According to The Knight Frank Wealth Report 2024, the amount needed to enter the elite 1% in different countries is detailed below, with Monaco leading at $12.9 million.

There has been a notable increase in the number of millionaires worldwide during the past ten years.

1.1% of adults worldwide were millionaires by 2022, up from 0.6% in 2012. So, how do you find out if you are in the top 1% of your nation?

The Reserve Bank of India has requested the nation’s principal state-owned refiners to accept rupees for crude, starting the process of de-dollarization with Gulf exporters.

Omrio Wallach of Visual Capitalist shows the net worth needed to join the club in a few nations and territories in this infographic. The Knight Frank Wealth Report 2024 is where the information is found.

The 1% Club

The amount of personal net worth needed to enter the top 1% varies depending on the nation.

The wealthiest nations on the list are European hubs, with little nations like Monaco and Luxembourg having extraordinarily high wealth requirements to enter the top 1%.

Monaco is in the lead with $12.9 million needed to become a member of the 1% club, according to this year’s report. Currently, the estimated 38,000 people of Monaco comprise more than 30% millionaires.

After Luxembourg, at $10.8 million, Switzerland comes in third with $8.5 million.

At $5.8 million, the United States comes in fourth. Although the nation is home to the wealthiest ultra-wealthy individuals, the law of averages is applied due to the large demographic base.

With a demand of $5.2 million, Singapore is the most advanced country in the Asia Pacific area, followed by Hong Kong ($3.1 million).

It’s interesting to note that, in comparison to someone in Mainland China, a person in Hong Kong needs nearly three times as much wealth to enter the 1% club.

How to Join the 1% Club?

A person frequently needs a combination of advanced education, entrepreneurship, strategic investments, and even a chance to be in the top 1% club in their country or region. Time and consistency are important components, even if there is no surefire route to admission.

For example, a large number of people and families in the United States have exceeded the 1% barrier throughout time.