May 18, 2023
By: Sourabh JainThe 1 percent club is used to refer to the richest 1 percent of people of a country, who have the most wealth in the country. Here’s the net wealth required to be a part of this club as per a Knight Frank report.
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In India, a net wealth of $175,000 (approx. ₹1.44 crore) will get you in the 1 percent club. The per capita income in India for the 2022-23 period is ₹1,72,000 (approx. $2,085). This means the net wealth required to be a part of the top 1 percent is 84 times that of an average Indian’s income.
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Let’s look at some countries where people require the highest net wealth to be a part of the top 1 percent in the country.
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Monaco, a country where you need to have the most net wealth to join the top 1 percent, is known as a tax haven for its favourable personal and corporate taxation. A person needs $12.4 million (approx. ₹102 crore) to join the 1 percent club in Monaco.
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Switzerland, popular for the privacy offered by its banks, requires an individual to have a net wealth of $6.6 million (approx. ₹54.5 crore) to be a part of the top 1 percent of the country.
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Australia is third on the list, and to join the top 1 percent in the country, you need to have a wealth of $5.5 million (approx. ₹45.4 crore).
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The next country on the list is New Zealand. You need to have a net wealth of $5.2 million (approx. ₹42.9 crore) to be a part of the 1 percent club in the country.
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The next country on the list is the United States. In the US, people need a net wealth of $5.1 million (approx. ₹42.1 crore) to be a part of the top 1 percent.
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Ireland is surprisingly high on the list at the sixth position. You need to have a net wealth of $4.3 million (approx. ₹35.5 crore) to be a part of the top 1 percent in the country.
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Singapore and France are tied for the next position. To be a part of the top 1 percent in these countries, you must have a net wealth of $3.5 million (approx. ₹28.9 crore).
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