How Much Money Do You Need To Join The Top 1%?

A recent report by real estate consultancy Knight Frank details how much money a person needs to possess to be considered part of the 1% of the richest people in their respective country—and the results differ significantly.

Despite China making big steps towards leadership in several business sectors and transforming its economy toward higher value-creating industries, being a millionaire was pretty much enough to place a person in the upper 1% of China's richest. Chinese resident with assets of just under $1.1 million were considered part of the 1% in 2023, according to the report. As recent as 2020, even $850,000 would have been considered enough to be part of the 1% in China.

This is far from the case in other economies, for example notoriously wealthy Switzerland, where only those with a wealth of $8.5 million or more would be considered part of the 1%. In tiny and exclusive Monaco, one's net worth would have to have eight digits, as only $12.9 million is enough to join the 1% club in the European micronation. In the United States, this number stood at $5.8 million last year. Despite the 1% being considered ultra-rich, Knight Frank remarks that many of the world's 1% are not actually ultra-high-net-worth individuals with assets of over $30 million. At a global 1% population of 80 million people, the most obscenely rich people on the globe are therefore better qualified as the 0.1% or 0.01%, counting just 8 million people and 800,000 people, respectively.

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