What you need to earn to be in the to 1%

 

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Hint: Try aiming for the top 10% instead. Or maybe move to New Mexico.

When you think of the 1%, you probably think of people banking millions of dollars per year, traveling from vacation home to vacation home on their private jets, and spending tens of thousands without thought or care. Those people certainly exist, but they don’t all earn seven-figure incomes.

The Economic Policy Institute (EPI) published a study that looked at income inequality based on 2017 reported wages, and the results may be surprising. While the top 1% obviously out-earn the bottom 90% by a considerable margin, you don’t need to make millions each year to join them. And if you consider yourself relatively well-to-do, you may be in the top 5% or 10% already.

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Map shows the wealthiest person in each state

richest person in each state

The real estate blog Movoto shows the net worth of the richest resident in each U.S. state on this interactive map. Darker shades of blue reflect those at the richest end of the wealth spectrum, while darker shades of red reflect those at the lower end. As you can see in the map, there’s a wide gulf between the fortunes of America’s richest.

 

 

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OECD predicts global capitalism will collapse in 50 years

bull

Symbol of capitalism

The Organization for Economic Cooperation and Development, a pro-establishment, pro-market thinking organization has released a report predicting a collapse in global economic growth rates, a rise in feudal wealth disparity, collapsing tax revenue and huge, migrating bands of migrant laborers roaming from country to country, seeking crumbs of work. They prescribe “flexible” workforces, austerity, and mass privatization.

 

 

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The best- and worst-paid jobs in America

anesthesiologist

Anesthesiologists top surgeons in the health care field.

The Bureau of Labor Statistics has tracked the average wage of 820 occupations and Reddit user Dan Lin has put the information into a really great graph. The top takeaway from the fun and long graph shows the 13 best-paid non-executive jobs in America have one thing in common: They’re all in health care. Anesthesiologists top surgeons to grab the top spot.

 

 

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The Internet is the greatest facilitator of inequality in history

internet inequality

The Internet affects the economy differently than the new businesses of the past did.

John Doerr, a venture capitalist, predicted in the 1990’s that the Internet would lead to the “the largest legal creation of wealth in the history of the planet.”  The Internet has created a tremendous amount of personal wealth. Just look at the rash of Internet billionaires and millionaires, the investors both small and large that have made fortunes investing in Internet stocks, and the list of multibillion-dollar Internet companies—Google, Facebook, LinkedIn, and Amazon. Add to the list the recent Twitter stock offering, which created a reported 1,600 millionaires.

 

 

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Northeast corridor is the wealthiest region in the U.S.

The Northeast region shows a kind of wealth belt unmatched even on the West Coast.

America is a tremendously unequal place at the county level.  In 2012, the median household income in the poorest county (Wilcox County, Alabama) was $22,126. In Falls Church, Virginia, where highly educated defense contractors and federal government workers cluster, the median income last year was $121,250, more than five times higher.

 

 

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Have we reached peak employment? 24 future industries that will lead to an era of super employment!

Futurist Thomas Frey:  It’s easy to spot signs of desperation in people’s eyes. With unemployment rates at persistently high levels and young people unable to find jobs from one year to the next, we have become a society seething with anxiety.

 

 

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The 0.6% world: Who owns what of the $223 trillion in gobal wealth

The rich got richer, and the poor kept on getting poorer.

In 2010, Zero Hedge started an annual series looking at the (re)distribution in the wealth of nations and social classes. What they found then (and what the media keeps rediscovering year after year to its great surprise) is that as a result of global central bank policy, the rich got richer, and the poor kept on getting poorer, even though as they predicted the global political powers would, at least superficially, seek to enforce policies that aimed to reverse this wealth redistribution from the poor to the rich (a doomed policy as the world’s legislative powers are largely in the lobby pocket of the world’s wealthiest who needless to say are less then willing to enact laws that reduce their wealth and leverage).

 

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The wealth we lost and regained since the recession started in 2007

We have recovered less than half of what we’ve lost in wealth.

Households in the United States lost roughly $16 trillion in net worth since the recession started in 2007. According to the latest Fed data, we regained about $14.6 trillion, or roughly 91 percent, of it. But let’s not break out the champagne glasses just yet.

 

 

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