In the words of the genius with his messy hair and protruding tongue, everything is relative. According to Albert Einstein’s famous Theory of Relativity, the speed of light, gravity, and the laws of physics in space all mean that different forces act differently in different places. Scratch in more money after his life rather than during that time, it was the very existence of Einstein that proved his theory. Take Einstein’s teachings and apply them to money instead of space, and you’ll find that it tracks — the amount of wealth you have depends on where you are and how long you’re alive. That said, it’s all relative. Knight Frank, a real estate agent and consulting firm, publishes an annual report of 1% worldwide. Looking at billionaires in more than 200 territories and 100 cities, Knight Frank also measures current attitudes towards wealth by surveying 500 wealth advisors and bankers as well as 500 valuable individuals. high net worth globally. As it turns out, creating the 1% has its own theory of relativity.
Monaco, the small country where Grace Kelly became Princess, is perhaps unsurprisingly the hardest to get rich. (Come on, that’s Monaco.) It takes $12.4 million to be considered part of the 1% in a land famous for luxury, real estate firm Knight Frank, found in regular reports. his age. property report.
In a popular time financial worriesMany people in America think that the standard for comfort or security while living nationally is quite high. People often think you need an average net worth of $774,000 to be financially comfortable and $2.2 million to be rich, according to a 2022 survey of 1,000 Americans by Charles Schwab. Both of these numbers are higher than respondents expect to become wealthy by 2021 ($624,000 and $1.9 million, respectively). Some of it is based on uncertainty, even wealthy individuals are said to feel anxious about their condition, but it is also about the current cost of a comfortable retirement that is slowly creeping up over $1 million.
That being said, the pandemic has allowed for some record wealth buildings for the US middle classbut while their golden age fades, the rich really well done. The wealth of billionaires now accounts for a large amount of the wealth in the world, equivalent to 13.9% of global GDP, each Oxfam. And catching up to the 1% takes more time in an era where CEOs are paid more than everyone else, the average salary is $27.8 million a year.
The inequality between rich and poor is particularly high in the US, though worldwide, an increasing number of super-rich make up the bulk of the world’s wealth. In the past two years, there has been a new billionaire every 30 hours, according to statistics. Oxfam. As of 2020, the richest 1% has almost twice as much wealth as the rest of the world, charities found.
Here is a summary of what it takes to make it into the elusive 1% for the following 10 countries.
- Monaco: $12.4 million
- Switzerland: 6.6 million USD
- Australia: $5.5 million
- New Zealand: 5.2 million USD
- United States: 5.1 million USD
- Ireland: $4.3 million
- Singapore: $3.5 million
- France: $3.5 million
- Hong Kong Special Administrative Region: $3.4 million
- United Kingdom: 3.3 million USD
“Now, the bottom half of the global population will have to work hard for an estimated 112 years to earn what the top 1% currently earns in just over 12 months,” wrote. luck Christian Hetzner. While millionaires enjoy the rest of the day building a home, the rest of us can continue to dream of Monaco. It’s all relative.