When you’re a millionaire: Prince Edward Island’s $4,800-a-night king’s palace
Royalty’s come a long way since its founding in 1833.
Today, the territory’s top-paid citizens are a select few, like former governor and now-Prince Edward Island premier Daniel Lang, and the majority of the country’s top earners are middle-class.
So why is Prince Edward the country with the highest median net worth in the world?
The answer is a bit of a mystery.
The island’s government publishes its annual wealth report on a quarterly basis.
For the 2017 year, Prince Edward was second only to the Bahamas, with a net worth of $17.6 billion.
That was up nearly $1 billion from the year before.
(For comparison, Prince Harry’s fortune is about $17 billion.)
The wealth of the rest of the world’s top billionaires was just $7.6 million.
So while the island’s net worth rose, it didn’t quite match the $16.4 billion of the top 1 percent of the global population.
And while the top 10 percent of earners in the country earn $4.9 billion, only 10 percent made more than the rest.
The top 10% of earners have a median networth of $4 million, but according to The Wall St. Journal, only 11.3 percent of them make more than $2 million.
That leaves them with a median income of $27,000.
(Here’s how the world ranks the rich.)
The top 5 percent earn about $13 million, the bottom 5 percent $6 million and the middle 20 percent $4-million.
The average wealth for the top 20 percent is $3.8 million, while the average for the bottom 20 percent was $2.4 million.
But as for the median net income, the island is very unequal.
Prince Edward has one of the lowest median net incomes in the Atlantic Ocean, with just $1,827 a month paid to every household.
It’s also one of just four countries that don’t publish its wealth to the World Bank and Forbes, which are the other two sources of income for most of the island.
The Wall’s analysis looked at net worth for a handful of top earners.
Here’s how it breaks it down: $1.8 billion: Daniel Lang ($7.5 million) $2 billion: John Kelly ($4.5) $3 billion: George Mitchell ($2.8) $4 billion: James Rolfe ($2 million) The Bahamas ($1.6) $1 million: Peter Lewis ($1 million)