{"id":298620,"date":"2019-03-03T07:00:37","date_gmt":"2019-03-03T05:00:37","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=298620"},"modified":"2019-03-01T15:35:53","modified_gmt":"2019-03-01T13:35:53","slug":"this-is-what-it-takes-to-be-in-the-top-1-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/298620\/this-is-what-it-takes-to-be-in-the-top-1-in-south-africa\/","title":{"rendered":"This is what it takes to be in the top 1% in South Africa"},"content":{"rendered":"

Bloomberg has released<\/a> <\/strong>a new series of graphs showing what it takes to be in the top 1% around the world.<\/p>\n

The graphs are based on a variety of data sources including the World Inequality Database, KPMG’s worldwide tax data and the Knight Frank Wealth report.<\/p>\n

“Since the financial crisis, income inequality has garnered increasing attention from economists, politicians, and journalists, and perhaps no income level has been cited more than the so-called 1 percent,” said Bloomberg researcher Ben Steverman.<\/p>\n

“Yet that term can describe a wide variety of earners, depending on where they live,” he said.<\/p>\n

Steverman’s research shows that unsurprisingly income standards vary wildly around the world.<\/p>\n

For example, you might need the combined incomes of eleven 1 percenters in India, a\u00a0developing market, to equal one in the oil-rich United Arab Emirates, he said.<\/p>\n

This is the case in South Africa where you will need $162,000 (R2.21 million<\/strong>) annual pre-tax income to be considered in the top 1% of earners.<\/p>\n

This is significantly higher than India (R1.1 million) and China (R1.43 million), but substantially lower compared to developed nations such as the USA (R6.5 million) and the UAE (R12.1 million).<\/p>\n

\"\"<\/a><\/p>\n

Tax<\/strong><\/p>\n

Part of this disparity may be explained by the respective income tax rates in these countries.<\/p>\n

France, Austalia, China, the UK and South Africa all have a top marginal tax rate of more than 40%, while citizens in Bahrain and the UAE pay no\u00a0marginal tax rate at all.<\/p>\n

“In most of the developed world, 1 percenters don\u2019t keep everything they make,” said\u00a0Steverman<\/p>\n

“A significant share of their income is earmarked for\u00a0the government. In many countries, the highest income tax rate applies to only a portion of the 1 percent.”<\/p>\n

\"\"<\/a><\/p>\n

\n

Read:\u00a0A look inside Elon Musk\u2019s R60 million smart home<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Bloomberg has released a new series of graphs showing what it takes to be in the top 1% around the world.<\/p>\n","protected":false},"author":10,"featured_media":298632,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26],"class_list":["post-298620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/298620","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=298620"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/298620\/revisions"}],"predecessor-version":[{"id":302862,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/298620\/revisions\/302862"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/298632"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=298620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=298620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=298620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}