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In a bill-signing event in New York last August 15, New York’s Demonrat governor Andrew Cuomo, a rumored 2020 presidential candidate, said: “We’re not going to make America great again. It was never that great.”
Some millennials agree.
On this Thanksgiving Day, let’s look at how Americans compare with the rest of the world in wealth.
If you have just $4,210 to your name, you’re better off than half of people around the globe. The total world population in 2018 is 7.7 billion. That means if you have $4,210, you have more money than 3.85 billion people.
Kathleen Elkins reports for CNBC, Nov. 19, 2018, that according to the 2018 Global Wealth Report from Credit Suisse Research Institute:
- A net worth of $4,210 makes you richer than 50% of the people in the world.
- A net worth of $93,170 puts you in the top 10%, richer than 90% of people.
- A net worth of $871,320 puts you in the global top 1%, richer than 99% of the 7.7 billion in the world.
As the Global Wealth report puts it:
While the bottom half of adults collectively owns less than 1 percent of total wealth, the richest decile (top 10 percent of adults) owns 85 percent of global wealth, and the top percentile alone accounts for almost half of all household wealth (47 percent).
The report defines net worth or “wealth,” as “the value of financial assets plus real assets (principally housing) owned by households, minus their debts.”
The United States continues to lead the world in wealth:
- The average wealth per adult in the U.S. is $403,974, while the median wealth per adult is $61,667, significantly more than the net worth required to be among the global 50%.
- The U.S. has the most members of the world’s top 1%.
- The U.S. has 41% of the world’s millionaires, and has four times the number of individuals with more than $50 million than the next country, China.
But Andrew Cuomo, who has a net worth of $5 million, tells you not only is America not great, America has never been great.
Did you know that research consistently found that gratitude — being thankful for what we have — is strongly and consistently associated with greater happiness? Conversely, ingratitude is a sure way to be bitter and miserable. (See Harvard Health)
~Eowyn