Curious to know what the cut-off is to be in the fabled world’s wealthiest 1 per cent? The new annual wealth report from Knight Frank breaks the numbers down for the US and other countries across the globe. An individual in the US needs a net worth of US$4.4 million to be among the richest 1 per cent in the world, according to the report. That’s the third-highest wealth threshold compared to the rest of the world. The best passports for visa-free travel in 2021 Monaco – where the densest population of the super-rich live according to Knight Frank – has the highest mark to hit for the 1 per cent: US$7.9 million. Switzerland has the second-highest wealth threshold, with a person needing US$5.1 million to join the richest 1 per cent. However, the US also has the highest number of what Knight Frank calls UHNWI residents – ultra-high net worth individuals. The real estate consultancy firm defines a UHNWI resident as someone whose net wealth exceeds US$30 million. Hong Kong remains most expensive city in the world Others listed in the report include Singapore at No4 with US$2.9 million, positioning it as Asia’s highest entry ahead of Hong Kong, which requires a net wealth of US$2.8 million. The highest entry to the richest 1 per cent for Latin America is Argentina at US$360,000. Meanwhile, South Africa has the highest wealth threshold out of any other country in Africa at US$180,000. Countries with the lowest wealth thresholds to crack into the 1 per cent include Indonesia, where a person needs US$60,000, and Kenya, where a net wealth of US$20,000 is needed for that status. The report predicts that India’s 1 per cent threshold will almost double within the next five years and increase by about 70 per cent for China from US$850,000 in 2020. Why hotel branded residences are 2021’s luxury real estate trend to watch Around 90 per cent of respondents polled in the Knight Frank’s wealth report attitudes survey said they see investment opportunities after the coronavirus pandemic. “We are entering a new economic cycle and the prospects for wealth creation and growth are huge ,” David Bailin, chief investment officer at Citi Private Bank, told Knight Frank. Want more stories like this? Sign up here . Follow STYLE on Facebook , Instagram , YouTube and Twitter . This article originally appeared on Business Insider
