How Much Money Does It Take to Join the Top 1% of the World’s Richest People in Different Countries?

The pandemic and the rising cost of living continue to widen the gap between rich and poor countries, as well as between the world’s richest and poorest people. But how much money does it take to join the top 1% of the world’s richest people? This limit varies significantly in different countries, and the research company “Knight Frank” has collected information about different countries, calculating how much money a person should have to join the 1% of the richest people.

World Bank data shows that lower-income households around the world are feeling the burden of inflation, which has forced them to spend a much larger share of their income on food and housing. Meanwhile, the total wealth of the world’s 500 richest people has grown by almost 600 billion dollars, according to the “Bloomberg Billionaires Index”.

The number of the world’s ultra-rich fell 3.8% last year to around 580,000 after seeing growth in 2021. However, countries in the Middle East, including the United Arab Emirates and Saudi Arabia, saw growth last year as energy prices rose, according to Knight Frank.

Knight Frank data shows it will take a significant amount of money to join Monaco’s richest 1% – $12.4 million, according to the study. The threshold to join the richest club in Monaco, for example, is more than 200 times higher than to join the club of the richest 1% of the population of the Philippines.