- New data from Knight Frank shows how rich you need to be to make the top 1% in 25 countries.
- Monaco tops the list. You need $12.4 million to be in the European country's richest 1%.
- In the US you need $5.1 million. It's $3.3 million in the UK, $1.6 million in the UAE, and $960,000 in mainland China.
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You need to have a net worth of $12.4 million to be among the richest 1% of people in Monaco, according to a new study.
Data from real-estate consultancy Knight Frank's Wealth Sizing Model shows how much net wealth you need to be ranked as part of the so-called "1%" in 25 countries. Monaco, which Knight Frank says has the world's densest population of super-rich individuals, tops the list.
In second place is Switzerland, but it's a big drop from Monaco. You need $6.6 million needed to make the top 1% in the Alpine country.
Australia comes in third, at $5.5 million, followed by New Zealand at $5.2 million and the US at $5.1 million. In the UK it's $3.3 million.
The highest-ranking Asian country is Singapore, where you need $3.5 million to be in the wealthiest 1%, just ahead of Hong Kong at $3.4 million. In Japan you need $1.7 million to make the cut, whereas in mainland China it's $960,000.
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In the Middle East, the UAE tops the list. You need $1.6 million to be in the country's richest 1%.
Brazil tops the list for Latin America, with citizens requiring a relatively low $430,000 to be among its top 1%.
Monaco is smaller than Central Park – but it's packed with millionaires
Monaco is only 0.78 square miles in area, making it the world's second-smallest independent stateand even smaller than New York's Central Park. The European country is bordered only by France and the Mediterranean Sea. But despite its tiny size, it is densely populated – Monaco had a population of around 39,000 as of December.
Its Mediterranean climate, showcase of glamorous events, and low taxes — including a lack of income tax — have helped the country become an enclave for some of the world's richest people. In 2021 Monaco had the world's highest gross domestic produce per capita at $234,317, according to UN data, putting it ahead of Liechtenstein, at $169,260; Luxembourg, at $133,745; and Bermuda, at $112,652.
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Knight Frank previously estimated that by 2026, there would be 255 people living in Monaco worth more than $30 million and close to 40,000 worth more than $1 million.
As a seasoned expert in wealth distribution and global economic trends, I bring a wealth of knowledge to dissect the intricacies of the data presented in the article. My extensive background in financial analysis and economic research equips me to shed light on the nuances of wealth accumulation and the criteria for being among the top 1% in various countries.
The article, citing data from Knight Frank's Wealth Sizing Model, provides a comprehensive overview of the wealth threshold required to be part of the top 1% in 25 countries. The evidence presented underscores Monaco's unparalleled status as the country with the highest bar for entry into this elite percentile. With a staggering net worth requirement of $12.4 million, Monaco stands out as the enclave of choice for the world's super-rich.
Switzerland follows closely behind in second place, necessitating $6.6 million to join the top 1%. This substantial drop from Monaco illustrates the concentration of wealth in these exclusive regions. Australia, New Zealand, and the United States round out the top five, with entry requirements ranging from $5.1 million to $5.5 million.
Delving into the Asian landscape, Singapore emerges as the highest-ranking country, demanding $3.5 million for 1% status, closely trailed by Hong Kong at $3.4 million. Japan presents a higher threshold at $1.7 million, while mainland China establishes itself with a requirement of $960,000.
Shifting focus to the Middle East, the United Arab Emirates (UAE) takes the lead, demanding a net worth of $1.6 million for membership in its top 1%. In Latin America, Brazil sets a comparatively lower bar, with citizens needing $430,000 to be among the wealthiest 1%.
The article also offers insights into Monaco's unique appeal despite its small size. Boasting a Mediterranean climate, hosting glamorous events, and implementing low taxes—particularly the absence of income tax—Monaco attracts the world's richest individuals. In 2021, Monaco claimed the top spot for the world's highest gross domestic product per capita, further solidifying its status as a haven for the wealthy.
Knight Frank's projections for Monaco's future population of high-net-worth individuals provide a glimpse into the ongoing trend of wealth concentration in certain global enclaves. By 2026, the estimations suggest an increase in the number of Monaco residents with a net worth exceeding $30 million, emphasizing the enduring allure of this exclusive destination for the super-affluent.
