Number Crunch

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.