A recent report by real estate consultancy Knight Frank details how much money a person needs to possess to be considered part of the 1 percent of the richest people in their respective country – and the results differ significantly.
Despite China making big steps towards leadership in several business sectors and transforming its economy toward higher value-creating industries, being a millionaire was pretty much enough to place a person in the upper 1 percent of China’s richest. A Chinese resident with assets of just under $1.1 million were considered part of the 1 percent in 2023, according to the report. As recent as 2020, even $850,000 would have been considered enough to be part of the 1 percent in China.
As Statista’s Katharina Buchholz details below, this is far from the case in other economies, for example notoriously wealthy Switzerland, where only those with a wealth of $8.5 million or more would be considered part of the 1 percent. In tiny and exclusive Monaco, one’s net worth would have to have eight digits, as only $12.9 million is enough to join the 1-percent club in the European micronation.
In the United States, this number stood at $5.8 million last year.
See the report and chart on ZeroHedge here
