Where the millionaires live - No, the US is not in the top five

[Anti Federalist]

http://www.dailyfinance.com/story/wh...ries/19510242/

1-Singapore
2-Hong Kong
3-Switzerland
4-Kuwait
5-Qatar
6-United Arab Emirates
7-USA
8-Belgium
9-Israel
10-Taiwan

[MelissaWV]

http://www.dailyfinance.com/story/wh...ries/19510242/

1-Singapore
2-Hong Kong
3-Switzerland
4-Kuwait
5-Qatar
6-United Arab Emirates
7-USA
8-Belgium
9-Israel
10-Taiwan

In all fairness, the list needs to be looked at more closely. Try living comfortably in Singapore or Hong Kong and NOT being a millionaire

Then again, if you had a lot of money, would you live in the US full time?

[Agorism]

That's percent of population not total. U.S. certainly has more.

[Anti Federalist]

In all fairness, the list needs to be looked at more closely. Try living comfortably in Singapore or Hong Kong and NOT being a millionaire

Then again, if you had a lot of money, would you live in the US full time?

Like living in Manhattan.

Poverty unless you're making 150k a year or more.

That's percent of population not total. U.S. certainly has more.

Yes, lot's of errors with the methodology.

[ibaghdadi]

In all fairness, the list needs to be looked at more closely. Try living comfortably in Singapore or Hong Kong and NOT being a millionaire

Agreed. According to this link:

• Geneva, Switzerland is the 4th most expensive city to live in (Zurich is 6th)
• Hong Kong is the 5th most expensive city to live in
• New York is 8th
• Singapore is 10th
• Tel Aviv is 17th
• Dubai is 20th (Abu Dhabi is 27th)

But I have a bone to pick here. It doesn't matter how many millionaires a society has - what really matters is how they made their money and where. That is, how easy is it for someone to become a millionaire there?

[KCIndy]

Here's a list of the income tax rates paid by each respective country:


Country / Corporate tax / Individual tax / VAT or SALES


Singapore / 17% / 3.5%-20% / 7% (gst)

Hong kong / 16.5% / 2-17% / no VAT

Switzerland / N/A / 11.5% max* / N/A

Kuwait / 15% flat tax / NONE / NONE

Qatar / NONE / 0 - 35% / NONE

UAE / NONE / NONE / NONE



Hmm... and the United States?


*The United States impose a 15-39% (federal) corporate income tax, PLUS 0-12% (state) corporate income tax.

*In the U.S. an individual can expect to be taxed up to 35% for Federal income tax, PLUS up to 10.3 % for state income tax.

*In the U.S. an individual can ALSO expect to pay 15.3% in payroll taxes.

*In the U.S. an individual can ALSO expect to pay as much as 10.3% sales tax, depending on the state of residence.

*This is NOT counting other more minor taxes such as is imposed on gasoline, cigarettes, alcohol, etc.


Frankly, I'm surprised the U.S. is in the top 25 on that list.


Sources:

http://en.wikipedia.org/wiki/Tax_rates_around_the_world
http://www.taxation.ch/index.cfm/fus...path/1-534.htm
http://www.worldwide-tax.com/
http://www.ehow.com/about_6499232_ku...e-tax-law.html

[ibaghdadi]

Here's a list of the income tax rates paid by each respective country:

Country / Corporate tax / Individual tax / VAT or SALES
UAE / NONE / NONE / NONE

Boy, I didn't realize how lucky I am to live in Dubai

Thanks for the stats KCIndy...

[KCIndy]

Boy, I didn't realize how lucky I am to live in Dubai

Thanks for the stats KCIndy...

You're welcome!

Looks like you get to keep a lot more of your earned income there, that's for sure. I wish we could get rid of the personal income tax here in the United States...

I know it's off topic, but I'm curious. Ibaghdadi, have you ever been up in the Burj Khalifa in Dubai? (For those who don't know, it's currently the world's tallest building, standing over 2700 feet high.) I would *love* to see the view from the top of that thing! That's twice the height of the Empire State building in New York.

[Kylie]

I have family that lives in Kuwait. They are very wealthy, over there.

But if they come here, their wealth does not move with them. I remember my Aunt saying that they are rich, but only in Kuwait.

My cousin was the first free citizen in Kuwait. She was born in the middle of the 1st gulf war, in the bedroom of their house. My aunt and uncle both say that the Iraqi troops were guarding their house at the time that she was born, not US troops.

That is just hearsay as far as you guys are concerned, I know, but I've always thought that odd since we heard in our MSM during that time that the Iraqi troops were raping and pillaging the Kuwaitis.

[ibaghdadi]

I know it's off topic, but I'm curious. Ibaghdadi, have you ever been up in the Burj Khalifa in Dubai?

Well it's embarrassing, but even though I'm minutes away (I can see it from my window), I've never been "to the top". I guess just with other attractions, when they're "right there", they're not a big deal any more.

But to tell you the truth, the story of the Burj isn't there. The real story is the attitude here among everyone (Arab or non-Arab) that anything can be done and impossible is nothing.

Contrasts sharply ("jarringly" as my partner says it) with the attitude everywhere else in the Middle East, where it's more like "nothing can be done and impossibe is everything".

[Elwar]

I have family that lives in Kuwait. They are very wealthy, over there.

But if they come here, their wealth does not move with them. I remember my Aunt saying that they are rich, but only in Kuwait.

My cousin was the first free citizen in Kuwait. She was born in the middle of the 1st gulf war, in the bedroom of their house. My aunt and uncle both say that the Iraqi troops were guarding their house at the time that she was born, not US troops.

That is just hearsay as far as you guys are concerned, I know, but I've always thought that odd since we heard in our MSM during that time that the Iraqi troops were raping and pillaging the Kuwaitis.

The Iraqi raid on Kuwait wasn't as bad as was made out to be.

The news reporters on the gulf had to keep repositioning their cameras so that you couldn't see the people in the background on their jetskis.


As for the top five...I'd like to see countries where millionaires move to as opposed to countries that have millionaires because of their wealthy society.

[lx43]

Just imagine what our lives would be like without having to pay any income, corporate, capital gains, property, or sales taxes. You would actually own your life!

I think our nation would be 5 to 10 times bigger in terms of economic output.

[Promontorium]

I would never argue that Malibu or Beverly Hills proves the greatness of California.

I would love to live in Hong Kong. I've been there many times. You can get a delicious meal for $3, a train ride for a couple bucks, you can take a taxi across the island for about $15. Unless all the rent is ridiculous (and is Kowloon being factored in here, because the island is mostly for business which will always have more expensive property?) I wouldn't consider it high priced. Though to contrast I've lived many years in San Francisco and San Diego and I don't know where you can pay more for less than in those cities.

[libertybrewcity]

tax havens!

[ibaghdadi]

The Iraqi raid on Kuwait wasn't as bad as was made out to be.

I had family in Kuwait during the Iraqi invasion and all through the occupation, war, and liberation. None mentioned anything about any atrocities. Iraqi troops actually distributed food and fuel to homes.

What bothered them the most was the fact that their lives were put on hold - no schools, no work, etc. Towards the end of the war they just wanted it to get over - no matter which side wins - just so they can get on with their lives.

As for the top five...I'd like to see countries where millionaires move to as opposed to countries that have millionaires because of their wealthy society.

Yup, once someone becomes a millionaire, where does he run away with his money?

[parke]

In all fairness, the list needs to be looked at more closely. Try living comfortably in Singapore or Hong Kong and NOT being a millionaire

Then again, if you had a lot of money, would you live in the US full time?

I bet taxes have a bit to do with it...

[Jace]

http://www.dailyfinance.com/story/wh...ries/19510242/

1-Singapore
2-Hong Kong
3-Switzerland
4-Kuwait
5-Qatar
6-United Arab Emirates
7-USA
8-Belgium
9-Israel
10-Taiwan

I don't think this list makes the US look bad. The US is far and away the largest country on the list, with over 300 million people. Taiwan is next with 23 million. Hong Kong and Singapore are rich city states. Belgium, Switzerland, Kuwait, Qatar and the UAE are small, wealthy countries with economies that concentrate on one or two lucrative sectors. Israel's economy is basically propped up by ours.

So I think it's pretty remarkable that a huge country like ours with such a diverse population, geography and economy can even make a list in which our percentage is compared to countries a fraction of our size. It's an interesting list, but it's a bit like comparing the percentage of millionaires in Texas to Beverly Hills.

In absolute terms, the US has by far the most millionaires.

From Business Week:

1. United States
2009 Population: 306.8 million
2009 number of millionaire households: 4,715,000

2. Japan
Population: 127.6 million
2009 number of millionaire households: 1,230,000

3. China
Population: 1,331.4 million
2009 number of millionaire households: 670,000

4. United Kingdom
Population: 61.8 million
2009 number of millionaire households: 485,000

5. Germany
Population: 82 million
2009 number of millionaire households: 430,000

6. Italy
Population: 60.3 million
2009 number of millionaire households: 300,000

7. Switzerland
Population: 7.8 million
2009 number of millionaire households: 283,000

8. France
Population: 62.6 million
2009 number of millionaire households: 280,000

9. Taiwan
Population: 23.1 million
2009 number of millionaire households: 230,000

10. Hong Kong
Population: 7 million
2009 number of millionaire households: 205,000