How much money is needed for a person to be considered truly rich? The answer depends on where he lives, writes the Greek magazine Money Review. To enter the 1% of the richest in Monaco, a person’s wealth must reach the eight-figure level, while in Romania, a fortune of just over half a million dollars is enough to be considered rich.

According to data from the international real estate agency Knight Frank, the threshold for entering the 1% of the richest people in Monaco is $12.4 million. Much lower, but still high, is the “threshold” for the richest 1% in Switzerland ($6.6 million) and Australia ($5.5 million). In the US, you need $5.1 million to join the club of the truly rich.

About two years ago, HotNews conducted a poll on how much you can consider yourself rich, and Valeriu Stoica, Katalin Pauna, Lucian Croitoru and George Butunoiu responded.you can read more here

Florian Libokor, BRD’s Chief Economist, also wrote a piece for HotNews on the same topic. “What irreparably separates a person from his accumulations is his physical disappearance. Thus, we can say that health in general is a form of wealth necessary for the accumulation/management of material wealth. The richest grocer Hagi-Tudose dies in terrible suffering, but on a “heap of yellows”. One of the challenges of accumulating wealth as “sharp” as generosity is obsession. Obsession with continuous victories,” Libocor wrote. You can read his text here.

According to Bloomberg, the data confirms that the pandemic and the rising cost of living have widened the gap between rich and poor countries. To be in the top 1% in Monaco requires a fortune at least 200 times the mere $57,000 needed to be considered wealthy in the Philippines.

Low-income households around the world are feeling the brunt of inflation, forced to spend more of their disposable income on food and shelter. On the other hand, according to the Bloomberg Billionaires Index, the world’s 500 richest people increased their combined wealth by nearly $600 billion this year, with Meta CEO and Facebook creator Mark Zuckerberg the biggest gainer.

“Rising international inequality could put this category in the crosshairs – particularly with the idea of ​​higher taxation on their assets and even emissions,” notes Flora Harley of Knight Frank.