How much money does it take to really count? rich; The answer depends on where he lives. For someone to enter the top 1% Monaco must n property achieve an eight-figure level, while in Romania just over half a million dollars is enough to be considered someone Croesus.

According to the international real estate agency Knight Frank, the threshold for getting into the 1% of the richest people in Monaco is $12.4 million. Significantly lower, but still high, is the 1% threshold in Switzerland ($6.6 million) and Australia ($5.5 million). In the US, it takes $5.1 million to join the club of the really rich.

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% of Monegasques requires a fortune of at least 200 times the mere $57,000 required to be considered wealthy in the Philippines.

Low-income households around the world are feeling the brunt inflation, forcing them to spend more of their income on meeting their food and shelter needs. On the other hand, the world’s 500 richest people have increased their combined wealth by almost $600 billion this year, according to the Bloomberg Billionaires Index, with the CEO of Meta and the creator of Facebook. Mark Zuckerbergto win the most.

“Rising inequality internationally could put this group under the microscope – especially with thoughts of higher taxation of assets and even emissions,” said Flora Harley of Knight Frank.

The legacy of the pandemic and the impact of large interest rate hikes were, according to Knight Frank, factors in shaping developments on the welfare front in 2022. A strong economic recovery in 2021 and changing economic trends in 2022 were reflected in the number of multimillionaires ($30 million and above), which broke a record, increasing by 9.3% in 2021, but decreasing by 3.8% in 2022.

In 2022, the overall wealth of people with very high incomes has decreased by 10%, mainly because two-fifths of their portfolios are invested in stocks and bonds, while the traditional 60/40 portfolio (60% stocks and 40% bonds) showed it the worst performance since the 1930s in the US.

Real estate markets have been a bright spot in 2022, as data from Knight Frank shows that prices in 100 luxury real estate markets rose by an average of 5.2%.

In any case, the fall of 2022 was probably a “hiatus”. Over the next five years, the number of millionaires in the world is expected to increase by 56.9% and exceed 100 million people.