It Takes Nearly $8 Million to Join the Wealthiest One Percent | Demos (2024)

FAQs

How much wealth do you need to join 1%? ›

According to the latest findings from the 18th edition of the Wealth Report by Douglas Elliman and Knight Frank, a person needs $5.8 million to be considered in the wealthiest 1% — a figure that, while substantial, is a far cry from the billionaire benchmark.

In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd. As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier.

You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C. "This comes down to cost of living," Murray said.

It now takes at least $5.8 million to join the richest echelon in the world's largest economy, almost 15% more than about 12 months ago, according to research from Knight Frank.

According to this year's report, Monaco leads with $12.9 million required to join the 1% club. Currently, more than 30% of Monaco's estimated 38,000 residents are millionaires. Luxembourg follows at $10.8 million, with Switzerland at $8.5 million securing the third position.

The top 1% of American earners now control more wealth than the nation's entire middle class, federal data show. More than one-quarter of all household wealth, 26.5%, belongs to Americans who earn enough money to rank in the top percentile by income, according to Federal Reserve statistics through mid-2023.

The most recent data from the Fed's Survey of Consumer Finances took a snapshot of the American public at the end of 2022. At that point, a net worth of $3,795,000 was enough to put you in the top 5% of all American households.

The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $65,000 in 2021, according to the U.S. Census Bureau.21 Using Pew's yardstick, middle income is made up of people who make between $43,350 and $130,000.7 This is a ...

What income is upper middle class? ›

Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range. "The upper middle class has grown...and its composition has changed.

The average American net worth is $1,063,700, as of 2022. Net worth averages increase with age from $183,500 for those 35 and under to $1,794,600 for those 65 to 74. Net worth, however, tends to drop for those 75 and older.

Bernard Arnault, chairman of LVMH, is the richest person and the richest man in the world with a net worth of $215 billion. After Arnault is Jeff Bezos, founder of Amazon.

Top Billionaires in Monaco with Net Worth

Explore the unique contributions of these visionaries and more, totaling 3 individuals, to Monaco's economic vibrancy.

There are now more billionaires than ever: 2,781 in all, 141 more than last year and 26 more than the record set in 2021. They're richer than ever, worth $14.2 trillion in aggregate, up by $2 trillion from 2023 and $1.1 trillion above the previous record, also set in 2021.

To join the 1% club, you need just a few million dollars. To be exact, in the U.S., you need to earn $5.8 million a year according to the 2024 Wealth Report by real estate company Douglas Elliman and real estate consultancy agency Knight Frank.

The Magic Number for the 1%

That's over eight times more than the median household income of around $75,000. But this number isn't set in stone across the country. In places like Connecticut, you need to earn $952,902 to be in the 1%, while in West Virginia, the threshold is a more modest $367,582.