Just how wealthy the 1% is

With daily headlines about buying yachts, attempting space travel, and dodging taxes, billionaires like Jeff Bezos and Elon Musk have become synonymous with wealth—and wealth creation. But it takes far, far less to be counted among the richest of the rich in the U.S. In fact, a few million will do. That’s according to the 18th edition of the Wealth Report from Douglas Elliman and real estate agency and consultancy group Knight Frank, which looks at wealth distribution around the globe and offers advice to high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals, defined by the report as those with at least $1 million and $30 million, respectively. Read more: https://lnkd.in/eCC8H7Hk

New for Business Insider: Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth. The new?2024 Wealth Report?by property broker Knight Frank found that the cut-off for the top 1% of wealth in?Monaco?is nearly $12.9 million, followed by?Luxembourg?at $10.8 million and?Switzerland?at $8.5 million. The US was fourth on the list. The number of ultra-high net worth individuals globally is expected to surge by 28% five years from now. Still, Inequality is also continuing to rise between rich and poor countries, World Bank data shows. Countries such as Monaco continue to attract wealthy people due to its tax laws, the report notes.

How Much Wealth You Need to Join the Richest 1% Around the World You’ll need about 15% more than a year ago to join the richest tier of Americans, a report finds. It now takes at least $5.8 million to join the richest echelon in the world’s largest economy, almost 15% more than about 12 months ago Monaco retains the top spot for the highest threshold worldwide at $12.8 million, an increase of 3.2% from a year earlier

Are you rich -- like, really rich? That's a hard question to answer, and not one many of us like to discuss publicly, but Knight Frank's latest Wealth Report gives you a sense of what it takes to make the cut of the richest 1% in more than a dozen nations: https://lnkd.in/eaCNnEgx

It now takes at least?$5.8 million to join the richest echelon in the world’s largest economy, almost 15% more than about 12 months ago, according to research from Knight Frank. Monaco retains the top spot for the highest threshold worldwide at $12.8 million, an increase of 3.2% from a year earlier, while in Luxembourg and Switzerland one needs more than $8 million to make the cut, according to?the property broker’s 2024 Wealth Report. Article: Are You Rich? Calculate the Best US Cities to Live in for Your Salary https://lnkd.in/eUxbDuUZ #premiumfinance #premiumfunding #PPLI #lifeinsuranceawareness #wealthtransfer #5thavenuesolutions #estateplanning #taxstrategies