From UAE to India, how many crores do you need to earn to reach the top 1%?

Being in the richest top 1% is considered to be the epitome of success in any country. However, the wealth needed to be counted among the top 1% varies from country to country.

According to Knight Frank’s ‘The Wealth Report’ 2023, Singapore has the highest threshold of US$3.5 million (approx Rs 28.8 crore) required to be in the top 1%. In Hong Kong, the wealth required to be among the top 1% is US$3.4 million (approx Rs 28 crore).

The wealth required to be in the top 1% in West Asia is highest in the UAE at US$1.6 million (approx Rs 13.1 crore). In Latin America, Brazil has the highest threshold of US$430,000 (approx Rs 3.5 crore).

In India, the wealth required to be in the top 1% is just US$175,000 (approx Rs 1.4 crore) while in the UK it is US$3.3 million (approx Rs 27.1 crore).

In Monaco, which has the world’s densest population of super-rich individuals, the entry point for the principality’s 1% is US$12.4 million (approx Rs 102 crore). The report said that this level is still almost double that of second place Switzerland at US$6.6 million (approx Rs 54.3 crore).

Also Read: How long should you continue a Mutual Fund SIP if it is not giving good returns?

The wealth required to be in the 1% in the US and New Zealand is US$5.5 million (approx Rs 45.3 crore) and US$5.2 million (approx Rs 42.8 crore) respectively.

The report notes there has been an overall decline in the global population of the Ultra High Net Worth Individuals (UHNWIs). However, there are nuances to the story – both at a regional and country level as well as across wealth bands.

“While the world’s UHNWI population contracted last year, the number of high-net-worth individuals (HNWIs) expanded by 2.9% to number almost 70 million worldwide, only Europe as a region saw HNWI numbers dwindle. The number of billionaires
meanwhile declined by 5% to 2,629,” it says.

Also Read: From Dubai, Singapore to Mumbai, how many sqft of prime property you can buy in Rs 50 lakh

As per the report, West Asia was the standout region with 16.9% growth in UHNWIs throughout the year. The UAE was the fastest-growing country with an 18.1% increase, bringing the number of UHNWIs to 1,116, with Saudi Arabia not far behind with 10.4% annual growth. “This comes as little surprise with both the Dubai and Riyadh prime residential markets
occupying the number one and three spots in our Prime International Residential Index (see March edition) and both seeing real GDP growth in 2022 of 7.6% and 8.7% respectively,” the report said.