How much money you need to be among wealthiest 1%
What's the story
We all have heard about the richest 1% in the world. The super-rich that grabbed nearly two-thirds of all wealth created in the world since 2020.
What does one have to do to be counted among the richest 1% in a particular country? Simple, earn a lot of money. But how much?
Here's what real estate consultant Knight Frank has to say about that.
Highest
Monaco has the highest cut-off
In which country do you need the most amount of money to become a part of the ultra-exclusive club? Surprisingly, the tiny Mediterranean principality of Monaco is the toughest place to make the cut.
In Monaco, you need at least $12.4 million to be among the richest. Notably, the city-state has the densest population of the world's super-rich.
Top 5
You need $5.1 million in US to be among 1%
Compared to Monaco, the entry point to 1% is much lesser in the remaining four locations in the top five. To be among the ultra-rich in Switzerland, you need at least $6.6 million.
It is followed by Australia with a threshold of $5.5 million and New Zealand with a cut-off of $5.2 million.
The US rounds off the top five with $5.1 million.
Asia
Singapore tops the list in Asia
In Asia, the highest cut-off is in Singapore. Only those with at least $3.5 million are considered among the top 1%.
Hong Kong is a close second with a threshold of $3.4 million. It is followed by Japan with a minimum requirement of $1.7 million.
The UAE tops the list in the Middle East with the top 1% there needing at least $1.6 million.
Europe and Latin America
Ireland has the highest threshold in Europe
Ireland tops the list in Europe with a minimum requirement of $4.3 million. It is also the sixth highest in the world.
It is followed by France and the UK with thresholds of $3.5 million and $3.3, respectively.
In Latin America, no country requires at least $1 million to be among the richest 1%. Brazil is at the top with a $433,000 cut-off.
India
The richest 1% needs at least $176,000 in India
Now, are you curious about India? Among the 25 surveyed locations, India sits at a lowly 22nd rank.
You 'only' need $176,000 (roughly Rs. 1.45 crore) to be among the super-rich in India. According to a recent Oxfam report, India's top 1% owns over 40% of the country's wealth.
In Knight Frank's list, only South Africa, the Philippines, and Kenya are below India.
Decline
Collective wealth of ultra-rich individuals declined by 10% year-over-year
According to the report, the collective wealth of ultra-high net-worth individuals (UHNWI) declined by 10% in the last year due to a tough macroeconomic climate.
Europe saw the steepest fall with wealth declining by an average of 17%. "Africa and Asia, by comparison, saw the smallest declines with 5% and 7% respectively," the report said.