Tags: high net worth | top 1% | 5.8 million | united states

$5.8M Needed in US to Break Into Wealthiest 1%

$5.8M Needed in US to Break Into Wealthiest 1%
Yachts harbored in the Kingdom of Monaco (Dreamstime)

By    |   Wednesday, 28 February 2024 02:17 PM EST

To rank among the wealthiest 1% in the United States requires a net worth of $5.8 million, according to the 2024 Knight Frank Wealth Report, Marketwatch reports.

In fact, the U.S. is one of five countries with the highest barriers to entry, the toughest being Monaco, where it takes $12.8 million to break into the 1% club. The others are Luxembourg, Switzerland and Singapore, with the U.S. ranking 4th.

In the real estate firm’s ranking of 17 countries, China comes in last, with just $1 million needed there to qualify as a one-percenter, followed by Japan, where $2 million will earn a person the wealthiest 1% status.

The number of ultra-high-net-worth individuals (UHNWI) throughout the world rose in 2023 by 4.2% to 626,619 from 601,300 in 2022.

Money managers in different regions of the globe were asked, on a scale of 1 to 5, with 5 being the most confident, how optimistic they were that their clients would amass more wealth in 2024. The Middle East came out on top, with a score of 4.41, followed by Asia (4.15), Australasia (4.04) and North America (3.76).

Among different age and demographic groups, 65% of UHNWI expect their wealth to increase in 2024. Gen Z is the most optimistic among age groups, with 75% expecting to be worth more by the end of 2024.

The older the age group, the less optimistic, with 69% of Millennials expecting their net worth to rise in 2024, followed by Gen X (56%) and Boomers (52%).

© 2024 Newsmax Finance. All rights reserved.


StreetTalk
To rank among the wealthiest 1% in the United States requires a net worth of $5.8 million, according to the 2024 Knight Frank Wealth Report, Marketwatch reports.
high net worth, top 1%, 5.8 million, united states
252
2024-17-28
Wednesday, 28 February 2024 02:17 PM
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