How much money it takes to be in the 1% in SA - and how it compares to other countries
- In South Africa, the fabled 1% now starts at net assets worth R2.7 million, according to a new report.
- The requirements to fall into that group differ hugely between countries.
- In Monaco you'll need more than R100 million, and in Kenya only R300,000.
- Here's how countries differ in what makes you wealthy, according to the annual Wealth Report from Knight Frank
- Visit the Business Insider SA homepage for more stories.
Curious to know what the cutoff is to be in the wealthiest 1%? The new annual Wealth Report from Knight Frank breaks the numbers down for countries around the world – and shows the huge differences between nations.
In South Africa, net assets of $180,000 (R2.7 million) will put you among the richest 1%, according to the Knight Frank 2021 Wealth Report, among the lowest of the countries measured.
Monaco – where the densest population of the super-rich reside according to Knight Frank – has the highest mark to hit for the 1%: $7.9 million. That is not far from R120 million, in South African terms.
Switzerland has the second-highest wealth threshold, with a person needing $5.1 million to join the richest 1%, or about R76 million.
By comparison, anyone with the equivalent of R300,000 in net assets qualify as a one-percenter in Kenya.
Here are the cutoffs, in dollar terms to be in the 1% in various countries.
Others listed in the report included No. 4 Singapore at $2.9 million, positioning it as Asia's highest entry ahead of Hong Kong, which requires a net wealth of $2.8 million. The highest entry to the richest 1% for Latin America is Argentina at $360,000.
The report predicts that India's 1% threshold will almost double within the next five years and increase by about 70% for the Chinese Mainland from $850,000 in 2020.
Around 90% of respondents polled in the Knight Frank's Wealth Report Attitudes Survey said they see investment opportunities after the Coronavirus pandemic.
"We are entering a new economic cycle and the prospects for wealth creation and growth are huge," David Bailin, Chief Investment Officer at Citi Private Bank, told Knight Frank.