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Joining the elite ranks of the richest 1% may seem like a distant dream for most, but a recent study by Knight Frank sheds light on the staggering wealth required to cut in different countries. The splendid city-state of Monaco is topping the list, where a jaw-dropping $12.4 million net worth is needed to enter the exclusive club, as reported by Bloomberg.
Wealth in the eight figures is required to join Monaco's richest 1%.
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Monaco, known for its luxurious lifestyle and glamorous residents, boasts a tax haven status that attracts billionaires from across the globe. With no income or capital gains taxes, Monaco offers an enticing haven for the super-rich.
Switzerland and Australia follow closely behind Monaco in the wealth required to join the 1%. In Switzerland, a net worth of $6.6 million is necessary, while in Australia, it takes $5.5 million to cut. Meanwhile, New Zealand and the United States claim the fourth and fifth spots, respectively, with entry points of $5.2 million and $5.1 million.
These figures underscore the widening wealth gap between nations, exacerbated by the ongoing pandemic and rising living costs. The disparity is evident when comparing Monaco's entry point to the Philippines (one of the lowest-ranked countries). While Monaco requires $12.4 million, a mere $57,000 is sufficient to enter the 1% in the Philippines, which is 200 times less than Monaco.
As lower-income households face global inflation, spending a significant portion of their income on necessities like food and housing, the world's wealthiest individuals continue to amass staggering fortunes. According to the Bloomberg Billionaires Index, the top 500 richest people have seen their combined wealth increase by nearly $600 billion this year alone.
As wealth distribution becomes a pressing issue, these stark disparities serve as a reminder of the challenges ahead in achieving a more equitable society. With growing global inequality, measures to address it may target this privileged group. Greater attention is on the super-rich, potentially leading to increased taxation on their assets and steps to address inequality may target this fortunate group.
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