Join the club
The Wealth Report confirms what it takes to be part of the global 1%
1 minute to read
While the wealthy may be happy to reflect on their financial success, openly admitting to being part of the 1% may be a step too far for many. Our numbers reveal, though, that exclusive as it may sound, it’s actually easier to become a member of this particular club than it is to gain UHNWI status.
In all the markets we have assessed for this year’s report, the 1% threshold starts far below the US$30 million entry point for becoming a UHNWI. European hubs top the list, led by Monaco, where US$12.9 million is the threshold to join the 1% club. Following behind are Luxembourg at US$10.8 million and Switzerland at US$8.5 million. Perhaps surprisingly, bearing in mind its dominance in terms of overall wealth creation, the US comes in fourth, at US$5.8 million. Across the Asia-Pacific region, Singapore leads the pack with a requirement of US$5.2 million.
Our findings confirm the substantial differences in wealth distribution between countries, with smaller hubs demonstrating a bias towards higher thresholds. As Western countries in particular grapple with government deficits and the need to raise tax revenue, expect greater policy focus on where wealth is located, how it is distributed across economies and how governments can both tax it and encourage its growth: not an easy mix of outcomes to secure.
Download the full report here