{"id":688703,"date":"2023-05-18T07:00:12","date_gmt":"2023-05-18T05:00:12","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=688703"},"modified":"2023-05-17T15:49:11","modified_gmt":"2023-05-17T13:49:11","slug":"how-much-money-you-need-to-be-in-south-africas-richest-1","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/688703\/how-much-money-you-need-to-be-in-south-africas-richest-1\/","title":{"rendered":"How much money you need to be in South Africa’s richest 1%"},"content":{"rendered":"

Knight Frank\u2019s Wealth Sizing Model revealed<\/a> how much money individuals need to be among the top 1% of earners across 25 countries \u2013 including South Africa.<\/p>\n

The \u201cTop 1%\u201d became a notable term during the global financial crisis, but the wealth needed to join their ranks varies considerably from country to country, said the report.<\/p>\n

The sharp variation in these countries\u2019 requirements to be among their top 1% underscores how the pandemic and surging living costs widened the gap between rich and poor nations.<\/p>\n

For example, Monaco\u2019s entry point \u2013 the wealthiest nation in the comparison \u2013 of $12.4 million (R237.6 million) is over 600 times more than Kenya\u2019s entry point of only $20,000 (R383,000).<\/p>\n

Monaco\u2019s entry point is also 200 times more than the $57,000 (R1.09 million) needed to join the 1% in the Philippines.<\/p>\n

South Africa is among the poorer nations in the comparison, after the Philippines. The report showed you need a net wealth of $109,000 (R2.08 million) to join the top 1% of the wealthiest South Africans.<\/strong><\/p>\n

In contrast, following Monaco, making up the top five wealthiest nations are Switzerland, Australia, New Zealand, and the United States (US).<\/p>\n

Switzerland and Australia have the next highest entry points after Monaco, requiring a net worth of $6.6 million (R126 million) and $5.5 million (R105 million), respectively.<\/p>\n

In the United States, $5.1 million (R97.7 million) will get you over the threshold to fall into the country’s wealthiest 1% of people.<\/p>\n

Singapore has the highest threshold for Asia, with $3.5 million (R67 million) required to be in the top 1% ahead of Hong Kong\u2019s $3.4 million (R65 million).<\/p>\n

For the UAE, Middle East\u2019s highest entry, the level required is $1.6 million (R31 million). Brazil is top of our Latin American markets with a $430,000 (R8.2 million) threshold.<\/p>\n

To put the wealth of these top countries into perspective, a recent study<\/a> conducted by Picodi.com analysts estimated that South Africans earning the average salary in the country would have to work for at least 68 years to become a dollar millionaire ($1 million).<\/p>\n

This means the average South African would have to work for 843 years to be accepted into Monaco\u2019s top 1%, 449 years to be in Switzerland\u2019s top 1%, and 374 years to be among the USA\u2019s wealthiest 1%.<\/strong><\/p>\n

According to the World Bank, lower-income households worldwide are feeling the burden of inflation, which has forced them to spend a far larger share of their income on food and housing.<\/p>\n

Meanwhile, the world\u2019s 500 richest people have added almost $600 billion to their combined fortunes in 2023.<\/p>\n

\u201cGrowing inequality globally could see a greater focus on this group \u2013 particularly in the sights for greater taxation on assets and even emissions,\u201d said Knight Frank\u2019s Flora Harley.<\/p>\n

The infographic below shows the 25 countries Knight Frank\u2019s Wealth Sizing Model compared and how much money individuals need to be among the top 1%.<\/p>\n

\"\"<\/a><\/p>\n

\n

Read: Meet the South African bosses who earn over R240,000 a day<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

A new report revealed how much money South Africans need to be among the country’s top 1%.<\/p>\n","protected":false},"author":10,"featured_media":649051,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26,7585],"class_list":["post-688703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline","tag-knight-frank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/688703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=688703"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/688703\/revisions"}],"predecessor-version":[{"id":688857,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/688703\/revisions\/688857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/649051"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=688703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=688703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=688703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}