A minimum of $5.8 million is needed to join the rich stratum of tycoons, up almost 15% from about 12 months ago, according to Knight Frank research.
According to the real estate broker’s 2024 Wealth Report, Monaco retains first place for the world’s highest threshold of $12.8 million, up 3.2% from last year, while Luxembourg and Switzerland need more than $8 million dollars.
The results show how recovering markets in the US and other Western countries are widening the gap between rich and poor countries. According to the World Bank, Monaco’s gross domestic product per capita is about $240,000, more than 900 times the GDP of East African Burundi.
The outbreak of war in Ukraine in 2022 crippled the global economy, which was just recovering from the pandemic, causing energy and food prices to soar. Although it caused problems all over the world, Poorer countries that have to import these goods have been hit particularly hard as borrowing costs have risen.
However, not everyone felt the pressure. The world’s 500 richest people added $1.5 trillion in wealth last year, with Tesla CEO Elon Musk adding the most, according to the Bloomberg Billionaires Index.
“Our results confirm significant differences in the distribution of wealth between countries,” Knight Frank said in the report. “Expect policy to pay more attention to where wealth is, how it is distributed across the economy, and how governments can tax it and stimulate growth.”
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