Are YOU among the world's richest one per cent?

Are YOU among the world’s richest one per cent? Study reveals how big a fortune is required to rank amongst the very wealthiest people in different nations across the globe

  • New study found minimum fortune needed to enter world’s richest one per cent
  • In the UK a person needs £1.4million to be considered among top one per cent
  • Monaco eclipses this figure four times over, with an entry figure of £5.6million

A new report has revealed just how large your personal wealth needs to be to be considered among the wealthiest people in the world.

The Frank Knight Wealth Report estimates that a person needs to be worth around £1.4million in order to rank among the UK’s richest one per cent.

However, this figure means the minimum fortune needed to make up the richest one per cent in the UK is only the eleventh largest in the world.

A new report has revealed just how large your personal wealth needs to be to be considered among the wealthiest people in the world. The Frank Knight Wealth Report estimates that a person needs to be worth around £1.4million in order to rank among the UK’s richest one per cent

Of the top 20 territories examined in the study, nations such the US, Switzerland and the principality of Monaco all rank above the UK. 

The average wealth of Monaco’s wealthiest one per cent is around £5.6million – four times as large as the UK’s £1.4million mark.

Residents of Monaco pay no income taxes, which helps keeps them at the top of the world’s rich list. 

Liam Bailey, Knight Frank’s global head of research said: ‘You can clearly see the influence of tax policy at the top. Then you have the sheer breadth and depth of the U.S. market.’

The average wealth of Monaco’s wealthiest one per cent is around £5.6million – four times as large as the UK’s £1.4million mark. Pictured: The Fontvielle district in Monaco

Frank Knight’s findings help to illustrate how the wealth divide has been widened as a result of the coronavirus pandemic.

The entry point for Monaco’s richest one per cent is almost 400 times greater than in Kenya, which is the lowest ranked nation looked at in the study. 

The World Bank estimates that around 2million people in Kenya alone have fallen into poverty as a result of the pandemic.

Meanwhile the world’s 500 wealthiest people have added £1.28trillion to their fortunes, according to the Bloomberg Billionaires Index.

Of the top 20 territories examined in the study, nations such the US, Switzerland (pictured) and the principality of Monaco all rank above the UK

Knight Frank believes the Asia-Pacific region is set to outpace global growth in ultra-high-net worth individuals between 2020 and 2025, with India and Indonesia set to see the greatest growth.

Singapore, in which the family office of Google co-founder Sergey Brin is setting up a branch and British billionaire James Dyson has already relocated his family investment firm, is also expected to see a surge.

Commenting on Asia-Pacific’s growth, Victoria Garrett, Knight Frank’s head of residential for the region, said: ‘Asia-Pacific’s foothold as host to the world’s leading wealth hubs continues to strengthen.’

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