{"id":199116,"date":"2017-09-18T18:00:58","date_gmt":"2017-09-18T16:00:58","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=199116"},"modified":"2017-09-18T16:52:25","modified_gmt":"2017-09-18T14:52:25","slug":"how-much-you-need-to-be-worth-to-be-in-the-worlds-richest-1","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/199116\/how-much-you-need-to-be-worth-to-be-in-the-worlds-richest-1\/","title":{"rendered":"How much you need to be worth to be in the world’s richest 1%"},"content":{"rendered":"

Recent findings by economic researchers show that the world’s richest individuals are the most likely to dodge their taxes and feed their wealth into offshore bank accounts.<\/p>\n

The research papers<\/a><\/strong>, published this week, investigated the trend in high net worth individuals moving assets and wealth offshore to avoid paying taxes.<\/p>\n

They found that\u00a0top 0.01% households are 13 times more likely to hide assets than those in the top 1%, and that they would avoid paying 30% of the income taxes due.<\/p>\n

According to the the researchers, the average estimated net worth of a top 1% wealth holder is $2 million<\/strong>, with the top 0.5% at $3 million.<\/strong><\/p>\n

From here, the percentiles rocket, with the top 0.01% wealth holders – those most likely to avoid paying the largest portion of tax – being worth $45 million.<\/strong><\/p>\n

How many South Africans qualify<\/strong><\/p>\n

According to Credit Suisse<\/a><\/strong>‘s wealth data for the end of 2016, to qualify as one of the world’s richest 1%, you would have to meet a much lower barrier – ‘only’ having to have a net worth of around $744,400 (R9.8 million) – of which 66,000 South Africans qualify, the report said.<\/p>\n

Going by the Cambridge findings – at a threshold of $2 million – a much smaller number of South Africans would actually qualify: under 35,000 or so.<\/p>\n

To be considered part of the top 1% of wealthy individuals in South Africa, you would have to fall within the 450,000 richest people in the country. Previous data<\/p>\n

\n
\n\n\n\n\n\n\n\n
Net worth bands<\/th>\n% of population<\/th>\nNo. of\u00a0adults<\/th>\n<\/tr>\n
$1 million +<\/td>\n0.1%<\/td>\n45 000<\/td>\n<\/tr>\n
$100 000 – $1 million<\/td>\n2.5%<\/td>\n798 000<\/td>\n<\/tr>\n
$10 000 – $100 000 million<\/td>\n27.5%<\/td>\n8 668 000<\/td>\n<\/tr>\n
Less than $10,000<\/td>\n69.9%<\/td>\n22 061 000<\/td>\n<\/tr>\n
Total<\/td>\n100.0%<\/td>\n31 572 000<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n
\n\n\n\n\n\n\n\n\n\n
High Net Worth bands<\/th>\nNo. of\u00a0adults<\/th>\n<\/tr>\n
$1 million – $5 million<\/td>\n39 663<\/td>\n<\/tr>\n
$5 million – $10 million<\/td>\n3 453<\/td>\n<\/tr>\n
$10 million – $50 million<\/td>\n2 047<\/td>\n<\/tr>\n
$50 million – $100 million<\/td>\n187<\/td>\n<\/tr>\n
$100 million – $500 million<\/td>\n116<\/td>\n<\/tr>\n
$500 million – $1 billion<\/td>\n10<\/td>\n<\/tr>\n
$1 billion+<\/td>\n7<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Read:\u00a0These 2 graphs show who\u2019s evading tax \u2013 and how much money they\u2019re stashing offshore<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Recent findings by economic researchers from the University of Cambridge found that the world’s richest individuals are the most likely to dodge their taxes and feed their wealth into offshore bank accounts.<\/p>\n","protected":false},"author":10,"featured_media":74326,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[],"class_list":["post-199116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/199116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=199116"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/199116\/revisions"}],"predecessor-version":[{"id":199170,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/199116\/revisions\/199170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/74326"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=199116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=199116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=199116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}