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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 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 is the top 1 percent of wealth in the US? ›
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 much wealth does the richest 1% have in the world? ›
$26 trillion (63 percent) was captured by the richest 1 percent, while $16 trillion (37 percent) went to the bottom 99 percent. According to Credit Suisse, individuals with more than $1 million in wealth sit in the top 1 percent bracket.
Which country is richest after USA? ›
THE 10 RICHEST COUNTRIES IN THE WORLD:
- Ireland🇮🇪
- Singapore🇸🇬
- Qatar🇶🇦
- United Arab Emirates🇦🇪
- Switzerland🇨🇭
- San Marino🇸🇲
- United States🇺🇸
- Norway🇳🇴
United States is the richest country in the world, and it has the biggest wealth gap. The United States led the world in growth of financial assets last year thanks to tax cuts and booming stock markets, but its distribution of wealth was more unequal than in any other country, according to a study published Wednesday.
What is the global 1 percent income? ›
If you earn $60,000 a year after tax and you don't have kids, you're in the richest 1 percent of the world's population. If you have a household income of $130,000 after tax and you've got a partner and one kid, you're also in the richest 1 percent.
What is the top 1% net worth by age? ›
Average net worth by top percentile and age
| Age | Top 1% net worth |
|---|
| 18-24 | $653,224 |
| 25-29 | $2,121,910 |
| 30-34 | $2,636,882 |
| 35-39 | $4,741,320 |
3 more rowsMar 27, 2024
Hans Luxembourg is at the top of the list of the richest countries in the world by GDP 14,3740 USD.
Did the wealth of the 1% hit a record $44 trillion? ›
The 1% Now Hold $44 Trillion in Wealth: The One Asset That Led to Major Gains. America's 1% is getting richer. As CNBC reported, the wealth of the ultra rich hit a record $44.6 trillion — a $2 trillion increase — at the end of the fourth quarter, according to new data from the Federal Reserve.
According to an Experian Automotive study cited by the Financial Times, while society's rich are more likely to buy luxury brand cars than its less well-off, 61% of people who earn more than $250,000 are more likely to be driving Hondas, Fords and Toyotas.
Does the richest 1% own half the world's wealth? ›
The richest 1% own almost half of the world's wealth, while the poorest half of the world own just 0.75% In fact, they have acquired nearly twice as much wealth in new money as the bottom 99% of the world's population.
Where do billionaires keep their money? ›
Common types of securities include bonds, stocks and funds (mutual and exchange-traded). Funds and stocks are the bread-and-butter of investment portfolios. Billionaires use these investments to ensure their money grows steadily.
How much wealth do you need to join 1%? ›
In the United States, this number stood at $5.8 million last year. Despite the 1% being considered ultra-rich, Knight Frank remarks that many of the world's 1% are not actually ultra-high-net-worth individuals with assets of over $30 million.
Is the US the richest country in the world? ›
If we simply consider a nation's gross domestic product—the sum of all goods and services produced by a country during one year—then we would have to conclude that the richest nations are exactly the ones with the largest GDP: United States, China, Japan, Germany.
What is the wealthiest country in the world? ›
Our ranking shows the 50 wealthiest countries, measured by gross domestic product per capita and adjusted by the purchasing in the respective country. The USA is the only country with a large surface area and population among the highest-ranking nations, ranking eleventh. The richest country in the world is Luxembourg.
Why the US is still richer than every other large country? ›
That's because consumer spending, which accounts for the biggest part of US GDP, has been relentless, even in the face of the highest interest rates in 23 years. But what's perhaps most remarkable about the US economic growth rate is how much it towers over similarly sized advanced economies.
Who is richer between USA and China? ›
1- United States: Located in North America, the United States is the world's third largest and most populous country. It has once again surpassed China to become the world's richest country.
