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  • 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% in the world, 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.

The level of net wealth needed to join the top 1% in selected countries and territories ($US)
Courtesy of Knight Frank

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.

(Original reporting by Fatma Khaled, compiled by Phillip de Wet)

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