(Bloomberg) — Breaking into the top 1% of U.S. wealth is getting harder.
It now takes at least $5.8 billion to join the richest echelon in the world's biggest economy, almost 15% more than about 12 months ago, according to research by Knight Frank.
Monaco retains the top spot for the highest threshold worldwide at $12.8 million, a 3.2% increase from a year ago, while Luxembourg and Switzerland need more than $8 million to make the cut, according to the report. Property 2024 of the property broker.
The findings highlight how the recovery of markets in the US and other Western countries is widening the gap between rich and poor countries. Monaco's gross domestic product per person of about $240,000 is more than 900 times that of East African Burundi, according to World Bank data.
Russia's invasion of Ukraine in 2022 hurt a global economy just recovering from the pandemic, driving up energy and food prices. While this caused problems around the world, poorer countries that have to import those goods were hit particularly hard as borrowing costs rose.
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However, not everyone felt the pinch. 500 richest people in the world added $1.5 trillion in their combined fortunes last year, with the CEO of Tesla Inc. Elon Musk added the most, according to the Bloomberg Billionaires Index.
“Our findings confirm substantial differences in the distribution of wealth between countries,” Knight Frank said in its report. “Expect greater policy focus on where wealth resides, how it is distributed across the economy and how governments can tax it and encourage its growth.”
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To contact the author of this story:
Benjamin Stupples in London at (email protected)