Recently I wrote about personal habits to develop that will make you wealthy, now I want to touch the topic on how much you need to make to be in the top percentile.
Income has always and will be a hot topic everywhere you look because we always wonder how much others make or how can they afford something like that. This post is here to answer these questions for you on how much you need to make to be in the top 10% of earners. The statistics compiled here are from the most recent reports touching the top 1%, 5%, and 10%-tile earners and will be updated as new data become available.
First, let’s talk about the high income earners.
These people for the most part are taken negatively just like anybody else who makes more than you but in this case we are looking at 10%, 5%, and even 1%-ers put logically speaking against the 90%, 95%, and even 99% of the U.S population. Don’t forget they are also people and majority have worked very hard to get to where they are at now. If you are in college which majority of my blog readers are then read why college is the best time to start a business and start working on your dreams, don’t wait!
Let’s jump into it, this is for individual income/household income/Male workers/Female workers
*Tried very hard to find data on 0.01% and it turns out to be around $11,293,260 or more to be in 0.01 percentile.
Top 1% Income and Net Worth By Age
If you don’t know or don’t remember from my millennials and net worth by age post then here’s formula for net worth:
Net Worth = Assets – Liabilities. In other words net worth is what is owned minus what is owed.
You might also find this graph interesting as it shows how much you need to earn to be in the 1% percentile and also the average net worth of top 1% for that age category.
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World’s Richest Are Only Becoming Richer
It was recently found that world’s richest are on the way to control nearly two-thirds of the world’s wealth by the year of 2030.
Since the market crash in 2008, the wealth of the richest 1% has been growing at 6% per year – comparing it to the rest of the 99% of world’s population at 3% growth. If this trend continues, the top 1% would hold wealth equaling to $305 trillion dollar – which is up from $140 trillion today.
Why this is happening?
The wealth at the top because of recent income inequality, higher rates of savings among the wealthy, and accumulation of assets. The wealthy have also invested a large chunk of money into stocks, equity in businesses, and other financial assets, which has benefited them over the past 10 years.
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Richard Barnett is a student majoring in finance, entrepreneur, marketer, content writer, budget traveler, and financial blog “Student Money Adviser” owner. You can read more about me here.
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