If you want to join the richest 1% in Monaco, you need an eight-figure fortune.
It would take $12.4 million to cut down the small Mediterranean tree, according to research from Knight Frank, where resident billionaires such as UK industrialist Jim Ratcliffe and Walgreens Boots Alliance Chairman Stefano Pessina usually does not face taxes on income or capital gains.
Switzerland and Australia have the next highest entry point at 1%, requiring a net worth of $6.6 million and $5.5 million, respectively, according to data released Wednesday as part of the property broker’s 2023 Wealth Report. In the US, $5.1 million gets you over the threshold.
The findings highlight how the pandemic and the rising cost of living are widening the gap between rich and poor countries. The entry point for the richest in Monaco is more than 200 times more than the $57,000 needed to join the 1% in the Philippines, which ranks among the lowest among the 25 locations in Knight Frank’s study.
Low-income households around the world are feeling the brunt of inflation, forcing them to spend a larger portion of their income on food and housing, according to the World Bank. Meanwhile, the world’s 500 richest people added nearly $600 billion to their combined wealth this year, according to the Bloomberg Billionaires Index, which has Meta Platform The founder of Inc. with Mark Zuckerberg getting the most.
“The growing inequality around the world will see a greater attention to this group – especially in the scenes for greater taxes on assets and even emissions,” Flora Harley, a partner in Knight Frank’s research team, said in a statement.