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The Report Discloses the Wealth Threshold for Joining the Elite Class in 25 Countries

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

A new report published by real estate agency Knight Frank has shown how wealthy a person must have to be in the top 1% in 25 countries around the world.

New data shows that Americans hoping to be in the top 1% of the nation need at least $5.1 million, but while that’s a huge amount, it’s less than half of what Monegasques need, $12.4 million. Billionaires living in the tiny Mediterranean emirate usually pay no income tax, which helps them stay at the top of the list of the world’s richest people.

A study of 25 countries shows that Switzerland is second only to Monaco, where it needs $6.6 million to join the super-rich, while Australia comes in third with $5.5 million in cash flow needed.

The United States is fifth on the list behind New Zealand, down two places from third in 2021.

In Asia, Singapore has the highest threshold: $3.5 million is needed to get into the top 1 percent, ahead of Hong Kong ($3.4 million).

In the Middle East, the UAE came in first place, as a person must have a net worth of $1.6 million to be among the richest 1% of people, while Saudi Arabia came in second with $740,000.

In Latin America, Brazil ranked first with a required wealth of $430,000. The results show that the high cost of living in many countries, in addition to the remnants of the Covid-19 epidemic around the world, is widening the gap between the richest and the poorest. countries.

In the Philippines, $57,000 allows you to enter the wealthy segment in the country, but to enter the top 1 percent in Kenya, you need only $20,000.

Order in the report:

-1- Monaco: $12.4 million

2- Switzerland: $6.6 million

3. Australia: $5.5 million

-4- New Zealand: $5.2 million

5. USA: $5.1 million

-6- Ireland: $4.3 million

-7- Singapore 3.5: million dollars

-8- France: $3.5 million

-9- Hong Kong: $3.4 million

-10- UK: $3.3 million

11. Italy: $2.6 million

-12- Spain: $2.5 million

-13- Japan: $1.7 million

14- UAE: $1.6 million

-15- China: 960 thousand dollars

-16- Czech Republic: 880 thousand dollars

-17- Saudi Arabia: $740,000

-18- Romania: 587 thousand dollars

-19- Malaysia: $485 thousand

-20- Brazil: 433 thousand dollars

-21- Mexico: $383,000

-22- India: 175 thousand dollars

-23- South Africa: 109 thousand dollars

-24- Philippines: 57 thousand dollars

-25- Kenya: $20,000

As many grapple with the burden of rising inflation, the world’s 500 richest people have added nearly $600 billion to their combined wealth this year, according to the report.

According to Knight Frank, the number of the world’s super-rich fell 3.8 percent in 2022 to about 580,000 after rising the previous year.

However, countries in the Middle East, including the UAE and Saudi Arabia, saw a rise in the super-wealthy last year as energy prices rebounded.

Source: RT + Knight Frank website

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