You are correct. The 1% is in blogs but a fact check shows it's wrong.
Roughly , China has 200 million and US 100 million people above that income so maybe it should be 10% of world.

I suspect the maths will elude Belly but let's try.

A percentage is a relationship between two numbers. 1% is 1/100th OF SOME OTHER NUMBER.

Just saying 'the 1%" as though is a value unto itself is utterly innumerate.

So its 1% of something. If that 'something' is Australia then the top 1% has a very high wealth of around $3 million and income of around $200k.

In a somewhat richer country like the US the top 1% would have a higher again wealth/income level.

But what if that 'something' is the world. By adding Nigerians and Venezuelans and Chinese to the pool, the price to get into the top 1% falls to around $A 40000. So most Australians are in the top 1% of the world in terms of wealth and income.

http://www.dailymail.co.uk/news/article-2082385/We-1--You-need-34k-income-global-elite--half-worlds-richest-live-U-S.html

"The proportion of the world's wealthiest people living in China, India, Russia and Africa is statistically insignificant, according to Mr Milanovic."
Has to be wrong . About 20% Chinese earn above 200,000 yuan , $40,000. That's around 2.5% world people.

Who cares? I get an age part-pension and manage just fine with that and the bit I managed to save. I'm quite happy for the top 1% to get everything they want, including the ulcers that go with it.

My beef, if I had one, would be with Mongrel Morrison making it harder for seniors when he was treasurer.

Belly old mate, this is one case where your ideology is making it impossible to see the truth. Math is always true, ideology rarely so.

When your ideology & the math are incompatible, ditch the ideology or be a fool, as it is the math which will be correct.

Hasbeen
Just one bit of maths would be welcome . please.