{"id":372138,"date":"2020-02-07T18:30:09","date_gmt":"2020-02-07T16:30:09","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=372138"},"modified":"2020-02-07T15:09:42","modified_gmt":"2020-02-07T13:09:42","slug":"how-much-money-you-need-to-earn-to-be-in-the-top-1-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/372138\/how-much-money-you-need-to-earn-to-be-in-the-top-1-in-south-africa\/","title":{"rendered":"How much money you need to earn to be in the top 1% in South Africa"},"content":{"rendered":"

Bloomberg has published<\/a><\/strong> a series of graphs showing what it takes to be in the top 1% around the world in 2020.<\/p>\n

The graphs are based on a variety of data sources including the World Inequality Database, KPMG\u2019s worldwide tax data and the Knight Frank Wealth report.<\/p>\n

The data shows that the top 1% covers a wide span, from prosperous professionals to billionaires with more wealth than many nations. And the difficulty of making the cut varies greatly depending on where you live.<\/p>\n

To join the group in the oil-rich United Arab Emirates requires more than $900,000 (R13.5 million), or 12 times more income than in India, a developing market so populous that the top 1% includes more than 13 million souls.<\/p>\n

In much of the developed world, an income of $200,000 to $300,000 (R3 million – R4.5 million) gets you in the top 1%.<\/p>\n

In South Africa, the number is currently set at $188,000 (R2.8 million) for annual pre-tax income. This is up from $162,000<\/a><\/strong> (R2.21 million:2019) annual pre-tax income in 2019.<\/p>\n

“In the US, the wealthy have been pulling away from the middle and working classes, whose incomes have barely grown for the past couple of decades,” Bloomberg said.<\/p>\n

“Inequality is widening even within the ranks of the top 1%. While it takes about $500,000 per year to enter the top 1% of Americans, reaching the 0.1% now requires an annual income of more than $2 million. The threshold for the 0.01% is more than $10 million.”<\/p>\n

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

How much they pay in taxes<\/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

Singapore and Monaco have turned also themselves into tax shelters where the well-off can live and invest under a lighter tax and regulatory burden.<\/p>\n

“In most of the world, though, politicians use taxes to try to level the playing field between the wealthy and everyone else. In many nations with a progressive income tax, the highest rates apply only to the richest portion of the 1%,” Bloomberg said.<\/p>\n

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

\n

Read: 30 top jobs in South Africa that pay more than R2 million a year<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Bloomberg has published a series of graphs showing what it takes to be in the top 1% around the world in 2020.<\/p>\n","protected":false},"author":10,"featured_media":314462,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26,1458],"class_list":["post-372138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline","tag-kpmg"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/372138","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=372138"}],"version-history":[{"count":14,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/372138\/revisions"}],"predecessor-version":[{"id":372156,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/372138\/revisions\/372156"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/314462"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=372138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=372138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=372138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}