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Wealth Needed to Join the Top 1%, by Country

Published

2 months ago

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See this visualization first on the Voronoi app.

Bar chart illustrating the net wealth required to enter the 1% club in selected countries and territories.

Wealth Needed to Join the Top 1%, by Country

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The last decade has witnessed a remarkable surge in the global number of millionaires.

By 2022, 1.1% of the world’s adults were millionaires, up from 0.6% in 2012. So, how to know if you belong to the top 1% in your country?

In this infographic, we illustrate the net wealth required to enter the club in selected countries and territories. The data is sourced from the Knight Frank Wealth Report 2024.

The 1% Club

The individual net wealth required to join the top 1% can vary across countries.

European hubs top the list, with small countries like Monaco or Luxembourg having extremely high wealth barriers to joining the top 1%.

CountriesRegionWealth (USD)Population
🇲🇨 MonacoEurope$12,883,00036,297
🇱🇺 LuxembourgEurope$10,832,000654,768
🇨🇭 SwitzerlandEurope$8,509,0008,796,669
🇺🇸 U.S.N. America$5,813,000339,996,563
🇸🇬 SingaporeAsia$5,227,0006,014,723
🇸🇪 SwedenEurope$4,761,00010,612,086
🇦🇺 AustraliaOceania$4,673,00026,439,111
🇳🇿 New ZealandOceania$4,574,0005,228,100
🇮🇪 IrelandEurope$4,321,0005,056,935
🇩🇪 GermanyEurope$3,430,00083,294,633
🇫🇷 FranceEurope$3,273,00064,756,584
🇭🇰 Hong Kong SARAsia$3,094,0007,491,609
🇬🇧 UKEurope$3,070,00067,736,802
🇮🇹 ItalyEurope$2,548,00058,870,762
🇪🇸 SpainEurope$2,468,00047,519,628
🇯🇵 JapanAsia$1,971,000123,294,513
🇨🇳 China (mainland)Asia$1,074,0001,425,671,352

According to this year’s report, Monaco leads with $12.9 million required to join the 1% club. Currently, more than 30% of Monaco’s estimated 38,000 residents are millionaires.

Luxembourg follows at $10.8 million, with Switzerland at $8.5 million securing the third position.

The U.S. ranks fourth at $5.8 million. Despite having the most ultra-wealthy individuals, the country’s high population base brings the law of averages into play.

In the Asia Pacific region, Singapore leads the pack with a requirement of $5.2 million, while Hong Kong comes second at $3.1 million.

Interestingly, a person in Hong Kong needs almost three times more wealth to join the 1% club compared to someone in Mainland China.

How to Join the 1% Club?

To be part of the top 1% club of one’s country or region often requires a combination of advanced education, entrepreneurship, strategic investments, and even luck. While there’s no guaranteed path to entry, consistency and time are key factors.

In the U.S., for instance, many individuals and families who have surpassed the 1% threshold have done so over time.

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Money

Charted: Which City Has the Most Billionaires in 2024?

Just two countries account for half of the top 20 cities with the most billionaires. And the majority of the other half are found in Asia.

Published

1 day ago

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April 25, 2024

By

A cropped bar chart ranking the top 20 cities with the most billionaires in 2024.

Charted: Which Country Has the Most Billionaires in 2024?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Some cities seem to attract the rich. Take New York City for example, which has 340,000 high-net-worth residents with investable assets of more than $1 million.

But there’s a vast difference between being a millionaire and a billionaire. So where do the richest of them all live?

Using data from the Hurun Global Rich List 2024, we rank the top 20 cities with the highest number of billionaires in 2024.

A caveat to these rich lists: sources often vary on figures and exact rankings. For example, in last year’s reports, Forbes had New York as the city with the most billionaires, while the Hurun Global Rich List placed Beijing at the top spot.

Ranked: Top 20 Cities with the Most Billionaires in 2024

The Chinese economy’s doldrums over the course of the past year have affected its ultra-wealthy residents in key cities.

Beijing, the city with the most billionaires in 2023, has not only ceded its spot to New York, but has dropped to #4, overtaken by London and Mumbai.

RankCityBillionairesRank Change YoY
1🇺🇸 New York119+1
2🇬🇧 London97+3
3🇮🇳 Mumbai92+4
4🇨🇳 Beijing91-3
5🇨🇳 Shanghai87-2
6🇨🇳 Shenzhen84-2
7🇭🇰 Hong Kong65-1
8🇷🇺 Moscow59No Change
9🇮🇳 New Delhi57+6
10🇺🇸 San Francisco52No Change
11🇹🇭 Bangkok49+2
12🇹🇼 Taipei45+2
13🇫🇷 Paris44-2
14🇨🇳 Hangzhou43-5
15🇸🇬 Singapore42New to Top 20
16🇨🇳 Guangzhou39-4
17T🇮🇩 Jakarta37+1
17T🇧🇷 Sao Paulo37No Change
19T🇺🇸 Los Angeles31No Change
19T🇰🇷 Seoul31-3

In fact all Chinese cities on the top 20 list have lost billionaires between 2023–24. Consequently, they’ve all lost ranking spots as well, with Hangzhou seeing the biggest slide (-5) in the top 20.

Where China lost, all other Asian cities—except Seoul—in the top 20 have gained ranks. Indian cities lead the way, with New Delhi (+6) and Mumbai (+3) having climbed the most.

At a country level, China and the U.S combine to make up half of the cities in the top 20. They are also home to about half of the world’s 3,200 billionaire population.

In other news of note: Hurun officially counts Taylor Swift as a billionaire, estimating her net worth at $1.2 billion.

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