How much wealth, or rather, how many millions of dollars must one possess to gain entry into the coveted realm of the global elite (1%)? In a comprehensive study conducted by the esteemed real estate agency, Knight Frank, the principality of Monaco emerges as the unrivaled frontrunner, reigning supreme atop this globe-spanning list.
To secure a coveted position within the upper echelons of the esteemed principality, one must possess a substantial fortune amounting to no less than a staggering $12.4 million.
Within the opulent confines of Monaco, one shall find a notable congregation of billionaires and millionaires, drawn by the allure of an enticing fiscal advantage—residents are exempt from the burdensome shackles of income taxation.
Switzerland claims an honorable second place, demanding a considerable sum of $6.6 million for admittance, while Australia confidently secures the third spot with a prerequisite of $5.5 million.
Remarkably, if one happens to be a denizen of the United States, a commendable net worth of $5.1 million would also secure their esteemed position among the privileged few.
The comprehensive study, encompassing 25 nations across the globe (Israel notably excluded), unveils a stark reality, wherein the tumultuous waves of the pandemic and escalating cost of living have intensified the chasms between affluent and impoverished countries.
A noteworthy example surfaces in the contrasting thresholds for inclusion: a staggering 200-fold difference emerges between Monaco's exalted ranks, necessitating astronomical equity, and the Philippines, where a modest sum of $57,000 would suffice to join the ranks of the affluent.
While the world's proletariat grapples with their arduous financial conditions to stay afloat, the elite echelon of society has reveled in an unprecedented surge of opulence.
Astonishingly, the privileged 500 individuals, who adorn the pinnacle of wealth, have witnessed an astronomical surge, bolstering their collective riches by an astounding $600 billion this year alone, as reported by the esteemed Bloomberg Billionaires Index.
At the helm of this opulent race, Facebook's illustrious founder, the enigmatic Mark Zuckerberg, reigns supreme, amassing a staggering fortune of $41.8 billion, effectively doubling his already formidable wealth.
Hot on his heels, the world's wealthiest man, the esteemed proprietor of Louis Vuitton, Bernard Arnaud, claims second place with a monumental $40.6 billion, further amplifying his vast fortune that towers at a staggering $203 billion.
In light of the mounting inequality that continues to escalate, Knight Frank asserts that nations across the globe will be compelled to implement more stringent tax measures targeting the affluent stratum.
Flora Harley, a partner in Knight Frank’s research team, said in a statement: "Growing inequality globally could see a greater focus on this group – particularly in the sights for greater taxation on assets and even emissions."
Capital required to be in the top 1%, by country:
Monaco - $12.4 million
Switzerland - $6.6 million
Australia - $5.5 million
New Zealand - $5.2 million
USA - $5.1 million
Ireland - $4.3 million
Singapore - $3.5 million
France - $3.5 million
Hong Kong - $3.4 million
UK - $3.3 million
Italy - $2.6 million
Spain - $2.5 million
Japan - $1.7 million
UAE - $1.6 million
China - $960,000
Czech Republic - $880,000
Saudi Arabia - $740,000
Romania - $580,000
Malaysia - $480,000
Brazil - $433,000
Mexico - $380,000
India - $170,000
South Africa - $100,000
Philippines - $57,000
Kenya - $20,000