New data reveals how much you need to earn in order to cross the threshold and join the world’s top one percent.
Bloomberg reported on Wednesday that the property broker Knight Frank just published its 2023 Wealth Report, which includes an analysis of the minimum net worth required to elevate a person’s status in 25 different nations. Monaco is at the top of the list where you need a staggering $12.4 million to join the one percent. In contrast, Kenya just need $20,000 at the bottom.
The Mediterranean nation dominates the field by a significant margin, with Switzerland coming in second with a barrier of $6.6 million. The top five is completed by Australia ($5.5 million), New Zealand ($5.2 million), and the United States ($5.1 million). The Philippines ($57,000), South Africa ($109,000), India ($175,000), and Mexico ($383,000) are all listed below Kenya at the bottom of the list.
According to Bloomberg, the figures demonstrate the stark disparity between wealthy and developing countries, which is mostly attributable to the epidemic and the global rise in living expenses. For instance, the barrier in Monaco is more than 200 times higher than in the Philippines.
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The wealthiest among us simply continue to become richer, while lower-income families are forced to spend a greater portion of their income on necessities like food and shelter. The 500 richest persons in the world have made a combined total gain of more than $600 billion only this year, according to the Bloomberg Billionaires Index. With $41.8 billion earned in a little over five months, Mark Zuckerberg tops that list. With $40.6 billion, Bernard Arnault is a close second.
A partner on Knight Frank’s research team named Flora Harley said in a statement that “growing inequality globally could see a greater focus on this group—particularly in the sights for greater taxation on assets and even emissions.”
Despite the fact that all of those sums are pretty remarkable, the total population of ultrahigh-net-worth persons actually decreased last year, falling by 3.8 percent to around 580,000 individuals.
