Thursday, November 24, 2011

Who do you call 1%

Full Story: BBC News / Magazine 24 Nov

The Occupy Wall Street campaign has divided us between 99% and 1% - but how should we differentiate between the two. Even a man in a brand new Mercedez considers him part of 99% when something better and more expensive whiz by him. So the question remains:

Caroline McClatchey of BBC has put in some research work on the issue. According to her "findings":

In 1880 a rich person would have had £100,000 in assets or an income of £10,000 a year, he says. About a hundred people a year died leaving £100,000 and by 1910 this was 250 - "a microscopic fraction of the number of deaths at the time".
Prof Rubinstein thinks annual earnings of £250,000 is the cut-off point today and says the rich-poor divide has always been tolerable only as long as the poor have opportunities.
Read full story to find more on definition of 1% and the "remaining." 


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