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According to Oxfam, in 2019 the world’s billionaires had more wealth than 60% of the global population. Then there’s the world’s richest 1%, most of them men, who hold double the wealth of 90% of the global population.
The richest 22 men in the world own more wealth than all of the women in Africa.
The criteria for ticking over into this elite category – the 1% – varies from country to country.
Joining the ranks is tough, but even more so if you happen to find yourself in Monaco where you need to be worth almost $8 million to make the cut.
This, according to The Wealth Report 2021, compiled by Knight Frank’s research teams around the world, which categorised the 1% according to net wealth (assets less liabilities).
Via Bloomberg, Switzerland and America have the next highest entry points at $5,1 million and $4,4 million, respectively.
The following breaks down the wealth needed to join the richest of the rich in select countries and territories across the globe, including South Africa.
If you want to join the ranks of the 1% in South Africa, you’ll need to hold a net wealth of $180 000 (R2,6 million), which isn’t exactly small change.
A key factor in this year’s report is how the pandemic has widened the gap between rich and poor nations.
The entry point for the highest-ranked nation, Monaco, is almost 400 times greater than the lowest-ranked nation, Kenya.
The World Bank estimates 2 million people in that African nation have fallen into poverty due to the Covid-19 crisis. Meanwhile, the world’s 500 wealthiest people added $1.8 trillion to their fortunes last year, according to the Bloomberg Billionaires Index, with U.S.-based technology entrepreneurs Elon Musk and Jeff Bezos gaining the most.
America is ahead of the pack when it comes to housing the highest number of ultra-rich people, although wealth is on the rise Asia-Pacific locations such as China and Hong Kong.
Per BusinessTech, as of December last year South Africa was home to 44 605 dollar millionaires, but that number is expected to grow by 2025. In terms of multi-millionaires, the country is home to 742 very wealthy individuals.
If you’re keen to check out where you fit into the grand scheme of things, head here to use the World Inequality Database’s handy income calculator.
[sources:bloomberg&businesstech]
