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How much wealth do you need to join the 1% club in your country?
Posted on 2/29/24 at 10:36 am
Posted on 2/29/24 at 10:36 am
quote:
The entry barriers to the 1% rich club have been getting tougher across the world. Here’s how much you need to join the ranks of the wealthiest people in your country.
Wealth creation, largely fueled by a “robust performance” of the U.S. economy and a rebound in the equity markets, has pushed the minimum requirements for people to qualify as the richest in their respective countries, according to Knight Frank’s wealth report.
The global consultancy notes that Monaco, which has the world’s densest population of millionaires, retains the number one spot for entry into the 1% rich club at $12.9 million, rising 4% from a year ago.
Second in line is Luxembourg, which has an entry requirement of $10.8 million, followed by Switzerland at $8.5 million. The U.S. comes in fourth, with $5.8 million, up 15% from a year earlier.
At $5.2 million, Singapore is fifth globally and leads the Asia-Pacific region in terms of the wealth needed to break into the elite club.
The city-state, alongside Hong Kong, is leading the charge to host Asia’s newly minted wealthy.
The two are offering tax incentives and business-friendly regulations to attract 1,100 family offices that manage over $4 trillion in assets.
As exclusive as the 1% club sounds, it’s still relatively “easier” to break into its ranks than it is to be an Ultra High Networth Individual (UHNWI), which has a global average entry point of $30 million, according to Knight Frank.
quote:
“As Western countries in particular grapple with government deficits and the need to raise tax revenue, expect greater policy focus on where wealth is located,” Bailey added.
He emphasized that governments will have to walk a tightrope between taxing wealth and encouraging its growth as they strive to grow their economies.
The number of wealthy individuals is expected to rise by 28.1% in the five years to 2028, which is much lower compared with the 44% increase seen in the five-year period to 2023, Knight Frank noted.
The latest numbers also underscore the divide between the world’s rich and poor. Since 2020, while the world’s five richest men have more than doubled their fortunes, five billion people have become poorer, according to a report by global organization Oxfam America.
CNBC: How much wealth do you need to join the 1% club in your country?
Posted on 2/29/24 at 10:37 am to saint tiger225
Tax the rich
Posted on 2/29/24 at 10:45 am to saint tiger225
I don't even have enough wealth to join the country club in my city.
Posted on 2/29/24 at 10:49 am to saint tiger225
Bro, I was mad about the Wendy's price bump.
Posted on 2/29/24 at 11:14 am to saint tiger225
350 gazillion
Posted on 2/29/24 at 11:26 am to saint tiger225
To get to the top it doesn’t hurt to have sociopathic tendencies. Most CEO’s (not all) are not people you would want to be your neighbor.
Posted on 2/29/24 at 11:34 am to saint tiger225
This post was edited on 4/5/24 at 2:45 pm
Posted on 2/29/24 at 11:43 am to saint tiger225
You mean to say that the rich are in fact getting richer?
I'm shocked.
I'm shocked.
Posted on 2/29/24 at 12:22 pm to saint tiger225
I'm a fan of the flat tax. If memory serves me correctly (I was a teen when he was in office) Reagan proposed a 20% flat tax regardless of income. It never came to fruition but, I'd vote for it.
Posted on 2/29/24 at 12:42 pm to saint tiger225
These reports always use mean. Now use median. Lower bound is zero for a good portion of population. Billionaires bring up mean. Median far lower.
Posted on 2/29/24 at 1:13 pm to saint tiger225
You just need a Harley Davidson and a serious disregard for the law and they'll probably patch you in after a probationary period.
Posted on 2/29/24 at 1:39 pm to saint tiger225
I'd have to lose money to fall into the 1%
Posted on 2/29/24 at 1:50 pm to saint tiger225
quote:
The U.S. comes in fourth, with $5.8 million, up 15% from a year earlier.
This should indeed provide a very comfortable lifestyle for anyone with the common sense to have built that level of wealth, but a 55 yr old with an annual salary and ~$6M of net worth and in good health is not retiring with an elitist's level of generational wealth and frick you money. And there is a stratospheric difference between the lower and even slightly less lower levels within that group.
Posted on 2/29/24 at 1:59 pm to saint tiger225
Louisiana
Top 1% income threshold: $471,506
Top 5% income threshold: $199,454
Who makes the cut for top 1% in LA??
I barely make the top 5% cut.
Top 1% income threshold: $471,506
Top 5% income threshold: $199,454
Who makes the cut for top 1% in LA??
I barely make the top 5% cut.
Posted on 2/29/24 at 2:11 pm to saint tiger225
I'm 98% short of being a 1 percenter
Posted on 2/29/24 at 2:44 pm to saint tiger225
I will never be in the 1% club so it really doesn’t bother me what those folks do with their money or how they earn it
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