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The ultra-rich are getting richer — and their global population is growing. After a year that saw strong growth in the stock market, real estate and cryptocurrencies such as bitcoin, the number of ultra-wealthy individuals around the world is up by over 4%, according to a new report.
But being counted among the highest net worth individuals can be much "easier" in some countries than it is in others. To belong to the 1% in America, your net worth would have to be about $5.8 million or higher, according to the new Wealth Report from real estate company Knight Frank. In some countries, though, you only need to be worth a fraction of that to be a part of the 1%; in others, you need to have far greater wealth to be part of this elite group.
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Top 1% net worth around the world
The Knight Frank Wealth Report shows what it takes to become a member of the top 1% around the world. The 1% refers to the top 1% of individuals in a given country based on net worth — or the value of all of the assets one owns, minus debt and other liabilities.
Here is the minimum net worth you must have as an individual to belong to the top 1% in select countries around the world, as of the fourth quarter of 2023:
- Monaco: $12.88 million
- Luxembourg: $10.83 million
- Switzerland: $8.51 million
- U.S.: $5.81 million
- Singapore: $5.23 million
- Sweden: $4.76 million
- Australia: $4.67 million
- New Zealand: $4.57 million
- Ireland: $4.32 million
- Germany: $3.43 million
- France: $3.27 million
- Hong Kong: $3.09 million
- UK: $3.07 million
- Italy: $2.55 million
- Spain: $2.47 million
- Japan: $1.97 million
- China: $1.07 million
As you might imagine, the report shows that it takes a higher net worth to be part of the 1% in well-off countries that have small populations. The two countries that top the list, Monaco and Luxembourg, have populations totaling just 37,000 and 640,000, respectively. Even Switzerland and Singapore, which round out the top 5 alongside the U.S., both count populations of less than 10 million people.
The U.S., which has a population of around 335 million, is a major outlier to this trend. China and Japan, which also have large populations, have the lowest minimum wealth thresholds on the list, both at less than $2 million.
Another thing noted by Knight Frank is that these figures are just the minimum necessary to be in the top 1%; the variation between members of the same elite wealth percentile are still quite broad. There is another level of financial elite within the 1% called ultra-high net work individuals, or UHNWI. In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd.
As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier. The global population of this ultra-rich group declined in 2022, which was a down year for most markets.
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FAQs
The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.
What is the top 1% wealth around the world? ›
The 1% Club
| Countries | Region | Wealth (USD) |
|---|
| 🇺🇸 U.S. | N. America | $5,813,000 |
| 🇸🇬 Singapore | Asia | $5,227,000 |
| 🇸🇪 Sweden | Europe | $4,761,000 |
| 🇦🇺 Australia | Oceania | $4,673,000 |
13 more rowsMar 6, 2024
The U.S. is now home to 37% of the world's millionaires, up from 35% in 2018. The divergence grows even more at the top of the wealth ladder. The U.S. has 9,850 centi-millionaires — those worth $100 million or more — compared with China's 2,352. The U.S. has about 788 billionaires to China's 305.
What is the 1% rich in the US? ›
You need more money than ever to enter the ranks of the top 1% of the richest Americans. To join the club of the wealthiest citizens in the U.S., you'll need at least $5.8 million, up about 15% up from $5.1 million one year ago, according to global real estate company Knight Frank's 2024 Wealth Report.
What net worth to be top 1%? ›
In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd. As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier.
How many people are in the top 1%? ›
Over 21 million individuals residing in the United States belonged to the global top one percent of ultra high net worth individuals worldwide in 2022.
How much wealth do you need to join the richest 1% around the world? ›
According to the latest findings from the 18th edition of the Wealth Report by Douglas Elliman and Knight Frank, a person needs $5.8 million to be considered in the wealthiest 1% — a figure that, while substantial, is a far cry from the billionaire benchmark. Don't Miss: Are you rich?
How much wealth to be in top 2 percent? ›
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- People with the top 1% of net worth in the U.S. in 2025 will have $11.6 million in net worth.
- The top 2% will have a net worth of $2.7 million.
- The top 5% will have $1.17 million.
- The top 10% will have $970,900.
- The top 50% will have $585,000.
To reach the top 1 percent of earners, you would need a monthly take-home salary of 7.190 euros. This is equivalent to an annual net income of almost 86.000 euros, after taxes, or an annual gross salary of around 150.000 euros.
Is USA richer than Mexico? ›
The per-capita GDP of Mexico is $9,246 USD while that of Canada is $49,222 and that of the USA is $68,309, meaning the average Mexican makes less than 1/5 of the average Canadian and less than 1/7 of the average American.
When countries are ranked for the size of their economies or their overall gross wealth, the U.S. is usually at the top of the list, followed by countries like China, Japan or Germany. But sorting nations for their per-capita average wealth—or even for their median per-capita wealth—other countries win out.
Who has a stronger economy than the US? ›
These Are the 10 Largest Economies in the World
| 2022, by Country | GDP, Current Prices in USD | GDP, Current Prices in USD |
|---|
| China | $17.9 trillion | $17.7 trillion |
| Japan | $4.2 trillion | $4.4 trillion |
| Germany | $4.1 trillion | $4.2 trillion |
| India | $3.4 trillion | $3.7 trillion |
6 more rowsFeb 22, 2024
You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C. "This comes down to cost of living," Murray said.
What net worth is considered upper class? ›
The upper class has an average net worth of $793,120 to $2.65 million, while the lower class has $16,900. The middle class ranges from $58,550 to $300,800. You can grow your net worth by saving and investing consistently, investing in the stock market, and being careful about taking on debt.
What is 1% of the US population? ›
The population of the USA is approximately 340,000,000. 1% of that is 3,400,000. But when Robin Hood refers to taking from the rich to give to the poor, he's talking about approximately 10,000, maybe 20,000.
What is the income of the top 1 in the US? ›
The Pinnacle: The Top 1%
Entering the top 1% of earners requires an average annual income of $819,324. In the highest echelon — the top 0.1% — the average income is $3.3 million. The rapid wage growth for these groups is noteworthy.
What is the total wealth of the United States? ›
Americans held roughly $137.6 trillion in wealth in 2022, according to the Federal Reserve. For the top 20%, that equaled about $97.9 trillion. The middle class combined held $35.7 trillion. And the bottom quintile had $4.1 trillion in total wealth.
What percentile is a $3 million net worth? ›
The 95th percentile, with a net worth of $3.2 million, is considered wealthy, facilitating estate planning and possibly owning multiple homes. The top 1%, or the 99th percentile, has a net worth of $16.7 million and represents the very wealthy, who enjoy considerable financial freedom and luxury.
How much of the stock market is owned by the 1? ›
Two decades ago—in the wake of the dot-com bust—the wealthiest 1% held 40% of the wealth in public markets; today, their share is 54%.
