Yahoo Finance How rich are the UK's 1% compared to the rest of the world?
How much it costs to be wealthy
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The threshold to join the ranks of a country's most affluent 1% differs dramatically around the globe, according to international property adviser Knight Frank. The firm has used its Wealth Sizing Model to calculate exactly how much wealth you need to access this exclusive group depending on where you are on the planet – and the results may surprise you.
Starting with the lowest threshold, read on as we reveal the minimum amount required in 25 select countries and territories around the world, including the UK. All dollar amounts in US dollars.
HNWIs (high net worth individuals) – those worth $1 million (£800.8k) or more
UHNWIs (ultra-high net worth individuals) – those worth $30 million (£23.9m) or more
Kenya: $20,000 (£16k)
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The bar is set particularly low in Kenya, where a relatively modest net worth of $20,000 (£16k) is all you need to be part of the East African nation's most prosperous 1%.
According to Oxfam, 0.1% of the population has more wealth than the remaining 99.9% – and the inequality is only getting worse. The World Bank has estimated that two million Kenyans fell into poverty during the pandemic, while the number of millionaires is expected to grow by a staggering 80% over the next 10 years.
Philippines: $57,000 (£45.7k)
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A net worth of $57,000 (£45.7k) will place you among the most minted 1% in the Philippines. Figures from the World Bank show these individuals account for 17% of national wealth, while the bottom 50% own just 14%.
These numbers suggest the nation has a long way to go before it achieves its aim of becoming poverty-free by 2040.
South Africa: $109,000 (£87.5k)
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South Africa is widely ranked as the most economically unequal country in the world, including by the International Center for Transitional Justice and the World Bank.
The richest 1% might need a comparatively small $109,000 (£87.5k), but the top 10% of residents own more than 80% of South Africa's wealth, while the number of people living in extreme poverty is expected to reach almost 18.5 million by 2025.
India: $175,000 (£140.6k)
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In 2021 the threshold to join the top 1% in India was $60,000 (£43k), with Knight Frank noting that figure was likely to double by 2025. Just two years later, it's skyrocketed to $175,000 (£140.6k), almost three times as much. And that number is set to rise. India's population of ultra-high net worth individuals (UHNWIs) – those worth $30 million (£23.9m) or more – is expected to increase by 58.4% by 2027, creating an extra 34 billionaires in the process.
Mexico: $383,000 (£307.2k)
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A big step up from India, residents of Mexico need $383,000 (£307.2k) to qualify for the nation's richest 1%. Back in 2016, PwC suggested that Mexico City would be the seventh richest city in the world by 2025 with a GDP of $745 billion. Although this now seems very unlikely – the COVID-19 pandemic caused the city's GDP to dip, and it's since recovered to around $164.3 billion (£131bn) – the majority of Mexican wealth is undeniably located in the capital.
Elsewhere in the country, it's a different story. According to data compiled by Statista, 55.7 million Mexicans, roughly twice the population of Mexico City, are currently living in economic hardship ranging from 'below the subsistence level' to 'extreme'.
Brazil: $433,000 (£345.8k)
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Wealth inequality also reigns supreme in Brazil, where someone earning the minimum monthly wage would have to work for 19 years to earn the amount the richest 0.1% make in a month, according to Oxfam.
The richest 1% need a net worth of $433,000 (£345.8k), but this is still a long way off the top fortunes in the country; if the six richest men in Brazil pooled their wealth and spent 1 million Brazilian reals ($203.1k/£162k) every day, it would reportedly take them 36 years to spend all their money.
Malaysia: $485,000 (£386.7k)
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At $485,000 (£386.7k), Malaysia's richest 1% threshold is higher than any other Southeast Asian country apart from Singapore. Although income growth for the bottom 40% of Malaysians has outpaced that of the top 60% in recent years, inequality is still a serious problem. Around 5.6% of the population currently lives in absolute poverty while the number of high net worth individuals (HNWIs) – those worth $1 million (£800.8k) or more – is expected to increase from 70,240 in 2021 to 130,750 by 2026.
Romania: $587,000 (£468.2k)
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The majority of Europeans require in excess of $1 million (£800.8k) to be considered part of their country's gilded 1%, but the figure in Romania, which has one of the lowest GDPs per capita on the continent, is just $587,000 (£468.2k). The number of millionaires in the country fell from 33,459 in 2019 to 25,848 as a result of the COVID-19 pandemic, but is expected to reach roughly 35,000 by 2025.
Saudi Arabia: $740,000 (£590k)
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Inequality in Saudi Arabia – where you'd need $740,000 (£590k) to rank among the richest 1% – is rife. World Economics has given the kingdom a score of 28.2 on its inequality scale, where 100 represents a perfectly egalitarian society.
In the five years leading up to 2021, Saudi Arabia had the fastest-growing population of UHNWIs in the world. And it hasn't stopped there: the number of UHNWIs in the country grew by 16.9% in 2022, meaning it now has more than any other Middle Eastern nation.
Czechia: $880,000 (£701k)
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The second European nation on the list is Czechia, also known as the Czech Republic, where citizens need $880,000 (£701k) to qualify among the richest 1%.
Inequality is far less extreme here than it is elsewhere in Europe and the rest of the world. Czechia has a score of 74.2 on the World Economics inequality index, just 2.6 points lower than the highest score given to any country (Slovakia).
Mainland China: $960,000 (£764.8k)
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The threshold for joining the wealthiest 1% in China now stands at $960,000 (£764.8k). And a huge percentage of China's super-rich aren't just among the wealthiest people in the nation; they're also some of the wealthiest in the world. According to data from Statista published in December 2022, over five million UHNWIs who are in the richest 1% worldwide lived in China in 2021. That's the second-highest number after the US.
UAE: $1.6 million (£1.28k)
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The first country where you'll need at least $1 million to rank among the richest 1% is the United Arab Emirates (UAE).
Between 2021 and 2022, the UAE's UHNWI population increased by 18.1%, the largest increase of any country in Knight Frank's report. The super-rich have been flocking to the nation in recent years, partly due to the country's successful response to the COVID-19 pandemic. Around 2,000 millionaires have relocated to the UAE since 2020, according to Khaleej Times, meaning the emirate's wealth increased by 20% to $700 billion (£558bn) in 2022. This number is expected to hit $1 trillion (£797bn) by 2026.
Japan: $1.7 million (£1.35m)
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Japan's threshold is currently $1.7 million (£1.35m). The nation's wealthy were harmed in 2022 by a weak Yen, which fell to a 32-year low against the US dollar. As a result, the amount of wealth held by Japan's HNWI population decreased by 3.5% while the number of HNWIs in the nation decreased by 2.8%.
Spain: $2.5 million (£1.9m)
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The minimum net worth required to enter the richest 1% club in Spain is $2.5 million (£1.9m), and the residents clearly aren't afraid to flash their cash. According to Knight Frank's latest Wealth Report, around 10% of global survey respondents claimed they were planning to carry out a transaction of at least $20 million (£15.9m) this year, but this number increased to 14% among Spanish investors.
Italy: $2.6 million (£2.07m)
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In Italy, the threshold is now $2.6 million (£2.07m), a huge increase from $1.4 million (£1m) in 2021. Italy was the first country in Europe to be affected by the COVID-19 pandemic and its economy took a battering, as did the personal net worth of many of its citizens. But it's since recovered, and as of 2023 Italy boasts the seventh-largest population of billionaires in the world, with 64 calling the nation home.
UK: $3.3 million (£2.6m)
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A net worth of $3.3 million (£2.6m) or higher will get you into the UK's 1% club. That's just over 10% of the amount required to become an UHNWI.
In the UK, the super-rich are only getting richer. According to the latest Sunday Times Rich List, the number of billionaires in the UK fell by six between 2022 and 2023, the first decrease in 14 years. However, the amount of wealth owned by the remaining 171 British billionaires soared by almost £31 billion ($38.9bn).
Hong Kong: $3.4 million (£2.7m)
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Hong Kong is up next, where a threshold of $3.4 million (£2.7m) will get you into the top 1%.
According to Time Doctor, the average yearly salary in Hong Kong is 439,000 HKD. That's the equivalent of around $56,000 (£44.6k), and roughly 60 times less than the fortune needed to qualify for the city state's richest 1%.
France: $3.5 million (£2.8m)
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France is home to one of the richest people in the world: Bernard Arnault, who currently commands a fortune of over $210 billion (£166bn). The country's richest 1% need a comparatively modest $3.5 million (£2.8m), but this is still high relative to the other nations in Knight Frank's report.
After the UK, France has the second-highest number of millionaires of any country in Europe, with 5.6% of its adult population owning the equivalent of at least $1 million. That's according to 2022 data from Credit Suisse.
Singapore: $3.5 million (£2.8m)
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As in France, the threshold for the richest 1% is $3.5 million (£2.8m) in Singapore, meaning it has the highest threshold of any nation in Asia. The country is home to 298,650 millionaires compared to France's 2,796,000, but this represents a significant 12.7% of the adult population.
And it's not just the percentage of HNWIs that's impressive. Between 2021 and 2022, Singapore saw its UHNWI population increase by 6.9%, the eighth largest increase of any country in Knight Frank's report.
Ireland: $4.3 million (£3.4m)
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Ireland has the third-highest threshold in Europe, with people needing at least $4.3 million (£3.4m) to qualify for the country's richest 1%.
It's not hard to see why: Ireland's economy is currently the fastest growing in Europe, with an annual GDP growth rate of 5.6% according to the International Monetary Fund (IMF). Its population of UHNWIs is growing accordingly, rising by 3.9% in 2022.
USA: $5.1 million (£4.06m)
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To be part of the 1% in the USA you'll need a fortune of $5.1 million (£4.06m). The US may only rank fifth globally in terms of the richest 1% threshold, but the country actually has the most HNWIs and UHNWIs on the planet, not to mention the highest number of billionaires.
The USA is expected to defend this position. Its UHNWI population is forecast to grow by 24.6% in the next few years, according to Knight Frank, meaning the country will be home to 34% of the world's UHNWIs by 2027.
New Zealand: $5.2 million (£4.1m)
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New Zealand's entry point to the richest 1% group is $5.2 million (£4.1m), a huge increase from $2.8 million (£2m) in 2021. And it seems this figure could increase, as the number of multimillionaires in the nation is expected to rise. Between 2022 and 2027, Knight Frank has forecast that New Zealand will see its population of UHNWIs grow by a staggering 64.7%, the fourth largest increase it highlights.
Australia: $5.5 million (£4.4m)
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In third place is Australia, where you'll need $5.5 million (£4.4m) to be in the richest 1% club. Like New Zealand, Australia's threshold in 2021 was $2.8 million (£2m) but the nation has outpaced its neighbour in the wake of the COVID-19 pandemic, and inequality is apparently booming.
According to a report from a senior economist at the Australia Institute, published in April last year, "inequality is on steroids". Matt Grudnoff told ABC News: "Ninety-three per cent of the gains from economic growth have gone to the top 10 per cent of income earners. The rest of us – the bottom 90 per cent – have only got 7 per cent of that economic growth."
Switzerland: $6.6 million (£5.3m)
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The quintessential 'rich' country, Switzerland boasted 1,061,830 HNWIs and 15,860 UHNWIs in 2022. No wonder the threshold to join the wealthiest 1% is so high at $6.6 million (£5.3m).
Be that as it may, the cost of living is punishing and contrary to what many people think, poverty does exist in the landlocked nation: the latest data from the Federal Statistical Office suggests 8.5% of the Swiss population is affected by income poverty, according to Crédit Agricole Group.
Monaco: $12.4 million (£9.87m)
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The costliest place in the world to join the 1%, where you'll need a fortune of $12.4 million (£9.87m), Monaco has long been a magnet for the world's mega-wealthy thanks to its status as a tax haven.
The nation's population of UHNWIs increased by 0.9% in 2022, and with 14,936 millionaires currently calling the country home, over 40% of people in Monaco have $1 million to their name.
