Many people associate wealth with owning a luxurious home, an extravagant car, and other valuable possessions. However, the top one per cent of the world’s wealthiest individuals possess far more than most can fathom.
Global real estate consulting firm Knight Frank recently published its updated Wealth Report, which discloses the amount of wealth required to become part of the elite one per cent in various countries. Monaco leads the pack, where entering the top tier necessitates a net worth of at least eight figures. According to Knight Frank’s findings, the starting point for Monaco’s wealthiest one per cent is $12.4 million.
Wondering about India? The country ranks 22nd on the list of 25 nations featured in the wealth report, with a minimum requirement of $175,000 (Rs 1.44 crore) to join the top one per cent. India places higher than South Africa, the Philippines, and Kenya.
Knight Frank’s 2022 report highlights that the number of ultra-high-net-worth individuals in India grew by 11 per cent, driven by thriving equity markets and a digital revolution. Among Asian countries, Singapore boasts the highest entry threshold, with $3.5 million needed to join the top one per cent, slightly ahead of Hong Kong’s $3.4 million.
Forbes’ 2023 list of billionaires includes 169 Indians, up from 166 the previous year. Mukesh Ambani retains his title as the richest person in both India and Asia, despite an eight per cent decrease in his wealth over the past year.
Knight Frank’s findings emphasize how the pandemic and rising living expenses have exacerbated the divide between affluent and impoverished nations. The entry-level for Monaco’s wealthiest is over 200 times greater than the $57,000 required to be part of the top one percent in the Philippines, which ranks among the lowest in Knight Frank’s study.