Global Wealth Distribution and HNWIs: Who Makes Up the Top 1%?

A recent surge in the stock market, real estate, and cryptocurrencies has led to a 4% increase in the number of ultra-wealthy individuals worldwide, according to a new report. The report from Knight Frank Wealth, a real estate consultancy, details the minimum net worth needed to be among the top 1% in various countries. This measure is based on an individual’s net worth, calculated as the total value of assets owned minus any debts and liabilities.

The threshold to join this elite group varies significantly by country. In the United States, becoming part of the top 1% requires a net worth of about $5.8 million, as stated in the latest Wealth Report by Knight Frank. In some countries, the entry point to this exclusive club is much lower, while in others, it is considerably higher.

The report highlights that smaller, affluent countries like Monaco and Luxembourg have the highest entry points to the 1%, with populations of just 37,000 and 640,000, respectively. Switzerland and Singapore, also in the top five, each have populations under 10 million. The United States, with a much larger population of around 335 million, stands out as an exception to this trend. In contrast, densely populated countries like China and Japan have much lower thresholds for the top 1%, both under $2 million.

Knight Frank also notes that these figures represent the minimum required to enter the top 1%, but within this group, wealth can vary greatly. A further subset of this group, known as ultra-high net worth individuals (UHNWIs), has a significantly higher threshold. In the United States, while $5.81 million secures a spot in the top 1%, joining the ranks of the UHNWIs requires at least $30 million.

As of late 2023, the global population of these ultra-wealthy individuals has grown to 626,000, up from just over 600,000 the previous year. This increase follows a decline in 2022, a challenging year for many financial markets.

Here are the figures required to be in the top 1% in selected countries by the end of 2023:

• • • Monaco: $12.88 million
    • Luxembourg: $10.83 million
    • Switzerland: $8.51 million
    • United States: $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
    • United Kingdom: $3.07 million
    • Italy: $2.55 million
    • Spain: $2.47 million
    • Japan: $1.97 million
    • China: $1.07 million

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