The U.S. is home to 111.9 million rich people, accounting for more than half of the world's wealthy population – and more Americans are expected to move up and out of the middle class over the next 12 years, according to a new analysis.
Worldwide, 200 million people are 'rich,' defined as those who spend more than $110 a day per person, according to data provided to DailyMail.com by the Brookings Institute.
In the U.S., the rich account for 34 percent of the population, second only to the middle class, which Brookings defines by a global standard as those who spend $11-$110 a day. That includes 210.7 million Americans, or 64 percent of the population.
The definition of what makes a person or household poor, middle class or wealthy can vary depending on who is doing the measuring. In the U.S., the federal poverty level for a family of four is defined as those making less than $24,858.
By that measure, the national poverty rate has dropped 2.5 percentage points since 2014, marking 2017 as the third year in a row that the rate has declined in the U.S., according to Census data.
Even within the U.S., the amount of money needed to survive can vary significantly, with $100 going much further in cities like Jackson, Mississippi compared to major metropolitan areas like New York City.
This graph illustrates the trajectory of how many Americans were or will be defined as poor, vulnerable to poverty, middle class or rich, over time. The number of rich Americans has been on the rise, while those in all other categories are declining and projected to continue decreasing through 2030. The rich are defined as those who spend more than $110 a day
About 0.56 percent of Americans (1.85 million people) are poor, defined as those who spend less than $1.90 per day - again using the global poverty measure of the Brookings Institute.
An additional 4.3 million people, or 1.3 percent of the U.S. population, are considered vulnerable to poverty, surviving on $1.90-$11 a day.
Projections by researchers at Brookings show more Americans moving out of the middle class and into the rich category in the next decade, with the number of wealthy Americans set to reach 142.9 million, or roughly 40 percent of the projected population of nearly 358 million people by 2030.
'Economic growth in the U.S. is doing reasonably well,' said Homi Kharas, director of Brookings' Global Economy and Development program. 'We know that people at the upper end of the distribution are capturing significant amounts of the gains and this is where those numbers come out.'
Despite that, Kharas told DailyMail.com that the projections are 'mixed news.'
'Societies with high levels of inequality end up under-performing in the long run in terms of economic growth,' he said. 'That can be the result of the ability of the rich to influence policies, or feelings of societal stress, it can (also) be the result of geographic factors that drives up the cost of housing in selected places.'
The total number of middle class Americans is project to decrease to 209.3 million, and they will account for a smaller proportion (58.5 percent) of the population.
During that same period, the number of Americans vulnerable to poverty is expected to decline to 3.8 million, when they will account for about 1.06 percent of the total U.S. population.
The number of poor Americans will grow to 1.9 million in the next 12 years, but will account for a smaller (0.54) percent of the total projected population, due to overall projected growth during that period.
The overall promising projections could have to do with the strong economic outlook for the U.S.
The nation is in a period of strong growth and job creation and unemployment levels are approaching the lowest they've been in 50 years – and growth is 'set to accelerate,' according to the International Monetary Fund.
The IMF is also projecting a slow yet steady rise in wage and price inflation in the months and years to come.
Still, there are some vulnerabilities to the economy as the Trump administration and Republicans in Congress plan to expand the federal deficit, which could lead to rise in inflation that is more rapid than previous projections.
But for now, the news is good for those seeking to move into a higher earning class in America.
This chart is a snapshot of how many Americans are poor, vulnerable to poverty, middle class or rich in 2018. The middle class accounts for the largest portion of the U.S. population
This chart is a projection of how many Americans will be poor, vulnerable to poverty, middle class and rich in 2030. While the middle class is still expected to account for a majority of the population, the ratio of rich Americans is projected to rise, while all other categories are on track to decline over the next 12 years
While the middle class is expected to decline as the proportion of rich people rises in America, worldwide the middle class are on track to reach 4 billion people by the end of 2020 – and 5.3 billion by 2030.
Globally, five people enter the middle class every second, according to Brookings. Researchers at Brookings consider this moment to be a global tipping point, as just about half of the world is now middle class or richer.
This is important because the middle class is the engine that drives demand in the global economy – and governments listen when the middle class makes demands.
In addition, private households account for roughly half of the global economic demand and two-thirds of that comes from the middle class. By comparison, the rich spend more per person but make up such a small proportion of the population that they can't move the economic needle the way the teeming middle class can.
Ultimately, a growing middle class means a stronger global economy and a larger population to be targeted by businesses around the world.
Income Inequality Across the U.S.
Income inequality in America can be found in unexpected places - including remote parts of Idaho and rural pockets of Colorado and Nevada.
When broken down by state, the three most unequal parts of the country are predictably in the Northeast: Connecticut, New York and Massachusetts.
However, when analyzed at a more granular level, researchers at the Economic Policy Institute found inequality spans from America’s Heartland to the Far West - and New York City doesn't crack the top 10 list for greatest income disparity.
HowMuch.net built this map, which illustrates income inequality in communities across America, using data from the Economic Policy Institute. Each metro area is color coded according to the ratio of how much more the richest 1 percent make compared to the rest of the population
Jackson, Wyoming has the highest level of income inequality of any metropolitan region in the U.S., according to a recent report.
A destination escape for the rich and famous, Jackson's top 1 percent make 132 times what the rest of the region’s population makes, combined.
Naples-Immokalee-Marco Island, Florida, where the richest 1 percent have 90.1 times what the other 99 percent makes.
In fact, Florida is home to five of the top ten most unequal metropolitan areas in the U.S.
Key West, Florida came in third overall, with a ratio of 81.3, followed by Sebastian-Vero Beach, Florida (67.2), Bridgeport-Stamford-Norwalk, Connecticut (62.2) and Miami-Fort Lauderdale-West Palm Beach, Florida (55.4).
In seventh place was Port St. Lucie, Florida with a 1 percent wealth ratio of 45.5, followed by Glenwood Springs, Colorado (45), Hailey, Idaho (44.9) and Gardnerville Ranchos, Nevada (44.3).
https://hienalouca.com/2018/10/04/a-third-of-the-u-s-population-is-rich-64-is-middle-class-by-global-standards/
Main photo article The U.S. is home to 111.9 million rich people, accounting for more than half of the world’s wealthy population – and more Americans are expected to move up and out of the middle class over the next 12 years, according to a new analysis.
Worldwide, 200 million people are ‘rich,’ ...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
https://i.dailymail.co.uk/1/2018/10/03/19/4742654-6236795-image-a-62_1538592943101.jpg
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