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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.
How much wealth does the 1% of America have? ›
As of the second quarter 2023, the average American household had wealth of $1.09 million. The average wealth of households in the top 1 percent was about $33.4 million. In the top 0.1 percent, the average household had wealth of more than $1.52 billion.
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.
Who is richer, Europe or the USA? ›
Since 2008, nominal U.S. GDP has outpaced that of the European Union to the point that the EU is now just two-thirds the economy that the U.S. is, rather than the prior near-parity.
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 race holds the most wealth in America? ›
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.
Am I in the top 1 percent globally? ›
Number of people belonging to the global top 1 percent of wealth holders* in 2022, by country (in 1,000s) *The source provides the following information: a person needs at least 1,055,338 U.S. dollars of net worth to be a member of the top 1%.
How many people are in 1%? ›
One percent of 330,000,000 is 3,300,000 (some 3 million people) But usually the 1% refers to the most wealthy people in America, and that number is a few hundred. There are about 329 million people in the United States. Therefore, the top 1% consists of 3.29 million people.
What net worth is considered wealthy? ›
In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.
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.
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.
How rich is the top 1%? ›
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.
Is US money worth more than other countries? ›
The dollar's value comes from the US' position as a critical global economic power and the country's political and economic stability. While it may hold less value than such currencies as the Swiss franc or the British pound, the dollar's global use makes it a more commercially viable currency.
How poor is the US compared to other countries? ›
Source: OECD Data, 2019. What we find is that the U.S. rates of poverty are substantially higher and more extreme than those found in the other 25 nations. The overall U.S. rate using this measure stands at 17.8 percent, compared to the 25 country average of 10.7 percent.
Is the US the wealthiest economy in the world? ›
The United States is the undisputed heavyweight when it comes to the economies of the world. America's gross domestic product in 2022 was more than 40% greater than that of China, the world No. 2. Even more striking, U.S. GDP was over five times that of the next two largest economies, Japan and Germany.
Which is the wealthiest country in the world? ›
China has surpassed the US as the richest country in the world by GDP, with a GDP of $35.29 trillion, as of 2024.
