How much do you need to be considered rich? The answer depends on how you define “rich.” If you mean a fulfilled life with people you love, that’s something that money can’t buy. But if you want to use a financial benchmark, “rich” is usually considered the top one percent of earners.
So how much money do you need to be in the top one percent? The answer to that question depends on where you live. In developing countries such as Latin America, Africa, and parts of Asia and the Middle East, the number to be considered rich will be significantly lower than in more developed countries throughout Europe and North America. Some places require so much income to be rich that you may wonder if they created something unique. Read on to find out how much money you need to be in the top one percent and considered rich in different countries worldwide via Business Insider.
27. Top One Percent In US
In 2010, the Occupy Wall Street movement protested against gross inequality between the country’s top one percent and those struggling to make ends meet. Since then, the inequality has increased so much that in 2020, you need to earn at least $500,000 a year to be in the top one percent of the country’s earners. The average income in the United States is about $63,000, and people who make about that much are solidly middle class.
To get into the top 0.1 percent, you need to earn upwards of two million dollars a year, and to break into the top 0.01 percent, you need 10 million dollars a year. While those numbers are higher than that necessary to be considered rich in many other countries, they are not the highest figures to be considered rich globally.