Are You In The Top 1%?
Published on: 05/25/2021
In this edition of Chart Talk, Tony Ogorek and Jeff Viksjo take a look at some of the world’s richest families and what you have to do to be in the top 1% in your country.
TRANSCRIPT:
TONY:
Welcome to this edition of Chart Talk. I’m Tony Ogorek, I’m here with Jeff Viksjo, and today we are going to take a look at some the world’s richest families and what you have to do to be in the top 1% in your specific country. So Jeff, let’s take a look at this first chart, it’s got some really interesting things for the top 2 richest families and they both happen to be from the United States.
JEFF:
Yea Tony, the largest stocks tend to be technology firms, but there’s really no technology represented on this list. Number one is the Walton family, with $215 Billion from Walmart. Just to give you an idea of what that is, $215 Billion, M&T Bank which we all know here locally, has $120 Billion in deposits, so double the entire deposits of M&T Bank is what they have in their fortune. Number two, another U.S. is Mars Candy. And then we go to Koch Industries in the U.S. they’re an industrial conglomerate. And last in the U.S. is Fidelity investments, the Johnson family.
TONY:
Interesting though, you know, you look at our estate laws and say that it’s really to make sure we don’t have these legacies going on. But obviously, some high priced legal talent has been able to help these people keep $100 to $200 Billion in the families. But that’s them, let’s talk about us. Let’s take a look at our next chart. And here we take a look at how much money you need to join the top 1% in a number of different countries. And Jeff, what do we end up seeing here? What’s the good news, the better news here?
JEFF:
So politicians talk about the top 1% a lot, usually it’s because they want to tax them more, but what does that mean, top 1%? In the U.S. it means you have $4.4 Million or more. But as you see it differs by country, going all the way down to India, it just means $60,000.
TONY:
So the interesting thing is, if you’re not feeling entirely rich in the United States, all you have to do is take a plane to China. You don’t even need $1 million dollars to be in the top 1% there. Russia only $400,000 and Germany half of what it takes in the Unites States to be in the top 1%. So, it’s sort of a fun look to see what things are like in other countries. But it appears for all our flaws and issues and controversies we’ve got, that the United States is again one of the wealthiest economies and it takes about $4.4 Million of net worth to be in the top 1% here.
Hopefully you’ve enjoyed this edition of Chart Talk and we look forward to seeing you again soon.
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