The number of billionaires around the world has increased considerably over the course of the past decade. It’s estimated that around 1.1% of the world’s population consists of millionaires, but in spite of the fact that this is the case, being a millionaire doesn’t automatically make you part of the 1% in every single country. Some countries have such a disproportionate distribution of wealth that you need much more money to be part of the upper crust.
With all of that having been said and now out of the way, it is important to note that Monaco is at the top of the list when it comes to joining the 1%. 30% of Monaco’s population consists of millionaires, and as a result you need just under $12.9 million to be part of the top 1%. Coming in second is Luxembourg with $10.8 million required, followed by Switzerland with $8.5 million.
America is the sole superpower in the world and the center of tech innovation along with many other industries, so it stands to reason that you’ll need a lot of wealth to join the top 1% here. Sure enough, the US ended up at number 4 with $5.8 million required to be included in the top 1%. Singapore rounded off the top 5 list with over $5.2 million with all things having been considered and taken into account.
It bears mentioning that the US has the highest number of millionaires, but there are also plenty of people struggling to make ends meet. This is why the US wasn’t able to reach the top spot, since income disparity was bound to bring the average down in some way, shape or form.
China might just be the best example of the global average, since you need $1.07 million to be included in the 1% on the mainland. Interestingly enough, you need far more to be a member of this exclusive club over in Hong Kong, where the 1% hold over $3 million in wealth on average.
Indeed, Singapore and Hong Kong are outliers in this regard. Elsewhere in Asia, Japan requires a total wealth of nearly $2 million for membership in the 1%, which just goes to show that even multi-trillion dollar economies don’t see the same level of wealth concentration as a few other nations around the world.
It will be interesting to see where things go from here on out, since the rich appear to be getting richer whereas the bottom 10% seem to be getting poorer by the year. This could have seismic consequences for the rest of the decade and beyond.
Data via KnightFrank
Read next: The Combined Net Worth of Richest People in the World is $1.44 Trillion as of February 2024
With all of that having been said and now out of the way, it is important to note that Monaco is at the top of the list when it comes to joining the 1%. 30% of Monaco’s population consists of millionaires, and as a result you need just under $12.9 million to be part of the top 1%. Coming in second is Luxembourg with $10.8 million required, followed by Switzerland with $8.5 million.
America is the sole superpower in the world and the center of tech innovation along with many other industries, so it stands to reason that you’ll need a lot of wealth to join the top 1% here. Sure enough, the US ended up at number 4 with $5.8 million required to be included in the top 1%. Singapore rounded off the top 5 list with over $5.2 million with all things having been considered and taken into account.
It bears mentioning that the US has the highest number of millionaires, but there are also plenty of people struggling to make ends meet. This is why the US wasn’t able to reach the top spot, since income disparity was bound to bring the average down in some way, shape or form.
China might just be the best example of the global average, since you need $1.07 million to be included in the 1% on the mainland. Interestingly enough, you need far more to be a member of this exclusive club over in Hong Kong, where the 1% hold over $3 million in wealth on average.
Indeed, Singapore and Hong Kong are outliers in this regard. Elsewhere in Asia, Japan requires a total wealth of nearly $2 million for membership in the 1%, which just goes to show that even multi-trillion dollar economies don’t see the same level of wealth concentration as a few other nations around the world.
It will be interesting to see where things go from here on out, since the rich appear to be getting richer whereas the bottom 10% seem to be getting poorer by the year. This could have seismic consequences for the rest of the decade and beyond.
Top 1% Wealth Requirements Across Nations Revealed
| Countries (Region) | Wealth (USD) |
|---|---|
| Monaco (Europe) | $12,883,000 |
| Luxembourg (Europe) | $10,832,000 |
| Switzerland (Europe) | $8,509,000 |
| United States (N. America) | $5,813,000 |
| Singapore (Asia) | $5,227,000 |
| Sweden (Europe) | $4,761,000 |
| Australia (Oceania) | $4,673,000 |
| New Zealand (Oceania) | $4,574,000 |
| Ireland (Europe) | $4,321,000 |
| Germany (Europe) | $3,430,000 |
| France (Europe) | $3,273,000 |
| Hong Kong SAR (Asia) | $3,094,000 |
| United Kingdom (Europe) | $3,070,000 |
| Italy (Europe) | $2,548,000 |
| Spain (Europe) | $2,468,000 |
| Japan (Asia) | $1,971,000 |
| China - Mainland (Asia) | $1,074,000 |
Data via KnightFrank
Read next: The Combined Net Worth of Richest People in the World is $1.44 Trillion as of February 2024
