It Takes More Than $4 Million to Join the 1%
If I had a million dollars, I… still wouldn’t be rich enough to join the 1%
$4.4 million: That’s how much wealth you need to be counted as a member of the richest 1% in the United States, according to a report by the consultancy Knight Frank.
The United States has the third-highest threshold for entry to the 1% in the world. (In the country with the highest threshold, Monaco, you need a net worth of almost $8 million to earn the designation.)
North America has the highest share of millionaires in the world, and the United States saw its number of individuals with a net worth of more than $30 million increase by 4% in 2020. As we have previously noted here, the pandemic also produced 56 new billionaires in the United States. But Knight Frank notes that the number of ultrawealthy individuals actually grew fastest last year in China and predicts that Asia will see its ranks of the wealthy grow fastest over the next five years.
How the Finance Industry Fueled Four Decades of Inequality in America
Starting in the 80s, the rise of finance set forces in motion that have reshaped the economy
One percenters and 0.1 percenters don’t seem to be super worried about how mounting inequality might affect society, and thus their own wealth. Only 8% of the ultrawealthy individuals surveyed by Knight Frank said they were concerned about wealth inequality affecting their continued creation and preservation of wealth. What they’re really worried about are the disruptions caused by Covid-19 and, of course, government policy and taxes.
How wealthy do you have to be before you’re not worried about anything?