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Want to join the richest 1%? You’ll need to have $4.4million in the US

Want to join the richest 1%? You’ll need to have $4.4million in the US – half of what you’ll need in Monaco but double the requirement in the UK or France

  • Research of 30 countries shows that Switzerland comes in second highest for the wealth required with $5.1 million needed; the US is third with $4.4million 
  • Towards the bottom is Russia, where residents need wealth of around $300,000 
  • ‘You can clearly see the influence of tax policy at the top,’ one expert said 
  • The Knight Frank wealth report is set for global release on March 2 

Americans hoping to be part of the country’s one per cent richest need to be worth at least $4.4million, new data shows. 

That’s half of what resident of tax haven Monaco needs – where $8 million will get you in the exclusive club – according to The Knight Frank wealth report

Research of 30 countries shows that Switzerland comes in second highest for the wealth required with $5.1 million needed; the US is third. 

Towards the bottom is Russia, where residents need wealth of around $300,000 and China where you would need around $1 million.  

Liam Bailey, Knight Frank’s global head of research said: ‘You can clearly see the influence of tax policy at the top. 

‘Then you have the sheer breadth and depth of the U.S. market.’ 

Americans hoping to be part of the country’s one per cent richest need to be worth at least $4.4million, new data shows. That’s half of what resident of tax haven Monaco needs – where $8 million will get you in the exclusive club – according to The Knight Frank wealth report 

It comes as the world’s 500 wealthiest added $1.8 trillion to their fortunes in 2020, Bloomberg reports. They say US based Tesla CEO Elon Musk and Amazon founder Jeff Bezos who gained the most. 

In Asia-Pacific locations billionaires are now worth a combined $2.7 trillion. 

Victoria Garrett, Knight Frank’s head of residential for the region, added: ‘Asia-Pacific’s foothold as host to the world’s leading wealth hubs continues to strengthen.’ 

In Asia-Pacific locations billionaires are now worth a combined $2.7 trillion

In Asia-Pacific locations billionaires are now worth a combined $2.7 trillion

The report, which is set for global release March 2, also revealed how the very rich have been able to increase their fortunes during the pandemic.

More than 6,000 people joined the ranks of the ‘ultra-wealthy’ last year and those with assets of more than £21.3m rose by 2.4% last year to 520,000.

The UHNWI population is expected to swell by a further 27% to 663,483 by 2025, the report estimates, driven by China, Indonesia and India.

But the global economy is seen shrinking 3.5% last year, according to the latest estimates by the International Monetary Fund, and numerous studies have shown how the global health crisis has exacerbated economic inequalities.

It comes as the world's 500 wealthiest added $1.8 trillion to their fortunes in 2020, Bloomberg reports. Jeff Bezos is pictured

They say US based Tesla CEO Elon Musk, pictured, and Amazon founder Jeff Bezos who gained the most

It comes as the world’s 500 wealthiest added $1.8 trillion to their fortunes in 2020, Bloomberg reports. They say US based Tesla CEO Elon Musk, right, and Amazon founder Jeff Bezos, left, who gained the most

As a result of the pandemic, the number of people living in poverty has doubled to more than 500 million, according to a report issued last month by the charity Oxfam. 

The report by Knight Frank also shows that London has overtaken New York as home to the most ‘dollar millionaires’ with 875,000 of them now living in the city. 

It shows that 874,354 people in London have assets, including property, worth more than £720,000 which makes them so-called ‘high net worth individuals’.

This compares to 820,000 HNWIs in New York and means that one in ten people living in London are now ‘dollar millionaires’.

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