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this post was submitted on 28 Jul 2024
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In the USA, the threshold for top 1% of net worth is $5.8 million.
Not saying that congress isn't disproportionately rich, but 1% absolutely does not start at $1 million.
The planet is bigger than the USA buddy
Yeah, but being richer on paper than some Sudanese warlord doesn't make it any easier for me to afford a house. Are you seriously gonna argue that we should just ignore the huge differences in the cost of living between countries?
It certainly is, but when we're talking about US leadership, global wealth comparisons are irrelevant when talking about the moneyed elites. It needs to be national comparisons.
If you only looked at global wealth metrics, you'd think the US was full of rich people who could afford everything, and it very clearly is not the case. There's plenty of Americans living in poverty and paycheck to paycheck, even though their wealth would be considered high globally. You have to normalize by cost of living. If someone makes $1m annually but they spend $975k to meet the bare minimum, are they rich?