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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
In 2022, Switzerland led the ranking of countries with the highest average wealth per adult, with approximately 685,000 U.S. dollars per person. The United States was ranked second with an average wealth of around 550,000 U.S. dollars per adult, followed by Australia.
What is the 1% 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.
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.
How much of the nation's wealth is owned by the top 1 percent? ›
More than one-quarter of all household wealth, 26.5%, belongs to Americans who earn enough money to rank in the top percentile by income, according to Federal Reserve statistics through mid-2023. The top 1% holds $38.7 trillion in wealth.
Who is the wealthiest country in the world? ›
The US had the highest total wealth of around $145.79 trillion, as of 2021.
How many millionaires in the US compared to other countries? ›
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.
How much wealth do you need to join the richest 1% globally? ›
You now need a net worth of at least $5.8 million in order to be part of that small but elite group, according to the upcoming 2024 wealth report from Knight Frank. That is a notable 12% increase from the $5.1 million needed just one year ago.
What defines the top 1%? ›
The term “top 1%” typically refers to people among the top 1% wealthiest Americans, as measured by either annual income or net worth. The income of those in the top 1% is many multiples above that of the average American.
What salary in US is considered rich? ›
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.
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.
In this article, White is used to describe non-Hispanic White householders; Black householders can be either Hispanic or non-Hispanic. In 2021, households with a White householder made up 65.3% of all U.S. households and held 80.0% of all wealth.
What is the top 1% in the world? ›
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 income puts you in the top 1? ›
How much do you need to earn to be in the top 1% income bracket? To be in the top 1% of earners, you're looking at an average annual income of $819,324. The top 0.1% of Americans earn an average of $3,312,693.
Was America ever the richest country in the world? ›
While the United States has consistently had the world's largest economy for some time, in the last fifty years the world has seen the rapid rise and fall in relative terms of the economies of other countries while the share of the United States has also fluctuated.
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.
Is USA richer than Mexico? ›
Since the last world war the US has developed from the technology boost of the war and the ensuing cold war. Mexico did not invest those resources and the difference. It is hard to pinpoint where they diverged, but you can't ignore that the US GDP is thirteen times the size of the Mexican economy.
Is the US a high income country? ›
For the 2023 financial year, the World Bank placed 81 countries in the high-income category. Many countries, such as the United States, have consistently ranked as high income since the 1980s, but others have moved in or out.
