Here’s how much money you need to make to join the world’s richest 1%

It’s getting more expensive to crack into the top 1% of wealth in the U.S.

You now need a net worth of at least $5.8 million in order to be part of that small but elite group, according to the upcoming 2024 wealth report from Knight Frank. That is a notable 12% increase from the $5.1 million needed just one year ago. 

By comparison, Americans needed a net worth of $4.4 million to receive the coveted 1% status in 2022. 

Even though the U.S. economy is the largest in the world, the threshold to enter the top 1% is much steeper in other countries.

MORE AMERICANS ARE GETTING A SECOND JOB TO OFFSET STING OF HIGH INFLATION

The toughest country to join the ranks of the richest is Monaco, where it requires a whopping $12.9 million. That marks a 3.2% increase from the previous year. 

Luxembourg and Switzerland also have a higher threshold, with respective requirements of $10.83 million and $8.5 million to be part of the top 1%, according to the findings from Knight Frank, which were first reported by Bloomberg.

The U.S. places fourth globally in terms of assets needed to join that ultra-exclusive club. It’s followed by Singapore, Sweden, Australia, New Zealand, Ireland and Germany.

HIGH INFLATION IS STILL SQUEEZING AMERICANS’ BUDGETS

“Our findings confirm the substantial differences in wealth distribution between countries,” Knight Frank said in the report. “Expect greater policy focus on where wealth is located, how it is distributed across economies and how governments can both tax it and encourage its growth.”

The findings come as high inflation and rising interest rates continue to ravage lower- and middle-income Americans. 

A recent study published by GOBankingRates found that the power of a six-figure salary is rapidly fading in America, especially in more expensive cities like San Francisco, Arlington, Va., and San Jose, California. In fact, a salary of $150,000 is even considered to be “lower middle class” in some of these cities, the study said. 

But even as everyday families have seen their purchasing power diminished by rising prices, the 400 richest people in the U.S. have seen their net worth skyrocket, thanks to the rebounding stock market and AI-driven tech boom.

Forbes reported in December that the wealthiest 400 Americans gained an aggregate $500 billion in 2023, and are now worth a collective $4.5 trillion. That marks the highest level since 2021, according to the Forbes’ Real-Time Billionaires List.