Here’s how much you need to join the world’s richest 1%

● If you want to join Monaco’s richest 1%, you will need an eight-figure fortune.

It takes $12.4m (about R237.5m) to make the cut in the tiny Mediterranean principality, according to research from Knight Frank, where billionaire residents typically do not face income or capital gains taxes.

Switzerland and Australia have the next highest entry points to the 1%, requiring net worth of $6.6m and $5.5m respectively, according to data released this week as part of the property broker’s 2023 Wealth Report. In the US, $5.1m will get you over the threshold.

The findings underscore how the pandemic and surging living costs are widening the gap between rich and poor countries. The entry point for Monaco’s richest is more than 200 times greater than the $57,000 needed to join the 1% in the Philippines, one of the lowest-ranked of 25 locations in Knight Frank’s study.

Lower-income households worldwide are feeling the burden of inflation, which has forced them to spend a far larger share of their income on food and housing, according to the World Bank.

Meanwhile, the world’s 500 richest people have added almost $600bn to their combined fortunes this year, according to the Bloomberg Billionaires Index, with Meta Platforms founder Mark Zuckerberg gaining the most.

“Growing inequality globally could see a greater focus on this group, particularly in the sights for greater taxation on assets and even emissions,” Flora Harley, a partner in Knight Frank’s research team, said.