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Wealth vs income of top 1% here


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lamoe

Was recently asked by my accountant what level my monthly income puts me in here. Did some research. Not commenting on how much it takes to live here, that depends on where / how,  just how expat income equates .

To be in top 1% here need P140K / mo income  (tax is about 30% of reported income :biggrin_01: at this level) so - 140 X .70 = P98,000

 If you don't pay any US taxes P98,000 mo / 57 = $1,720 / mo.

Wealth is not income - some use it to gauge social levels. P5 million in wealth also puts you in top 1.1%

2019 Distribution of Pinoy adults (%) by wealth range in ₱

0.1% or 1 out of 1,000 Pinoy adults have a wealth of more than ₱50m

1.1% or 11 out of 1,000 Pinoy adults have a wealth of between ₱5m to ₱50m

14.7% or 147 out of 1,000 Pinoy adults have a wealth of between ₱500k to ₱5m

84.1% or 841 out of 1,000 Pinoy adults have a wealth of less than ₱500k

Source didn't get into specifics regarding gross  vs net income.

image.thumb.png.7ff742989cbd4d4e8b791117141c5a09.png

https://www.reddit.com/r/phinvest/comments/k9c3qe/what_it_takes_to_be_part_of_the_top_01_income/

 

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to_dave007

From the footnote it appears that this analysis is based on data from PSA research in 2015..  7 years ago..  In north america i wouldn't think the 7 year gap would change the analysis much..  but for here I'm not so sure.  As I'm ouit and about in Cebu these last few years it FEELS like average incomes ARE larger and larger.  It feels like people have money these days FAR more than in 2015.

Would really like to se a more recent analysis to compare this to. 

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lamoe

The stats regarding  levels is not consistent

March 4, 2021  "But in the Philippines, one only has to have a net wealth of at least $60,000 (around P2.9 million) to be considered part of the top 1%."

June 28, 2021  "If you want to achieve wealthy elite status, you will need around P5,000,000 ($102,436) in annual pre-tax income to be in the 1% and about P1,300,000 ($26,512) to be in the 10%.

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DeedleNuts
1 hour ago, lamoe said:

The stats regarding  levels is not consistent

March 4, 2021  "But in the Philippines, one only has to have a net wealth of at least $60,000 (around P2.9 million) to be considered part of the top 1%."

June 28, 2021  "If you want to achieve wealthy elite status, you will need around P5,000,000 ($102,436) in annual pre-tax income to be in the 1% and about P1,300,000 ($26,512) to be in the 10%.

Net wealth vs income, I'm not sure those are inconsistent. 

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