The 1% Club: Attainable Wealth in 2024

The 2024 Knight Frank Wealth Report sheds light on the path to joining the world's elite top 1% club. Contrary to popular belief, reaching this exclusive status may be more achievable than aspiring to become an ultra-high-net-worth individual (UHNWI) with a net worth of $30 million or more.

Accessing the Elite Circle

To gain entry into the 1% club, Monaco sets the highest threshold at just over $12.8 million, based on fourth-quarter 2023 data. Following Monaco are countries like Luxembourg, Switzerland, the U.S., and Singapore, with varying levels of wealth required for membership.

In the United States, individuals need a net worth of $5.8 million to enter the coveted 1% category. For those seeking a faster track to elite status, China demands just over $1 million, while Japan hovers around just under $2 million.

Global Trends in Wealth

Knight Frank reported a 4.2% increase in the number of UHNWI individuals worldwide, totaling 626,619 compared to 601,300 in the previous year. This growth signifies a reversal from the decline observed in 2022.

The report also includes an Attitudes Survey reflecting optimism among money managers regarding the anticipated rise in clients' wealth in 2024. The Middle East ranked highest on the optimism scale, with North America following closely behind.

Generational Perspectives

According to the report, Gen Z emerges as the most optimistic group, with 75% anticipating an increase in wealth in 2024. On the other hand, Boomers and Gen X exhibit slightly lower levels of optimism, hovering around 50% each.

Explore more insights on rising retirement balances and a 20% surge in 401(k) millionaires in recent years.