

If you earn more than $31k a year, you're in the top 1% richest people globally - Flimm
http://www.globalrichlist.com/?hn

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kalterstern
Umm, I think the cost of basic, unavoidable living expenses has something to
do with how "rich" you are.

Which is why $31k might seem plenty "rich" in many parts of the world, but in
places like NYC or London or Moscow, not so much.

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Flimm
Believe it or not, this takes into account living expenses. Currencies are not
converted using current exchange rates, but using PPP (purchasing power
parity).

According to these figures, it takes the median average American on a salary
of $50k two minutes to earn enough to buy a can of Coca-cola. The average
Indonesian needs to work two hours to buy one, _at local price_.

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TheCoelacanth
Living expenses (especially housing) vary wildly within the area that uses
American dollars. Someone in San Francisco can hardly afford a place to live
on $31k. Someone living in a rural area in the US can afford a pretty nice
house on the same amount.

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Bluestrike2
These sorts of things are really just apples to oranges comparisons at best.
By the time you correct for differences in the cost of living to start--let
alone differences in the standard of living--it kind of becomes meaningless.

~~~
Flimm
Actually, they do take into account differences in cost of living. The basket
of goods used to calculate the PPP rate includes things like cars, vacuum
cleaners and electricity. (I don't know the details, TBH) See my other reply
to kalterstern.

