Monday, May 29, 2023

How much money does the richest 1% spend in Spain and other countries?

It takes a net worth of $12.4 million (about 11.4 million euros at current exchange rates) to rank in the top 1% of the richest people in Monaco, according to a new study.

Data from real estate consultancy Knight Frank’s Wealth Sizing Model shows the net worth required to be part of the so-called ‘1%’ in 25 countries. Monaco, which the firm says has the densest population of super-rich individuals in the world, topped the list.

In second place is Switzerland, but at a considerable distance from the principality. In the Alpine country, $6.6 million (about 6.1 million euros) is needed to be part of the richest 1%.

Australia is third with $5.5 million (5.1 million euros), followed by New Zealand with $5.2 million (4.8 million euros) and the United States with $5.1 million (4.7 million euros). In the United Kingdom they are $3.3 million (just over 3 million euros).

Spain appears two places below Britain, where you need $2.5 million (about 2.3 million euros) to be part of the country’s richest 1%.

The best-placed Asian country is Singapore, where $3.5 million (3.23 million euros) is needed by the richest 1%, just ahead of Hong Kong, with $3.4 million (3.14 million euros). $1.7 million (1.6 million euros) is needed to make the cut in Japan, while it is $960,000 (around 885,000 euros) in mainland China.

In the Middle East, the United Arab Emirates (UAE) tops the list in the region: it takes $1.6 million (1.5 million euros) to be part of the country’s richest 1%.

Brazil leads the list in Latin America: its citizens need a relatively low $430,000 (397,000 euros) to join the richest 1%.

Monaco Is Smaller Than Central Park, But It’s Full Of Millionaires

Monaco is only 0.78 square miles in area, making it the second smallest independent state in the world and smaller than Central Park in New York (USA). This European country is only bordered by France and the Mediterranean Sea. Despite its small size, it is densely populated: in December 2022, Monaco had approximately 39,000 inhabitants.

Its Mediterranean climate, its exposure to glamorous events and its low taxes – including the absence of personal income tax – have helped the country become an enclave for some of the world’s wealthiest.

According to UN data, in 2021, Monaco’s per capita GDP was at $234,317 (just over 216,000 euros), ahead of Liechtenstein with $169,260 (about 156,000 euros); Luxembourg, with $133,745 (123,000 euros); and Bermuda, with $112,652 (about 104,000 euros).

Knight Frank previously estimated that 255 people with a net worth of more than $30 million (about 28 million euros) and around 40,000 people with a net worth of more than one million dollars (more than 920,000 euros) could live in Monaco in 2026 .

Nation World News Desk
Nation World News Desk
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