Last year, global wealth increased by $14 trillion to a staggering $317 trillion and the world’s richest 1% now own 50% of that wealth. With the average US full-time salary sitting at $56,516 – how much more would the majority of the US need to earn to become part of the exclusive 1% club?
RS Components has created an interactive tool that allows you to enter your annual income, or any other income you’d like to test, and discover how close you are to being in the richest 1% of the country. Have a go here.
We found that the average person in the US would need to earn nearly $250,000 more before becoming part of the 1% club.
The wealthiest 1% in the US are earning, on average, $300,577 a year. This makes their average monthly earnings $25048 (before tax) and equates to $244,061 more a year than the average fulltime US salary.
It would take someone on the average US salary over 5 years to earn what the top 1% earn in just one year.
If we look at the UK, the picture is just as interesting. The average UK salary is said to be £36,611 for full-time workers (37.5 hours a week) and has increased by 3.6% year on year as of 2019.
Based on the current exchange rate, the average US full-time salary is £,1020 more than the UK average per year, however, the US does work on average 10 extra hours a week.
According to the interactive tool, the UK average full-time salary of £36,611 means you are in the top 25% of earners. However, to become part of the 1% club, you would need to earn an extra £129,389 per year. It would take someone on the average UK salary 4 and a half years to earn what the top 1% earn in a single year.
How much more would you need to earn to get into the 1% club? Use the interactive tool to find out.
Source: <a href=’https://uk.rs-online.com/web/generalDisplay.html?id=did-you-know/the-top-one-percent‘>RS Components</a></textarea><iframe src=”https://uk.rs-online.com/web/generalDisplay.html?id=did-you-know/the-top-one-percent” frameborder=”0″ height=”1812″ width=”600″></iframe>
