Friday, January 6, 2012

America still the world's wealthiest nation despite recent financial crisis

"If you think you’re not rich, think again, because you only have to earn $34,000 after taxes to rank among the world’s wealthiest 1%." - NY Daily News

According to a recent article by the NY Daily News , half of the United States' population is in the world's richest 1 percentile.  Individuals with a take home income of $34,000 annually are among the world's financial elite, with families of 4 who bring home $136,000 after taxes being among planet Earth's wealthiest families.  According to the article, the global mean income is $1225 per year, which is scarcely enough for Americans enough to survive on monthly, let alone yearly.  While the income gap has steadily increased within the United States since the Great Depression, poverty within America is apparently affluence when compared with all other nations.  This information was accumulated by World Bank economist Branko Milanovic , who claimed that “There is nobody [in the richest 1%] from Africa, China, India or from East Europe or Russia”.  Perhaps Milanovic was quoted out of context by the NY Daily News, but it appears that he has ignored that fact that according to Forbes , Moscow has the world's highest population of billionaires.  Regardless of any skewing of the facts, Americans enjoy an unparalleled level of economic prosperity, despite an estimated combined unemployment/underemployment rate of 16.6%, according to MSN .

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