BREAKING into the top 1 per cent of wealth in the US is getting harder.
It now takes at least US$5.8 million to join the richest echelon in the world’s largest economy, almost 15 per cent more than about 12 months ago, according to research from Knight Frank.
Monaco retains the top spot for the highest threshold worldwide at US$12.8 million, an increase of 3.2 per cent from a year earlier, while in Luxembourg and Switzerland one needs more than US$8 million to make the cut, according to the property broker’s 2024 Wealth Report.
The findings underscore how rebounding markets in the US and other Western nations are widening the gap between rich and poor countries. Monaco’s gross domestic product per person of roughly US$240,000 is more than 900 times greater than that of East Africa’s Burundi, according to World Bank data.
Russia’s 2022 invasion of Ukraine damaged a global economy just recovering from the pandemic, sending prices for energy and food surging. While that caused problems worldwide, poorer nations that have to import those goods were especially hard hit as borrowing costs increased.
Still, not everyone felt the squeeze. The world’s 500 richest people added US$1.5 trillion to their combined fortunes last year, with Tesla chief executive officer Elon Musk adding the most, according to the Bloomberg Billionaires Index.
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“Our findings confirm the substantial differences in wealth distribution between countries,” Knight Frank said in its report. “Expect greater policy focus on where wealth is located, how it is distributed across economies and how governments can both tax it and encourage its growth.” BLOOMBERG
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