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WEALTH SUMMIT
Using the Knight Frank Wealth Sizing Model, we reveal how deep your pockets need to be to join the wealthiest 1% in selected countries and territories
WORDS – FLORA HARLEY
DATA MODELLING – JAMES CULLEY
US$7.9m
US$2.9m
needed to join Monaco’s 1%
T
he top 1% – frequently cited, sometimes maligned, but never really defined. The level of net wealth that marks the threshold for entering this rarefied community varies widely among different countries and territories. Interestingly, though, it falls far short of our definition of a UHNWI – somebody whose net wealth exceeds US$30 million – even in Monaco, which has the world’s densest population of super rich. The entry point for the principality’s branch of the 1% club – the world’s most exclusive – is US$7.9 million. In second place comes the home of the private bank, Switzerland, where US$5.1 million gains you access, followed by the US, which has the highest number of UHNWI residents. Here, US$4.4 million is your ticket to 1% status. Singapore, in fourth place, is Asia’s highest entry, marginally ahead of Hong Kong, with the level of wealth required being US$2.9 million and US$2.8 million respectively. New Zealand sets a US$2.8 million barrier – US$80,000 more than you would need in neighbouring Australia. Argentina is the highest entry for Latin America at US$360,000, ahead of Africa’s highest – South Africa at US$180,000. Developing economies Indonesia and Kenya have thresholds that are below 1% of the level of Monaco at US$60,000 and US$20,000 respectively. India has the same 1% level – US$60,000 – but with a UHNWI population 10 times that of Indonesia and 14 times that of the Philippines. Wealth growth forecasts predict India’s threshold to almost double over the next five years. The Chinese Mainland is also forecast to see its 1% threshold rise by almost 70% from
Singapore’s 1% threshold – Asia’s highest
Flying high The level of net wealth needed to join the top 1% in selected countries and territories (US$) US$4m 7.9m
Monaco Switzerland
5.1m
US
4.4m
Singapore
2.9m
New Zealand
2.8m
Hong Kong SAR
2.8m
Australia
2.8m
Ireland
2.6m
France
2.1m
Germany
2m
UK
1.8m
Taiwan
1.5m
Japan
1.5m
Spain
1.4m
Italy
1.4m
UAE South Korea
1.3m 1.2m
Chinese Mainland Malaysia
850,000 540,000
Russia
400,000
Argentina
360,000
Romania
300,000
Brazil
280,000
South Africa
180,000
Vietnam
160,000
Nigeria
70,000
India
60,000
Philippines
60,000
Indonesia
60,000
Kenya
20,000
Africa Asia
Australasia Europe
Latin America Middle East
North America Russia & CIS
Source: Knight Frank Wealth Sizing Model
US$850,000 in 2020. This reflects rising wealth but, as elsewhere, growth is not uniform. Wealth inequality has become starker within countries and globally, particularly as a result of the Covid-19 pandemic, and this is likely to become a point of growing contention – something we discuss in more detail on the following page.
Wondering how much it takes to join the 0.1% club? Head online to find out
