Fri. May 24th, 2024

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This Is How Much Money You Need To Join India's Richest 1%

Among Asian nations, Singapore has the highest threshold.

Many believe being wealthy means owning a nice house, an expensive car and other assets. But the wealthiest one per cent of the world have far, far more than we can possibly imagine. 

Global real estate consultancy Knight Frank has released its updated Wealth Report that reveals how deep one’s pockets need to be to join the richest one per cent in various countries.

Monaco tops the list – an individual needs an eight-figure fortune to join the creme de la creme there. The entry point for Monaco’s richest 1% is US $12.4 million, according to Knight Frank’s research.

Curious about India? India is among the list of 25 countries in the company’s wealth report where the entry level at $175,000 (Rs 1.44 crore). India is at 22nd spot, above South Afirca, the Philippines and Kenya.

According to Knight Frank’s 2022 report, the number of ultra-high-net-worth-individuals in India increased 11 per cent on the back of buoyant equity markets and digital revolution.

Among Asian nations, Singapore has the highest threshold with $3.5 million required to be in the top one per cent, ahead of Hong Kong’s $3.4 million.

As per Forbes, there were 169 Indians in its 2023 list of billionaires, up from 166 last year. Despite an eight per cent decline in his wealth over the past year, Mukesh Ambani retained his position as both India’s and Asia’s richest person.

The findings of Knight Frank underscore how the pandemic and surging living costs are widening the gap between rich and poor nations. The entry point for Monaco’s richest is more than 200 times greater than the $57,000 needed to join the oner per cent in the Philippines, which is one of the lowest ranked in Knight Frank’s study.

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