You might be richer than You think

A global wealth report raises the question: how much do you need to be in the top one percent? How much do you need to be considered "rich?"

The report says more than 19-million Americans are in the one percent worldwide and a lot of KTRH listeners might be closer to that than they think, at least on the world level.

"You're gonna need about $800,000 per year, in terms of income, to be in the top one percent."

STA Wealth Management President Michael Smith says if you're in the top 10% you're rich.

"I definitely think 10% would still be included as wealthy."

Smith says the top 10% in America is somewhere between $400,000 and $500,000. The report says if you make just $4,200 a year you're better off than half of the planet's population.

Smith says you only need $93,000 to be in the world's top ten percent. He says he's not surprised by the $4,200 figure.

"When you look at the population density you have in Africa and Asia and the youth in Africa, as far as wages and income, it absolutely does make sense $4,200 would be in the top half."

Critics of Capitalism say the wealth gap is one of the world's largest problems. But the report says it looks like income inequality has leveled off and the rate may actually be declining.

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