How Rich Is The Rich? Shocking Wealth Of India’s 1% Rich Club

In a recent analysis, the international real estate consultancy Knight Frank revealed the required net worth to be included in a country’s top 1% of wealthiest citizens. India’s Numbers leave people speechless.

The Richness Cutoff

The starting point for Monaco’s 1% is estimated to be $12.4 million, making it the country with the highest concentration of super-rich people globally. With $6.6 million, Switzerland is placed second.

The highest threshold in Asia is in Singapore, where $3.5 million is needed to be in the top 1%, ahead of Hong Kong’s $3.4 million. The highest entrance point for the Middle East appears to be the United Arab Emirates ($1.6 million). The required amount is $5.1 million in the US and $3.3 million in the UK. In Latin America, Brazil has the highest limit, which is $430,000.

India’s Position

According to the company’s wealth report, India is one of 25 nations with a starting level of $175,000 (Rs 1.44 crore). India is ranked 22nd, ahead of South Africa, the Philippines, and Kenya.

In India, the number of ultra-high net worth individuals climbed 11%, according to the Knight Frank 2022 study, mainly due to booming equities markets and the digital revolution.

There are 169 Indians on the Forbes list of billionaires in 2023, up from 166 the previous year. Mukesh Ambani still holds the title of the wealthiest man in Asia and India, despite an 8% fall in fortune from a year earlier.

As per Quartz, the Knight Frank wealth study shows that the covid-19 outbreak, a rise in global inflation, and rising public debt have increased the divide between rich and poor countries. 

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