alt Hacker Newsthat is incorrect, the 0.1% (>50m) live purely off capital. the 1% are still mostly highly paid specialized labor and despite high savings their capital would not sustain their lifestyle outside a brief retirement.
that is incorrect, the 0.1% (>50m) live purely off capital. the 1% are still mostly highly paid specialized labor and despite high savings their capital would not sustain their lifestyle outside a brief retirement.
In the US, 99th percentile household wealth is ~$14M, which at historical rates of return is enough to live opulently indefinitely. (Of course although we're discussing a scenario where capital holds most of the cards, who knows if those returns would be dependable.)