Joining the world’s wealthiest club — the top 1% — has never looked more doable, depending on where you’re trying to achieve that.
That’s according to the 2024 Knight Frank Wealth Report that lays out how many millions it takes for an individual to join the elite moneyed club across the world.
“Our numbers reveal, though, that exclusive as it may sound, it’s actually easier to become a member of this particular club than it is to gain UHNWI status,” says the report released Wednesday. UHNWI stands for ultra-high-net-worth individual, which would be someone with a net worth of $30 million or more.
Of course, define “easier.” The country with the highest threshold to entry is Monaco, where just over $12.8 million is required to be part of the 1% as of fourth-quarter 2023 data. The top five countries with the highest bars for entry after Monaco were Luxembourg, Switzerland, the U.S. and then Singapore.
In the U.S., the threshold is $5.8 million. And for those who would like a fast-track into the 1% club, China, at the bottom of that list of 17 countries requires just over $1 million and just ahead of it, Japan, is hovering at just under $2 million.
Knight Frank said the number of UHNWI individuals globally rose 4.2% to 626,619 from 601,300 a year earlier, which more than reversed a decline seen in 2022. The report also included an Attitudes Survey that showed how optimistic money managers were that their clients’ money would rise in 2024. On a scale of 1 to 5, the Middle East came out on top, with North America lower down, according to this chart:
Looking across generations, the report found one group in particular was most optimistic about increasing their money — Gen Z, where 75% of respondents said they expected an increase in 2024. Boomers are at the lower end, with Gen X not far behind, at just over 50% each.
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