How much money you need to join India's richest 1% club
Global real estate consultant Knight Frank in a recent report has released the net wealth you need to be counted among the top 1% richest in a particular country. Monaco, which has the world’s densest population of super-rich individuals, tops the list with the entry point for the principality’s 1% being estimated at $12.4 million. Switzerland is ranked second at $6.6 million. For India, the entry point is $1,75,000 or Rs 1.45 crore.
In Asia, Singapore has the highest threshold with $3.5 million required to be in the top 1%, ahead of Hong Kong’s $3.4 million. For the Middle East, the highest entry point is at UAE, estimated at $1.6 million.
The cut-off mark for the US is $5.1 million and the UK $3.3 million. Brazil has the highest threshold in Latin American, at $430,000.
In its latest global wealth report, Knight Frank said majority of UHNWIs or ultra high net worth individuals saw their wealth decline last year, with their collective wealth falling by 10% (equivalent to $10.1 trillion) due to challenging financial market conditions.
The epicentre of the Ukraine crisis, Europe, was at the sharp end with an average 17% fall, the consultant said. But two-thirds of wealthy investors expect growth in their portfolio this year amid expectations expected economic rebound later this year, the report said.
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