To join the 1% club, you need just a few million dollars.
To be exact, in the U.S., you need to earn $5.8 million a year according to the 2024 Wealth Report by real estate company Douglas Elliman and real estate consultancy agency Knight Frank.
The report measures the size of wealth distribution among high-net-worth individuals (HNWI) and ultra-high-net-worth-individuals (UHNWI) across 200 countries and territories.
London-based Knight Frank provides guidance to these individuals, which it describes as those that respectively earn between $1 million and $30 million.
The amount needed to join the 1% club, however, has risen by an estimated 12.8% since last year, when the firm found that Americans needed to earn $5.1 million to cross the coveted threshold.
This year, the firm found that the U.S. is the fourth hardest place to become a 1%er.
The country where it’s hardest to join the club is Monaco, where you need to earn an estimated $12.9 million. Luxembourg takes second place, requiring individuals to earn $10.83 million, while Switzerland sits in third, requiring $8.5 million in net wealth to join.
Scott Durkin, president and CEO of Douglas Elliman, said that this year’s report “shows a long-awaited general shift in wealth,” and how it’s distributed among generations.
That distribution of wealth may be shifting at the global level, Durkin noted, adding that general wealth will undergo a massive transformation over the next 20 years.
“With $90 trillion worth of assets moving from boomers to millennials, millennials are poised to become the richest generation in history,” Durkin said. And the younger generation is anticipating it.
Moreover, changing attitudes in wealth creation show a continued rise in UHNWI who are women, Durkin said, adding that, “As to where UHNWI are moving? New York City, Los Angeles, and Miami.”