<p>It’s disappointing to know that the average income for the top 1% of individuals is about $404,000. It’ll be hard to break that amount (in real terms) unless I start my own business, work in an investment bank, or do consulting. </p>
<p>Personally, I do think that income is a way of keeping score in the real world analogous to GPAs in school. For me, happiness is knowing that I’m better than other people. However, the minimum to join the top 1% is about $169,000 which is feasible for most professionals with more than 10 years of experience (or an investment banking analyst in a good division).</p>
<p>I would like to hear your views on this topic.</p>
<p>I can’t get much past the first two sentences. I don’t understand why the super rich are being compared to ordinary Canadians.</p>
<p>I know rich people, I don’t know if they are super rich or not. Without exception they did not come into their wealth by hard work, they were born into wealthy families.</p>
<p>“Without exception they did not come into their wealth by hard work, they were born into wealthy families”</p>
<p>If by super rich, you mean top 1% wage earners, I think a huge percentage made the money themselves. There’s even a lot of self made money on the billionaires list today.</p>
<p>About 75% of my graduate (business) school class had become millionaires by our 15th reunion</p>
<p>I would bet it’s less than 50%. Here in the US, at least five of the richest Americans are Sam Walton’s children; their father started Wal-Mart where he underpaid his employees and refused to provide health insurance. I suppose one cannot expect to launch five children on to the top of these lists by treating employees fairly.</p>
<p>My parents just sold their own business. Somehow, don’t ask me how since it was impossible for good old Sam (eyes rolling here), they paid their employees a living wage and provided health insurance. Oh wait, I know how they did it; they refused to use other human beings to make their children wealthy. They also lived in a modest condo and drove modest cars until they sold the business. Now they are building a small home. </p>
<p>So what do I think about income inequality? I think the conditions that lead to it are largely unethical and any business owner who is not providing health insurance to their employees is not someone I admire nor do I appreciate being made to pick up the tab.</p>
<p>Edited to add: I think the super rich in the US should be thankful for the concept of law and religion. As Napoleon Bonaparte said, “Religion is what keeps the poor from killing the rich.”</p>
<p>pugmad - I just did a quick check of the Forbes 400 in US and of the top 50 wealthiest people in the US, according to Forbes, there were the 4 Walton kids, 3 Mars kids, and then 3 or 4 others who inherited their money and then grew their companies and their wealth even further. Some of those who inherited their wealth are now in their 70s so they’re not young kids and could have mismanaged their companies and gone bankrupt instead of increasing their wealth.</p>
<p>I am not a fan of Walmart for all the reasons you state and more, I don’t think I’ve been in a Walmart 5 times in my life. That is not a reason to make huge, broad generalizations that all the “super wealthy” are unethical and do not provide health insurance to their employees. Your hostility is misplaced.</p>
<p>I only know three “super rich” people. All were completely self-made. I know a lot of “regular” rich people. Some are family money, but most were self made-just really hard working, smart people. Most very ethical, good, kind people.</p>
<p>Those are certainly not the only options if you want to earn that amount. I know lawyers, doctors, college professors, who earn that and above. In Ontario, there are over 63,000 individuals who are provincial government employees who earned more than $100,000 this year. Many, many opportunities for you if you get a good education and are interested in particular careers.</p>
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<p>This is a sad commentary, coming from what I assume to be a student.</p>
<p>The vast majority of the rich people we know in Canada, including our family, are financially successful as a result of a lot of hard work and a modicum of good fortune, not as a result of inheriting it.</p>
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<p>This isn’t an issue in Canada. Everyone is covered by universal healthcare.</p>
<p>class envy does not benefit anyone. As long as I have the opportunity to earn as much money as I possibly can, it makes absolutely no difference how much money someone else makes or whether they inherited it. The opportunity to make as much money as you would like is alive and well in America (and Canada).</p>
<p>razorsharp: True, but it is hard work. Few of the posters would show you graphs and graphs, articles after articles showing that it is unfair for people to make too much money. Whining is easy.</p>
<p>I dunno–there’s a HUGE difference in those folks who make $150-200K vs. those who make 7 figures and more, in my mind. I realize that those are all considered “rich” by many definitions, but lumping them all together isn’t all that helpful.</p>
<p>There are many routes to making $150-200K & probably fewer to making 7 figures or more. The folks I know who make $150-200K tend to have good educations and work very hard. None of them inheritted their money but most of them came from families that valued **education and **hard work. Heck, I even know some government employees earning salaries over $100K. Some of those government employees have been at their jobs 30-40 years, diligently doing the work of many people as positions keep getting cut. Some are professionals, some are haircutters, restaurant owners, people working several jobs simultaneously. Should they be penalized for working hard?</p>
<p>I know some folks who annually make 7 figures & more. Most of them also have good educations and work hard. Hmmm, coincidence? Not too many people are surprised by this in my world.</p>
Having a higher income doesn’t make one better than someone with a lower income. It doesn’t even make any sense to think that. Most people choose their path for various reasons. Do you really think a low paid clergy person or artist or musician is not as good of a person as wealthy defense lawyer? Do you think they’re less happy? </p>
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Without exception the very wealthy people I’ve known have earned their wealth - through hard work (founding companies). Really, there are both categories. </p>
<p>Regardless, I’m with Razorsharp - who cares what anyone else earns or has? I’m not jealous of them although I do view them as a learning opportunity - if I want a higher income some of their attirbutes might be worth emulating.</p>
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And how do you think most of them earned that amount? It’s generally through starting their own business or becoming one of the top leaders of a company. If you want to be in that top 1% then figure out how the top 1% got there and emulate them as best you can. Be prepared to work hard to achieve it (and that’s no guarantee).</p>
<p>Every very wealthy person I know made their money through hard work. Every single one is also a very charitable giver. </p>
<p>To assume that many/most very wealthy people inherited their wealth or are evil and selfish and cheap with their employees is just wrong…plain wrong.</p>