2024-02-29 20:54:56
At least $5.8 million to join America’s richest class
Dubai – Arabic Business
Published on: February 28, 2024: 01:35 PM GST Last updated: February 29, 2024: 09:59 PM GST
A new study has revealed that it now takes at least $5.8 million to join the richest 1% of society in the world’s largest economy – the United States – – almost 15% more than regarding 12 months ago.
According to research conducted by Knight Frank and seen by Al Arabiya Business, Monaco maintains first place in this context – that is, the most difficult country in the world to become among the richest 1%, with a value of $12.8 million, an increase of 3.2% over the year. the previous.
While in Luxembourg and Switzerland, one needs more than $8 million to enter the list, according to the 2024 Wealth Report.
The results underscore how booming markets in the United States and other Western countries are widening the gap between rich and poor countries. Monaco’s per capita GDP is regarding $240,000, more than 900 times the GDP of Burundi in East Africa, according to World Bank data.
The war in Ukraine in 2022 damaged a global economy that was just recovering from the pandemic, sending energy and food prices soaring. While this has caused problems around the world, poor countries that have to import these goods have been particularly hard hit as borrowing costs have increased.
However, not everyone felt the pressure. The world’s 500 richest people added $1.5 trillion to their combined wealth in 2023, with Tesla CEO Elon Musk adding the most, according to the Bloomberg Billionaires Index.
“Our findings confirm the significant differences in the distribution of wealth between countries,” Knight Frank said in its report. “We expect a greater policy focus on where wealth is located, how it is distributed across economies, and how governments can tax it and encourage its growth.”
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