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  1. #1
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    1%

    If you have ever wondered how rich you need to be to be among the top 1% in your given country... here is the answer: https://www.bloomberg.com/news/artic...ampaign=wealth

    You need to be worth almost $8 million to make the cut in the Mediterranean principality (of Monaco), where residents typically don’t pay income taxes, according to research on more than two-dozen locations by Knight Frank.

    Switzerland and the U.S. have the next highest entry points, requiring fortunes of $5.1 million and $4.4 million, respectively, according to the property broker’s 2021 Wealth Report. In Singapore, $2.9 million will get you over the threshold.
    I'll be sure to let all of you know when I get to a net worth of $4.4 million...

    Why are you wasting time here when you could be wasting it by listening to the latest episode of the DBR Podcast?

  2. #2
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    There are 353 NCAA Division 1 College teams. Duke has won the 3rd highest number of NCAA tournament games.
    That makes all of us in the top 1%.

    As for the other kind of currency, I guess I'd need to move someplace far away (and certainly far from NYC, where the 99% cutoff for annual income was a crisp $900,000 in 2019; apparently, 30,000 NYC earners made 7 figures in 2018).

    https://www.thecity.nyc/2020/10/21/2...ng-a-big-chunk

  3. #3
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    Quote Originally Posted by JasonEvans View Post
    I'll be sure to let all of you know when I get to a net worth of $4.4 million...
    [ThurstonHowell] Well, the hard part is making the first four million. After that, the rest comes easy. [/ThurstonHowell]

  4. #4
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    It must really annoy Australia that New Zealand is 2 rungs above it.

  5. #5
    Quote Originally Posted by JasonEvans View Post
    If you have ever wondered how rich you need to be to be among the top 1% in your given country... here is the answer: https://www.bloomberg.com/news/artic...ampaign=wealth



    I'll be sure to let all of you know when I get to a net worth of $4.4 million...

    How does someone have enough info on personal net worth to figure this out?

  6. #6
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    Quote Originally Posted by cato View Post
    How does someone have enough info on personal net worth to figure this out?
    There are finance aggregators (I use one on the Bank of America website) that pulls information from all of your accounts provided you input your usernames and passwords into the aggregator. It includes your home value based on something similar to Zillow. If you have an account that isn't in their system, you can manually add it (but every time you want to calculate your net worth you have to update it). When you login to the website it accesses your accounts, updates your information and spits out all sorts of data including assets, liabilities, net worth, etc.

    The BofA aggregator also allows you to categorize information, which is how I keep track of my retirement savings and kids' college savings, which are in multiple accounts in different banks, investment organizations such as Fidelity, and 529s.

    Edited to add a link: https://www.thebalance.com/what-is-a...gation-1293879
    Last edited by Rich; 02-25-2021 at 02:56 PM. Reason: Added Link
    Rich
    "Failure is Not a Destination"
    Coach K on the Dan Patrick Show, December 22, 2016

  7. #7
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    Quote Originally Posted by cato View Post
    How does someone have enough info on personal net worth to figure this out?
    Ummm, how do you not know how much money you have in the bank and (within a close approximation) the stock market? I have a pretty good sense of what my house is worth too nd how much I owe on it. Sure, there are illiquid things like the value of cars, clothes, furniture, art, and the such that might be hard to estimate but you would need to be living a pretty nice life to have that stuff make a big difference in your net worth. Put another way, if you calculate your cash and investments and home value to around $4 million, then it is not at all outrageous to expect that other "stuff" you own might get you to $4.4 mil (especially if you have nice cars and a boat). But the "hard to figure out" stuff probably isn't boosting your net worth by 20 or 30%.
    Why are you wasting time here when you could be wasting it by listening to the latest episode of the DBR Podcast?

  8. #8
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    Quote Originally Posted by cato View Post
    How does someone have enough info on personal net worth to figure this out?
    Do you mean how does an individual know or how Do they compute these 1% figures within and across nations?

  9. #9
    Quote Originally Posted by JasonEvans View Post
    Ummm, how do you not know how much money you have in the bank and (within a close approximation) the stock market? I have a pretty good sense of what my house is worth too nd how much I owe on it. Sure, there are illiquid things like the value of cars, clothes, furniture, art, and the such that might be hard to estimate but you would need to be living a pretty nice life to have that stuff make a big difference in your net worth. Put another way, if you calculate your cash and investments and home value to around $4 million, then it is not at all outrageous to expect that other "stuff" you own might get you to $4.4 mil (especially if you have nice cars and a boat). But the "hard to figure out" stuff probably isn't boosting your net worth by 20 or 30%.
    You don't have nearly as many cars as I do it appears.

  10. #10
    Quote Originally Posted by bundabergdevil View Post
    Do you mean how does an individual know or how Do they compute these 1% figures within and across nations?

    The magic of numbers and assumptions. They are fungibile.

  11. #11
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    Quote Originally Posted by JasonEvans View Post
    Ummm, how do you not know how much money you have in the bank and (within a close approximation) the stock market? I have a pretty good sense of what my house is worth too nd how much I owe on it. Sure, there are illiquid things like the value of cars, clothes, furniture, art, and the such that might be hard to estimate but you would need to be living a pretty nice life to have that stuff make a big difference in your net worth. Put another way, if you calculate your cash and investments and home value to around $4 million, then it is not at all outrageous to expect that other "stuff" you own might get you to $4.4 mil (especially if you have nice cars and a boat). But the "hard to figure out" stuff probably isn't boosting your net worth by 20 or 30%.
    Here's a NY Times quiz from 2019. Spoiler alert: their standards for being top 1% are quite a bit higher than this more recent survey, though they also allowed for the age of the earner.
    https://www.nytimes.com/interactive/...nk-wealth.html

    Other groups offer up average and mean net worths, which is an excellent reminder that we should all take stats so that we can better realize that very rich people significantly skew average net worths, but I didn't see any that provided a clear source beyond some sort of voluntary survey, which would be awfully unreliable (imho, where the h is, as usual, silent).

    I can figure my own net work, but it is curious that my search under the sofa cushions somehow becomes public knowledge. I got my NY figures (above) from the OMB that are apparently based on income tax forms which are then aggregated--but that's income and not net worth. I recall that Forbes sends out questionnaires to likely candidates for its annual 500 after reading about the magazine's skepticism about the numbers provided to it by a public figure who has recently returned to being a private citizen, but I'd think that plenty of very rich people would brush them off. Maybe when there are enough zeros, the money is hard to hide, but I really don't know how some external agency would know whether I have $1000 or $1,000,000 in my bank account or whether I have $1m in Fidelity along with $2m in debt from Chase, or the $1m at Fidelity is accompanied by $1m in 10 different investment houses along with a $300m art collection and 10 acres in East Hampton. Is there some agency filled with accountants who try to peg each of us?

    Curious and paranoid minds want to know!

  12. #12
    It's easy - they just Google "How much is [insert name here] worth?"

  13. #13
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    Quote Originally Posted by JasonEvans View Post
    Ummm, how do you not know how much money you have in the bank and (within a close approximation) the stock market? I have a pretty good sense of what my house is worth too nd how much I owe on it. Sure, there are illiquid things like the value of cars, clothes, furniture, art, and the such that might be hard to estimate but you would need to be living a pretty nice life to have that stuff make a big difference in your net worth. Put another way, if you calculate your cash and investments and home value to around $4 million, then it is not at all outrageous to expect that other "stuff" you own might get you to $4.4 mil (especially if you have nice cars and a boat). But the "hard to figure out" stuff probably isn't boosting your net worth by 20 or 30%.
    Yeah - we went through this with our financial advisor recently and - although we are not near the top 1% - if Mrs TZD and I fell off of the Palisades on one of our morning walks, we would leave the kids a lot more than I thought. There is a lot of value in stuff you don't think about.

  14. #14
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    Quote Originally Posted by JasonEvans View Post
    If you have ever wondered how rich you need to be to be among the top 1% in your given country... here is the answer: https://www.bloomberg.com/news/artic...ampaign=wealth



    I'll be sure to let all of you know when I get to a net worth of $4.4 million...

    I don't know if this is a better source or if there are variations in how the thresholds are calculated but this source suggests the entry point is closer to $11M.

    $4M sounded low to me...

  15. #15
    Some calculate income, some calculate wealth.

    I know on a GLOBAL scale, for annual income, around $40,000 (per person in the household) a year is the top 1%.

  16. #16
    Quote Originally Posted by bundabergdevil View Post
    Do you mean how does an individual know or how Do they compute these 1% figures within and across nations?
    The latter. How can someone have enough information about the assets and liabilities of people in the US to guess at this number, let alone people around the world.

  17. #17
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    Quote Originally Posted by cato View Post
    The latter. How can someone have enough information about the assets and liabilities of people in the US to guess at this number, let alone people around the world.
    Thought that might be the case. I believe a few posters thought you meant the former.

  18. #18
    Quote Originally Posted by bundabergdevil View Post
    Thought that might be the case. I believe a few posters thought you meant the former.
    Yeah, I was not clear. I can figure out my own easily enough, although it’s just an estimate as I don’t know you would value illiquid investments or long term incentive units.

    I would say that (a) one hundred percent of the very wealthy people I know do not share their net worth unless they have to for business, and then only under a confidentiality agreement, and (b) their net worth is considerably less fixed at any one point in time since they have significant illiquid investments.

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