Tag Archives: Democratic Governor Andrew Cuomo

This is how much money it takes to be better off than half of world population

In a bill-signing event in New York last August 15, New York’s Demonrat governor Andrew Cuomo, a rumored 2020 presidential candidate, said: “We’re not going to make America great again. It was never that great.”

Some millennials agree.

On this Thanksgiving Day, let’s look at how Americans compare with the rest of the world in wealth.

If you have just $4,210 to your name, you’re better off than half of people around the globe. The total world population in 2018 is 7.7 billion. That means if you have $4,210, you have more money than 3.85 billion people.

Kathleen Elkins reports for CNBC, Nov. 19, 2018, that according to the 2018 Global Wealth Report from Credit Suisse Research Institute:

  • A net worth of $4,210 makes you richer than 50% of the people in the world.
  • A net worth of $93,170 puts you in the top 10%, richer than 90% of people.
  • A net worth of $871,320 puts you in the global top 1%, richer than 99% of the 7.7 billion in the world.

As the Global Wealth report puts it:

While the bottom half of adults collectively owns less than 1 percent of total wealth, the richest decile (top 10 percent of adults) owns 85 percent of global wealth, and the top percentile alone accounts for almost half of all household wealth (47 percent).

The report defines net worth or “wealth,” as “the value of financial assets plus real assets (principally housing) owned by households, minus their debts.”

The United States continues to lead the world in wealth:

(1) The average wealth per adult over a lifetime in the U.S. is $403,974, while the median wealth per adult is $61,667, significantly more than the net worth required to be among the global 50%.

(2) The U.S. has the most members of the world’s top 1%.

(3) The U.S. has 41% of the world’s millionaires and four times the number of individuals with more than $50 million, than the next country, China.

But Andrew Cuomo, who has a net worth of $5 million, tells you not only is America not great, America has never been great.

Did you know that research consistently found that gratitude — being thankful for what we have — is strongly and consistently associated with greater happiness? Conversely, ingratitude is a sure way to be bitter and miserable. (See Harvard Health)


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N.Y. millionaires: Raise our taxes to address poverty, fix roads

Hey boneheads…you don’t have to wait until April 15th to give the government more of your money. Put your money where your “philanthropist” mouth is and write a big, fat check right now!
put your money
Via RT.com: A group of millionaires living in New York have sent a letter to Democratic Governor Andrew Cuomo asking for a new, higher tax rate for the top 1 percent of earners in the state. The current, lower tax on millionaires will expire next year.
More than 40 millionaires, including members of the Rockefeller and Disney families, wrote in a letter to Cuomo that the state’s wealthiest residents “have both the ability and the responsibility to pay our fair share.” “We can well afford to pay our current taxes, and we can afford to pay even more,” wrote the group, which included Abigail Disney and Steven C. Rockefeller.
The 1 percent tax plan, created in conjunction with the Fiscal Policy Institute, would create higher tax rates for New Yorkers making $665,000 or more. New York’s current tax rate for those making $1,062,000 is 8.82 percent. The proposed plan would keep the rate for those making $1 million to $2 million, while progressively raising the rate for millionaires in higher brackets.
Thus those making between $2 million and $10 million would be taxed at 9.35 percent. The rate would go up to 9.65 percent for those making between $10 million to $100 million, while those who earn in excess of $100 million would pay 9.99 percent. Higher taxes would be used to help New Yorkers who are struggling economically, and the state’s “ailing infrastructure is in desperate need of attention,” the letter stated.
“As a businessman and philanthropist and as a citizen of New York State, I believe we need to invest in our people and our infrastructure,” said Leo Hindery, Jr., managing partner of InterMedia Partners, a private equity fund. “The 1% Tax Plan makes it possible to make these investments, and simply asks people like me to continue to pay a higher tax rate, as we should.”
The wealthy New Yorkers also expressed support for the “Millionaires Tax” proposed by state Democratic legislators and recently advanced by the New York State Assembly. Lawmakers are in budget negotiations over the plan and hope to finalize a deal by April, AP reported. Yet Republicans, who control the state Senate, are opposed higher tax rates for wealthy state residents.
“Whether it’s income taxes, property taxes, business taxes, user fees, or tolls, we don’t support raising taxes or asking hard-working New Yorkers to dig deeper into their pockets to pay more,” Senate Leader John Flanagan said last month.
Last month, a Shanghai-based research group reported that Beijing has eclipsed New York City as home to more of the world’s wealthiest people. Yet Forbes magazine countered the report, saying that “New York City is still the world capital for the ultra-rich,” as 79 billionaires, with a combined $364.6 billion in wealth, reside there, while Beijing has 51 billionaires worth a total of $149.9 billion.

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