People often ask this question: “How well am I doing compared to the rest?” Are my earnings above, below, or around average for someone my age and from my background?
A new report by L’Observatoire des Inegalites has clarified what it means to become wealthy and who that is, according to an independent organization which studies inequalities in French society.
A person can be considered wealthy if they have a monthly income of EUR3,673 ($3,903). This amount is twice that of the average person in France, which includes 4.5 million people.
If a couple has two children younger than 14 years old, they would be considered wealthy if their combined monthly income is EUR7.713, ($8,267).
This is slightly higher than in 2020. When one person would be considered rich, it would mean that they could earn EUR3,470 ($3,924) each month.
If 1% of the population has a monthly income of EUR7 180 ($7,696), then they would be considered super rich. In France, the richest people currently–in terms revenue–are those who are slightly older than the rest (an average of 57), have no children, own their properties, and hold managerial positions at work.
This research revealed that older people are the wealthiest in terms of total wealth, not just revenue. 70% of these are over 50 years old and 39% are retired. 28% are from Paris and the surrounding areas.
Bernard Arnault, president and CEO of LVMH, France’s largest luxury goods firm, is France’s richest person. His wealth is equal to all of Marseille’s property.
This is the second study of its kind. Its purpose is to inform the discussion surrounding quality of life, particularly around poverty and global inequality.
According to the study, “To be rich in life is having a lot.” But how much is that a lot? Now everyone knows the answer.