You need $5.1M to be in America’s richest 1%, but only $57,000 to join the 1% in the Philippines
Americans hoping to be part of the country’s richest one per cent need to be worth at least $5.1 million, new data shows. But while that’s a huge sum, it’s less than half of what residents in tax haven Monaco require – with a whopping $12.4 million needed to get in the exclusive club, according to the latest Knight Frank wealth report. Billionaire residents of the tiny Mediterranean principality typically don’t pay income tax, which helps keeps them at the top of the world’s rich list.
Research of 25 countries shows that Switzerland comes in second highest, with $6.6 million needed to join the super-rich, while Australia comes in third with a necessary cash flow of $5.5 million. The US comes in fifth on the list – also behind New Zealand – having dropped two places from third in 2021.
In Asia, Singapore has the highest threshold with $3.5 million required to be in the top 1 per cent ahead of Hong Kong’s $3.4 million. Brazil is the top in Latin America, with a necessary wealth of $430,000.The findings indicate how soaring living costs in many countries – plus the worldwide hangover from the Covid-19 pandemic – are widening the gap between the richest and poorest nations.
The threshold to enter Monaco’s richest section of society is more than 200 times greater than the $57,000 needed to join the 1 per cent in the Philippines, Bloomberg reports. To be part of the richest 1 per cent in Kenya, you need $20,000 – the lowest figure for the locations ranked in the data. As many people grapple with the burden of rising inflation, the outlet reports, the world’s 500 richest people have added almost $600 billion to their combined fortunes this year.
According to the Bloomberg Billionaire Index, Meta founder Mark Zuckerberg has seen his wealth increase the most so far in 2023. This is despite Meta-owned companies Facebook, Instagram, WhatsApp and Reality Labs, letting go of thousands of employees this year in a bid to cut costs.
According to Knight Frank, the global number of ultra-wealthy individuals fell 3.8 per cent in 2022 to about 580,000, the outlet reports, after surging the previous year. Still, Middle East nations including the United Arab Emirates and Saudi Arabia saw an increase in super-rich residents last year as energy prices rebounded. ‘The recent dip will prove short-lived as we adapt to a new economic environment,’ said Liam Bailey, Knight Frank’s global head of research.
