Private Jet interior
Marin Tomas/Getty Images
  • The US has the highest number of ultra-high net worth individuals.
  • You need $4.4 million in the US to be in the richest 1%, according to the 2021 Knight Frank Wealth Report.
  • Monaco had the highest barrier to entry, requiring $7.9 million to crack into the 1%.
  • Visit the Business section of Insider for more stories.

Curious to know what the cutoff is to be in the wealthiest 1%? The new annual Wealth Report from Knight Frank breaks the numbers down for the US and other countries around the world.

An individual in the US needs a net wealth of $4.4 million to be among the richest 1% in the world, according to the Knight Frank 2021 Wealth Report. Compared to the rest of the world, the US has the third-highest wealth threshold to break into the 1%.

However, the US 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 $30 million.

Switzerland has the second-highest wealth threshold, with a person needing $5.1 million to join the richest 1%.

Monaco –  where the densest population of the super-rich reside according to Knight Frank- has the highest mark to hit for the 1%: $7.9 million.

FlyingHigh
The level of net wealth needed to join the top 1% in selected countries and territories ($US)
Courtesy of Knight Frank

Others listed in the report included No. 4 Singapore at $2.9 million, positioning it as Asia's highest entry ahead of Hong Kong, which requires a net wealth of $2.8 million. The highest entry to the richest 1% for Latin America is Argentina at $360,000. South Africa has the highest wealth threshold out of any other country in Africa, at $180,000.

Countries with the lowest wealth thresholds to crack into the 1% include Indonesia, where a person needs $60,000, and Kenya, where a net wealth of $20,000 is needed for that status. 

The report predicts that India's 1% threshold will almost double within the next five years and increase by about 70% for the Chinese Mainland from $850,000 in 2020.

Around 90% 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.

Read the original article on Business Insider