A net worth of $5.8 million is needed to be in the top 1% of American wealth, according to the 2024 Knight Frank Wealth Report, as Marketwatch notes.
As a matter of fact, the United States is among the five nations with the highest admission hurdles; the most difficult is Monaco, where joining the 1% club requires $12.8 million. The United States is ranked fourth, behind Singapore, Luxembourg, and Switzerland.
China comes in last in the real estate firm’s rating of 17 countries, where all it takes to become a one-percenter is $1 million. Japan is next, where $2 million may make someone a member of the wealthiest 1%.
Globally, the number of ultra-high-net-worth individuals (UHNWI) increased to 626,619 in 2023 from 601,300 in 2022, a 4.2% increase.
Money managers throughout the world were asked to rate their level of optimism that their clients would accumulate greater wealth in 2024 on a scale of 1 to 5, where 5 represented the highest level of confidence. With a score of 4.41, the Middle East emerged as the winner, followed by Asia (4.15), Australasia (4.04), and North America (3.76).
Of all age and demographic groupings, sixty-five percent of UHNWI anticipate a rise in wealth by 2024. Of all age groups, Gen Z is the most optimistic, with 75% of them anticipating a rise in wealth by the end of 2024.
With 69% of Millennials anticipating their net worth to improve in 2024, followed by Gen X (56%) and Boomers (52%), the elder age group is less hopeful.