John Key is worth $56,000,000.
I know much of his wealth is in property and stocks – but I assume that the reason for this is in part because that will give him a higher return than if he left it in the bank to get a paltry 5%. I’m not an economist but I was playing around with these numbers:
A conservative estimate of a 5% return pa on this would equate to $7671.23 per day interest. This is $53,698.61 per week.
His job brings in $375,000 pa which is around $7211.53 per week before tax.
In 2009 the median weekly income for NZers from all income sources was $538 per week.
A single unemployed person over the age of 25 earns $11,536.20 per annum before tax. This is $221.85 per week before tax.
This isn’t the society I want to live in. As much as I struggle to understand how we can expect people to live on less than $200 pw in the hand, I really struggle to understand what anyone could possibly do with over $50,000 income per week.