Benchmarking the richest people in the world?

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If we look at the wealth of a country and divide it by the number of people living in that country, the country with the highest wealth per population is Switzerland. The wealth per adult is US$530,244 (RM2.22 million). The lowest in the top 10 list would be the French with US$280,580 (RM1.17 million). Australians are placed second at US$411,060 (RM1.72 million) For full Article in Sydney Morning Herald click here  However, let us note that in some countries, for example the U.S, 0.1% of the population owns as much wealth as the bottom 90%. Thus, it may be better to look at the numbers from the median population instead.

When the numbers are now based on median wealth per adult (within the middle where most of the citizens are), Australia leads the top 10 with US$191,453 (RM801,000). The Americans are now nowhere near the top 10. They are ranked 18th with US$61,677 (RM258,000). Our neighbour, Singapore has their median wealth per adult at US$91,656 (RM384,000). readers who are reading this and actually has net assets of more than RM384,000 you are already within the top 10 wealthiest citizens of the world. Yes, top 10. Anyway, here’s that report for reference again. Article in Sydney Morning Herald click here

For a closer to us kind of reporting, we have article here.  Some important notes from Credit Suisse. It says that 63 percent of the global population has only 1.9 percent of global wealth. (Yes, richer are still becoming ever richer). Just 0.8 percent of adult millionaires already collectively own 45 percent of all assets. On a more sobering note, Credit Suisse says that an adult only needs US$4,210 (RM17,614) in assets after subtracting debts to be counted as among the wealthiest half of the world as of mid-2018. (Yes, just having a net of RM17,614 meant that we are already on the richer half of the world today).  If we want to be ranked within the top 10 percent, then a person needs at least US$93,170 (RM390,000) in net wealth. Aiming at the top 1 percent instead? That’s US$871,320 (RM3.65 million). On an overall basis, the bottom 50 percent of the global population owns less than 1 percent of the global wealth. Here’s that article in full. 

Even if we are earning RM4,000 per month today, as long as we do not simply buy stuffs we do not need and could save RM1,000 per month, before the end of year 2, our savings would have qualified us to be within the top 50% of the wealthier people in the world. By the way, buying just 4 different iPhones meant that we would have spent more money than the net wealth of the top half of the world’s population too. Okay, perhaps 5 since the second-hand iPhones we own could still be sold for some money. Happy understanding and let’s build our wealth yeah.

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written on 10 Nov 2018

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