Being considered rich isn’t just about where you live; it’s about how much money you make too!
Net wealth to be in richest 1% list in 10 countries
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 10 countries.
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Monaco, which Knight Frank says has the world’s densest population of super-rich individuals, tops the list. And you need to have a whopping net worth of $12.4 million to be among the richest 1% of people in Monaco, according to the new study.
It takes $12.4 million to make the cut in the tiny Mediterranean principality, according to research from Knight Frank, where billionaire residents such as UK industrialist Jim Ratcliffe and Walgreens Boots Alliance chairman Stefano Pessina typically don’t face income or capital gains taxes.
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.
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You need $1.7 million in Japan to make the cut, whereas in mainland China it’s $960,000. 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%.
Top 1% in US
Talking about US, to be in the top 1% of earners in Connecticut, residents need an adjusted gross income (AGI) of at least $955,261. However, in West Virginia, they only need to earn an AGI of $374,712 to be part of the top 1%.
For comparison, the median income for U.S. households overall is under $70,000, with only 10% of households earning more than $200,000, according to SmartAsset.
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Coastal states like New York and California tend to have the highest earners, while top earners in more rural states like Mississippi and Arkansas make less. Only 12 states require annual earnings less than $500,000 to be considered in the top 1%.
To calculate these numbers, according to a new analysis of 2022 incomes by personal finance website SmartAsset, it updated the 2018 income data from the Internal Revenue Service using 2022 Consumer Price Index data to account for inflation.
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Circling back to Monaco, in 2021, it 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.
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.
