Credit card for foreigner

[snpark]

So that means 99% out of 300 million people have less than $66,000 (a mini Cooper here costs more)

In Dubai 54% from 7 million have $1,000,000
Open a bank account they give you a $500 Montblanc pen free
Valet parking is $150 at the mall

 

[Samoerai]

So that means 99% out of 300 million people have less than $66,000 (a mini Cooper here costs more)

In Dubai 54% from 7 million have $1,000,000
Open a bank account they give you a $500 Montblanc pen free
Valet parking is $150 at the mall

If 1% is labeled rich in Indonesia ... still 1% x 300 million = 3 million people are rich.
But would this statistic be right?

 

[fastpitch17]

If 1% is labeled rich in Indonesia ... still 1% x 300 million = 3 million people are rich.
But would this statistic be right?

Could be. How many people work for the government in elected or high placement positions?

 

[snpark]

Could be. How many people work for the government in elected or high placement positions?

Or KPK or tax department. Lol. How many Rubicons?
Or how many wives have 3 or more Hermes bags

 

[centurion]

The other day, someone told me that 1% of the Indonesian people are labeled 'rich'.

So, he asked me ... how much money/capital do you need to belong to that 1% ...?
I didn't know ... must be '2 or more trillions', I said
No, he said ... only '1 billion rupiah'.

So, would this be 'benar'?
Are there some statistics to verify this?

Yes, there is. To be in the top 1% 113.939 USD, and to be in the top 10% 30.544 pretax income. Poverty in Indonesia and inequality are I think the highest in SEA.

Here’s How Much You Need To Earn To Be ‘Rich’ in 30 Major Countries Around the World

It might be time to move to Bangladesh.

www.gobankingrates.com

 

[pantaiema]

The other day, someone told me that 1% of the Indonesian people are labeled 'rich'.

So, he asked me ... how much money/capital do you need to belong to that 1% ...?
I didn't know ... must be '2 or more trillions', I said
No, he said ... only '1 billion rupiah'.

So, would this be 'benar'?
Are there some statistics to verify this?

Ask him his source. Where did he get it from.
IDR1b with today Exchange rate is US$67,370.35
I believe he is either Mr. Know-it-all (sok tau) or feeding you porkies.
In just less than a minute search

Workforce planning guide: How to align talent, capacity, and growth

Master hiring, compensation, workforce capacity, and long-term growth with this complete workforce planning guide for HR leaders.

www.timedoctor.com

"The median salary in Indonesia is 11,400,000 IDR (788 USD)"

This is Median salary/Income, Not Mean or Average. The median in statistics is the value in the middle of a data set, meaning that 50% of data points have a value smaller or equal to the median and 50% of data points have a value higher or equal to the median.

So this means that 50% of the Indonesian population earns more than 11,400,000 IDR, and the other 50% earns less than 11,400,000 IDR.

 

[snpark]

Ask him his source.
IDR1b with today Exchange rate is US$67,370.35
I believe he is either Mr. Know-it-all (sok tau) or feeding you porkies.
In just less than a minute search

Workforce planning guide: How to align talent, capacity, and growth

Master hiring, compensation, workforce capacity, and long-term growth with this complete workforce planning guide for HR leaders.

www.timedoctor.com

"The median salary in Indonesia is 11,400,000 IDR (788 USD)"

This is Median salary/Income, Not Mean or Average. The median in statistics is the value in the middle of a data set, meaning that 50% of data points have a value smaller or equal to the median and 50% of data points have a value higher or equal to the median.

So this means that 50% of the Indonesian population earns more than 11,400,000 IDR, and the other 50% earns less than 11,400,000 IDR.

But we are talking wealth not salary

 

[pantaiema]

But we are talking wealth not salary

Yep. That is salary/income alone. Certainly you need to consider that some of the salary will be spent to live on. Wealth can include tangible assets (e.g money/cash, property, stocks, jewellery, and other investments) but it could also include intangible assets such as knowledge, skills, and social connections.

So if other types of assets are included, just count tangible asset alone (do not need to include intangible assets); it is even more to prove that the statement, it is only 1% of the Indonesian population are having at least IDR1b (that person own definition of rich in Indonesia) in wealth, is nonsense.

 

[Samoerai]

Yes, there is. To be in the top 1% 113.939 USD, and to be in the top 10% 30.544 pretax income. Poverty in Indonesia and inequality are I think the highest in SEA.

Here’s How Much You Need To Earn To Be ‘Rich’ in 30 Major Countries Around the World

It might be time to move to Bangladesh.

www.gobankingrates.com

Thanks for the link. Interesting ... So, only 1% of the population in Indonesia has around IDR 2 billion annual income. My friend who told me about the statistics of 1% was wrong. He talked about assets.

 

[Hawk256]

Here’s How Much You Need To Earn To Be ‘Rich’ in 30 Major Countries Around the World

It might be time to move to Bangladesh.

www.gobankingrates.com

Never realized how little it took to be in the top 1% of Ethiopia.

 

[snpark]

So 3million indonesians earn more than $135,000 a year?
That seems very high still.

I mean legitimately legally? Still could be possible I guess.
Considering military generals etc and politicians and rich Chinese Indo I guess it adds up

But the top 1% of the 1% are the $ billionaires

 

[snpark]

Never realized how little it took to be in the top 1% of Ethiopia.

Maybe I should move there. I like to be a millionaire in every currency

 

[Samoerai]

I just checked the statistics in Holland ... at CBS website.

If you have an annual salary of 100.000 euro or more, then you belong to the top 2,6% in Holland.

In Germany, according to the article above, with 100.000 euro anual salary, you belong to the top 10%.

So, I think knowing a bit about Holland and Germany, that could be true.

Inkomen van personen

Welke inkomsten hebben personen? Hoe zit het met inkomensverschillen tussen mannen en vrouwen, hoeveel mannen en vrouwen verdienen minder dan bijstand?

longreads.cbs.nl

 

[Samoerai]

Some more reports on wealth.

In Indonesia there are approximately 45.063 persons with net 1 million USdollars or more and 1.125 persons with more than 30 million USdollars. Is my understanding.

But .. one needs only net 60.000 USdollars to join the 1% (rich people) in Indonesia.

How much wealth gets you into the global top 1%?

Using the Knight Frank Wealth Sizing Model, we reveal how deep your pockets need to be to join the wealthiest 1% in selected countries and territories.

www.knightfrank.com

See the pic.

The Knight Frank Global Wealth Sizing Model

Introducing our definitive guide to understanding global wealth distribution

www.knightfrank.com

https://content.knightfrank.com/blog/2021/2/a265eb48-dfc3-4d7a-a23b-21350d5ed81c/wealth-sizing-model-2021.pdf

 

[jstar]

Obviously in developing countries (as BRIIC) with huge populations and a relatively small -but growing- middle class, the real wealth is not in the 1% but in the top 0.00001%.

 

[Samoerai]

Obviously in developing countries (as BRIIC) with huge populations and a relatively small -but growing- middle class, the real wealth is not in the 1% but in the top 0.00001%.

In the Netherlands, almost three-quarters of the population falls into the middle 'income group'. Mediaan around 30.000 euro net per year. But, also in the Netherlands ... the real wealth is in the top 0.01149 % (= 88 / 7653).

 

[Samoerai]

Thanks for the link. Interesting ... So, only 1% of the population in Indonesia has around IDR 2 billion annual income. My friend who told me about the statistics of 1% was wrong. He talked about assets.

So, according to Frank Knight with an asset of IDR 1 bn net you belong to the 1% rich people in Indonesia. And according to the other report by Nicole Spector .. you need an annual salary of around IDR 2 bn to belong to the 1% rich people.

Hmm, I was thinking ... both could be right ...
Just make 2 Venn-diagrams:
1. Indonesians with annual salary more than 2 billion rupiah
2. Indonesians with 1 billion rupiah net asset

So, the overlapping section is the section with Indonesians who have both, meaning having a net capital of more than 1 billion and having an annual salary more than 2 billion. Makes sense.
There are people who have a capital more than 1 billion, but don't have an annual salary of more than 2 billion. The big savers. Or the lucky ones who inherited some capital.
But there are also some people who have a salary of more than 2 billion, but don't have capital. The big spenders, hahaha

 

[nd_eric_77]

So, according to Frank Knight with an asset of IDR 1 bn net you belong to the 1% rich people in Indonesia. And according to the other report by Nicole Spector .. you need an annual salary of around IDR 2 bn to belong to the 1% rich people.

Hmm, I was thinking ... both could be right ...
Just make 2 Venn-diagrams:
1. Indonesians with annual salary more than 2 billion rupiah
2. Indonesians with 1 billion rupiah net asset

So, the overlapping section is the section with Indonesians who have both, meaning having capital of more than 1 billion and having a annual salary more than 2 billion. Makes sense.
There are people who have a capital more than 1 billion, but don't have an annual salary of more than 2 billion. The big savers.
But there are also some people who have a salary of more than 2 billion, but don't have capital. The big spenders, hahaha.

Anyone who owns a house outright (no mortgage) in Jabodetabek or the more populated regions of Bali most likely has capital of more than 1 billion IDR, but an income over 2 billion IDR per annum is quite rare.

 

[jstar]

Yeah but the question is how many of those thousands in all these newer developments do not have a mortgage?

 

[snpark]

That's assets
And that's why it's net wealth. Property after mortgage etc