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
Residents of Monaco pay no income taxes, which helps keeps them at the top of the world’s rich list.
Research of 30 countries shows that Switzerland comes in second highest for the wealth required with $5.1 million needed to join the super rich, while the US is third.
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,
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.’
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.
‘Ultra High Net Worth Individuals’ (UHNWI) are seen as those with a net worth of more than $30million.
And 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. 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 $1million which makes them so-called ‘high net worth individuals’ (HNWI).
This compares to 820,000 HNWIs in New York and means that one in ten people living in London are now ‘dollar millionaires’.