Are you in the top 1% of the world?

Aussies will have to earn $336,368.60 to be considered among the world’s richest 1 per cent of people. (Photos: Getty)

Just a handful of people – 42, to be exact – hold the same amount of wealth as 3.7 billion of the world’s poorest people, according to a recent report by Oxfam that stunned the world.

And that gap between the super rich and those in poverty isn’t getting any narrower: Oxfam also found that the world’s richest 1 per cent own 82 of the world’s money generated in 2017.

Exactly what does it take to be part of that 1 per cent?

A new report by Bloomberg has revealed how much you need to earn in order to be part of that exclusive club.

If you’re Australian, you need to earn US $239,000, or AU $336,368.60, to be rubbing shoulders with the world’s richest 1 per cent, according to Bloomberg.

(Source: World Inequality Database, Statistics Canada via Bloomberg)

In India, you’d need to be earning US $81,000, or 5.8 million rupees. On the other end of the spectrum, residents in oil-rich United Arab Emirates would need to be earning US $891,000, which is nearly 3.3 million in the local currency of dirham.

(Source: KPMG via Bloomberg)

But Australia is also among the countries with the highest tax rates, too.

Our costs of living are incredibly high, too: Sydney’s top-tier homes are among the world’s most expensive, and lived-in nannies cost a cool US $63,500 or AU $89,336.

(Sources: Knight Frank, Chamness WorldWide via Bloomberg)

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