If you wish to join Monaco’s richest 1%, you will need an 8-figure fortune. It takes US12.4m (RM56.1m) to make the cut. This is according to Knight Frank. Switzerland and Australia have the next highest entry points to the 1% - net worth of USD6.6m in Switzerland and USD5.5m for Australia. In the U.S., USD5.1m will get over the threshold.
The findings show how the pandemic and surging living costs are widening the gap between the rich and poor nations. Monaco’s threshold is 200 times higher than the Philippines (USD57,000) needed to join the top 1%.
Lower income households worldwide are feeling the burden of inflation. The world’s 500 richest people have added almost USD600 billion to their combined fortunes in 2023. The global number of ultra-wealthy individuals, however, have fallen 3.8% in 2022 to about 580,000.
To re-distribute wealth and reduce inequalities in Malaysia, tax reform is necessary – a balance between the incentive to grow wealth and the social objective of redistribution.
Reference:
How much wealth will get you into the global top 1%?, Frank Knight, 15 May 2023
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