Joining the Richest 1%: The Wealth Thresholds of the World’s Richest Cities

To join the richest 1% in Monaco, you need a net worth of $12.4 million, according to a recent study by real-estate consultancy Knight Frank. Their Wealth Sizing Model reveals the wealth required to be among the top 1% in 25 different countries, with Monaco leading the list due to its high density of super-rich residents.

Switzerland ranks second, though the threshold drops significantly to $6.6 million. Australia follows in third place, requiring $5.5 million, while New Zealand and the United States demand $5.2 million and $5.1 million, respectively. In the United Kingdom, the entry point is $3.3 million.

Singapore is the highest-ranking Asian country, where $3.5 million is needed to be in the wealthiest 1%, narrowly surpassing Hong Kong’s $3.4 million. In Japan, $1.7 million is sufficient, while in mainland China, the figure stands at $960,000.

In the Middle East, the UAE requires a net worth of $1.6 million to join its top 1%. For Latin America, Brazil leads with a relatively low threshold of $430,000.

Despite being smaller than New York’s Central Park, Monaco boasts a high concentration of millionaires within its 0.78 square miles. Bordered by France and the Mediterranean Sea, Monaco had a population of approximately 39,000 as of December. The country attracts wealthy individuals with its Mediterranean climate, array of glamorous events, and favorable tax policies, including the absence of income tax.

Monaco’s economy is remarkable, having the highest GDP per capita globally in 2021 at $234,317, outpacing Liechtenstein, Luxembourg, and Bermuda. Knight Frank predicts that by 2026, Monaco will be home to 255 individuals with a net worth exceeding $30 million and nearly 40,000 millionaires.

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