The Covid-19 pandemic has served super-rich people around the world, mainly due to soaring asset prices, which are backed by low interest rates and fiscal stimulus. This is according to the 15th annual report on wealth from the Knight Frank workshop.
As noted by Niall McCarthy of the Statista portal,
the global population of individuals with very high net worth over $ 30 million has climbed to 2.4 percent in the past year, with the strongest growth in Asia, at 12 percent.
Growing inequality is increasingly seen as the biggest threat to the future accumulation of wealth, and support for property taxes is growing in many parts of the world. Such plans are already being proposed or implemented in Argentina, Canada and South Korea. Given the huge and growing gap between the super-rich and the rest of the world, do you know how much you would have to earn in order to join an exclusive and often despised one percent club? The Wealth Report contained an interesting subsection that used a model to compare access requirements among the richest percentages in selected countries.
Requirements vary considerably from country to country and people would need to have the deepest pockets in Monaco. The small principality is a well-known refuge for the super-rich and has one of the densest populations of the rich on the planet. Community capital is required here to be the highest in the world, $ 7.9 million. Switzerland is known for its wealth, and you would need $ 5.5 million to count you as the richest individual in this country. The United States has the largest population of super-rich people in the world, with about 180,000 people owning assets worth at least $ 30 million last year. About $ 4.4 million would be the limit on joining a one percent US club.
Elsewhere, this threshold is significantly lower, especially in developing countries, where a super-rich community is relatively rare. While China’s entry requirements are expected to increase significantly in the coming years, $ 850,000 was enough to account for the richest percentage last year. Credit Suisse estimates that there were $ 4.4 million in China, making it the second largest in the world after the United States. Although the Chinese economy was significantly affected by trade tensions with the United States and the Chinese economy slowed significantly in 2019, the number of millionaires increased by 158,000 compared to the previous year. However, given the large population in China, the share of millionaires in the total population is still quite low, compared to one million for about 14 people in the United States. Most millionaires in China come from developed regions, including some key cities. Hong Kong, China’s special administrative region, is one of the regions with the highest density of millionaires in the world.
India has seen steady growth in its extremely rich population in recent years, but its threshold remains extremely low, less than one percent of Monaco. Only $ 60,000 would rank you among the people with the best incomes in India in this country, although this status would not last long. Knight Frank predicts that India’s entry line will double over the next five years.
Source: Knight Frank the Wealth Report 2021