How much wealth does it take to join the world’s richest 1%?

The findings suggest that the U.S. market rebound is widening the gap between rich and poor countries.

It is getting harder and harder to get into the top 1% of wealth in the United States.

It now takes at least $5.8 million to join the richest tier of the world’s largest economy, up nearly 15% from about 12 months ago, according to research from Knight Frank.

According to the real estate agent’s 2024 Wealth Report, Monaco remains first globally with a threshold of $12.8 million, up 3.2% from the previous year, while Luxembourg and Switzerland need more than $8 million to advance.

The findings underscore how the rebound in markets in the United States and other Western countries is widening the gap between rich and poor countries. According to the World Bank, Monaco’s per capita GDP is about $240,000, more than 900 times that of Burundi in East Africa.

Russia’s invasion of Ukraine in 2022 hurt the global economy, which was just recovering from the epidemic, and caused energy and food prices to soar. While this is causing problems around the world, poorer countries that must import these goods are particularly hard hit as borrowing costs rise.

Still, not everyone is feeling the pinch. The world’s 500 richest people saw their combined wealth increase by $1.5 trillion last year, according to the Bloomberg Billionaires Index, with Tesla Inc. CEO Elon Musk adding the most.

“Our findings confirm the large differences in the distribution of wealth across countries,” Knight Frank said in its report. “Policy is expected to focus more on the distribution of wealth, how it is distributed across economies and how governments tax it. tax and encourage its growth.”