, but what they don’t have. You spend all your time bitching about how the last eighth-inch in the glass is still empty.