Are You Rich?

You are "rich" according to this study if you have over $61,000 in assets. Well, if by "rich" we mean that you are among the 10% richest people in the world. Greg Mankiw, an economics professor at Harvard does a nice job of summarizing some of the studies key points in his blog. But the study also contains some interesting graphics depicting worldwide money distribution so it's worth looking at.

Among the conclusions:

* the richest 1% own 40% of all global assets
* the richest 10% own 85% of all global assets
* the poorest 50% own 1% of all global assets
* $2,200 in assets placed a household in the top 50% of all worldwide households
* $61,000 in assets placed a household in the top 10% of all worldwide households
* $500,000 in assets placed a household in the top 1% of all worldwide households

It's pretty obvious to point out that many Americans are rich from a worldwide perspective...