What It Takes To Be A Top 1% Earner Around The World (Net Worth)
— Updated on 4 August 2023

What It Takes To Be A Top 1% Earner Around The World (Net Worth)

— Updated on 4 August 2023
Garry Lu
Garry Lu

The annual Knight Frank Wealth Report (2023 Edition) has published yet another breakdown of what it takes to be considered a top 1% earner around the world.

The most fascinating takeaways? 1. While it’s still a moonshot for most, the minimum threshold is surprisingly achievable here in Australia, and 2. the population of ultra-high net worth individuals (UHNWI) has actually shrunk.

“While the world’s UHNWI population contracted last year, the number of high-net-worth individuals (HNWIs) expanded by 2.9% to number almost 70 million worldwide,” explained the report.

RELATED: What It Takes To Be A Top 1% Earner Around The World (Annual Salary)

“Only Europe as a region saw HNWI numbers dwindle. The number of billionaires meanwhile declined by 5% to 2,629.”

That being said, the figure is projected to rebound.

Knight Frank added: “Over the next five years we forecast that the global UHNWI population will expand by 28.5% to almost threequarters of a million from 579,625 in 2022. This expansion marks a slowdown from the 44% growth seen in the 2017 to 2022 period. The number of HNWIs will also surpass 100 million over the next five years, growing by 56.9%.

Similar to previous years, Monaco has remained the most unobtainable with a minimum threshold of US$12.4 million (AU$19 million), followed not-so-closely by “the home of the private bank,” Switzerland, at US$6.6 million (AU$10.1 million), Australia at US$5.5 million (AU$8.5 million), New Zealand at US$5.2 million (AU$8 million), and so forth.

Check out the full breakdown of select countries + territories below.

RELATED: What Is The Average Salary In Australia?

Top 1% Earners (Global)

**All figures converted to USD

Net worth threshold comparison

  1. Monaco: $12.4 million
  2. Switzerland: $6.6 million
  3. Australia: $5.5 million
  4. New Zealand: $5.2 million
  5. US: $5.1 million
  6. Ireland: $4.3 million
  7. Singapore: $3.5 million
  8. France: $3.5 million
  9. Hong Kong: $3.4 million
  10. UK: $3.3 million
  11. Italy: $2.6 million
  12. Spain: $2.5 million
  13. Japan: $1.7 million
  14. UAE: $1.6 million
  15. China: $960,000
  16. Czech Republic: $880,000
  17. Saudi Arabia: $740,000
  18. Romania: $587,000
  19. Malaysia: $485,000
  20. Brazil: $433,000
  21. Mexico: $383,000
  22. India: $175,000
  23. South Africa: $109,000
  24. Philippines: $57,000
  25. Kenya: $20,000

Additional insights

  • The Middle East was a regional stand out with 16.9% UHNWI growth, buoyed by the UAE and Saudi Arabia, which saw stellar economic and property market performance
  • Asia was home to three of the Top 10 fastest-growing wealth hubs, with Malaysia, Indonesia, and Singapore seeing their wealthy populations expand by 7-9%, this comes despite the wider region experiencing a 6.5% decline
  • Among the Top 10 are the world’s two most populous countries, with India expected to see a 58.4% rise in its UHNWI population, a faster rate than in the previous five years; the Chinese mainland is forecast to see a 49.8% climb, a slowing from the 99.6%

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Garry Lu
After stretching his legs with companies such as The Motley Fool and the odd marketing agency, Garry joined Boss Hunting in 2019 as a fully-fledged Content Specialist. In 2021, he was promoted to News Editor. Garry proudly retains a blue belt in Brazilian Jiu-Jitsu, black bruises from Muay Thai, as well as a black belt in all things pop culture. Drop him a line at [email protected]


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