American needs $5.8M, top 1% globally | Scott Kerr posted on the topic | LinkedIn (2024)

"To break into the hallowed 1%, an American needs $5.8 million, up from last year's $5.1 million (inflation comes for us all). That places the U.S. fourth globally in terms of assets needed to break ahead of 99% of the population. (It's worth noting that other estimates put the average wealth of the 1% much higher, though it's calculated differently.)""The toughest country to join the ranks of the richest? Monaco, where it takes $12.9 million, or more than double what's required in America. Luxembourg and Switzerland also outpace the U.S., with $10.83 million and $8.5 million needed, respectively, to crack the top 1%."

New for Business Insider: Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth.The new2024 Wealth Reportby property broker Knight Frank found that the cut-off for the top 1% of wealth inMonacois nearly $12.9 million, followed byLuxembourgat $10.8 million andSwitzerlandat $8.5 million. The US was fourth on the list.The number of ultra-high net worth individuals globally is expected to surge by 28% five years from now. Still, Inequality is also continuing to rise between rich and poor countries, World Bank data shows. Countries such as Monaco continue to attract wealthy people due to its tax laws, the report notes.

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U.S. #Wealth Gains by Percentile 3/31/24.Of the $4.99 trillion gain in net household worth during the first quarter of 2024, $3.61 trillion or 72.34%, went to the top 10% of Americans; $1.25 trillion or 25.06% went to the 50th to 90th percentile; and $130 billion or 2.6% went to the bottom 50%. For the record, the U.S. government does not allocate wealth to any particular group of population. The free market does.Derived from data published by the Federal Reserve, here's how wealth distribution stood on 3/31/2024:

Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth. Monaco has the highest net worth cutoff for the top 1% at nearly $12.9 million. The number of ultra-high net worth individuals globally is expected to surge by 28% by 2028.

Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth. Monaco has the highest net worth cutoff for the top 1% at nearly $12.9 million. The number of ultra-high net worth individuals globally is expected to surge by 28% by 2028.

Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth. Monaco has the highest net worth cutoff for the top 1% at nearly $12.9 million. The number of ultra-high net worth individuals globally is expected to surge by 28% by 2028.

Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth. Monaco has the highest net worth cutoff for the top 1% at nearly $12.9 million. The number of ultra-high net worth individuals globally is expected to surge by 28% by 2028.

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Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth. Monaco has the highest net worth cutoff for the top 1% at nearly $12.9 million. The number of ultra-high net worth individuals globally is expected to surge by 28% by 2028.

Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth. Monaco has the highest net worth cutoff for the top 1% at nearly $12.9 million. The number of ultra-high net worth individuals globally is expected to surge by 28% by 2028.

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Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth. Monaco has the highest net worth cutoff for the top 1% at nearly $12.9 million. The number of ultra-high net worth individuals globally is expected to surge by 28% by 2028.