How much money you need to be in South Africa’s top 1%
Knight Frank’s Wealth Sizing Model revealed that you need a net wealth of $109,000 (R2.08 million) to join the top 1% of richest South Africans.
The “Top 1%” became a prominent term during the global financial crisis. However, the wealth needed to join their ranks varies sharply from country to country.
If you want to join Monaco’s richest 1%, you’ll need $12.4 million. Switzerland and Australia have the next highest entry points, requiring net worth of $6.6 million and $5.5 million, respectively,
In the United States, $5.1 million will get you over the threshold to fall into the wealthiest 1% of people in the country.
For Asia, Singapore has the highest threshold, with US$3.5 million required to be in the top 1% ahead of Hong Kong’s US$3.4 million.
For the UAE, Middle East’s highest entry, the level required is US$1.6 million. Brazil is top of our Latin American markets with a US$430,000 threshold.
The findings underscore how the pandemic and surging living costs widened the gap between rich and poor nations.
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.
In Kenya, the lowest-ranked country in the report, it only takes $20,000 (R381,000) to be in the top 1% of wealthiest individuals.
According to the World Bank, 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.
Meanwhile, the world’s 500 richest people have added almost $600 billion to their combined fortunes this year.
“Growing inequality globally could see a greater focus on this group – particularly in the sights for greater taxation on assets and even emissions,” said Knight Frank’s Flora Harley.