For most people in the world the 1% in the US are the ultra rich. And for the other 99% of the US population they might just as well be.

This isn't a fair or useful way to see things. Just because "American minimum wage is a fortune in India" or something doesn't mean someone making minimum wage in America isn't dirt poor.

We all have our costs of living, and how "rich" we are is relative to where we live.

According to the IRS, the annual income of the top 1% starts at $516,714 and averages $1,625,221: https://www.irs.gov/pub/irs-pdf/p5398.pdf

I think certainly most of the bottom 90% would consider an annual income well in excess of $1M/year to be "ultra rich".

$700k/year and $7,000k/year are the same thing to someone who occasionally has to decide which essential bill to incur a reinstatement penalty over.