The Richest 1% by Country - US seems to be wrong

[cyber888]

Just saw this. It tells you what your Networth needs to be to on the Top 1% in various countries. But the US number seems like a mistake at $4.4 million to be at 1%. I've seen data somewhere else at $11 million. Not sure if these numbers are correct. In Italy, it only takes $1.4 millin

https://www.bloomberg.com/news/arti...et-worth-it-takes-to-join-ranks-of-wealthiest

 

[Nick12]

Just saw this. It tells you what your Networth needs to be to on the Top 1% in various countries. But the US number seems like a mistake at $4.4 million to be at 1%. I've seen data somewhere else at $11 million. Not sure if these numbers are correct. In Italy, it only takes $1.4 millin

https://www.bloomberg.com/news/arti...et-worth-it-takes-to-join-ranks-of-wealthiest

I think I read the top 1% in the USA is worth $11M and up and the top 10% is worth $1.2M and up

 

[MichaelB]

The source for the Bloomberg article is “The Knight Frank Wealth Report”, here. Not sure how they obtained the data, but chart on page 12 shows that for the US, $4.4M in net worth makes it into time top 1%. The number includes primary residence.

 

[RunningBum]

58% of all statistics are made up.

 

[CardsFan]

58% of all statistics are made up.

I thought it was 57.83578%

 

[RetiredHappy]

I think I read the top 1% in the USA is worth $11M and up and the top 10% is worth $1.2M and up

I think the discrepancy for the top 1% in the US maybe that minimum entry level - $4.4M vs. average of $11M.

 

[cyber888]

I think the discrepancy for the top 1% in the US maybe that minimum entry level - $4.4M vs. average of $11M.

I guess that makes sense

 

[audreyh1]

I think the discrepancy for the top 1% in the US maybe that minimum entry level - $4.4M vs. average of $11M.

I don’t think so. Close to $11M was the entry point. Something is off.

 

[CardsFan]

I don’t think so. Close to $11M was the entry point. Something is off.

Maybe one person versus a household?

Anyway, meaningless statistic. Who cares?

 

[Car-Guy]

the US number seems like a mistake at $4.4 million to be at 1%. I've seen data somewhere else at $11 million. Not sure if these numbers are correct. In Italy, it only takes $1.4 millin

I've seen a number of articles in the past year on what it takes to make the top 1% in the US.. Just looked it up again... ~11m seems to be the common theme. But I like the OP's numbers better since it puts me up there, counting a small windfall I recently received.

When I was in Italy back in the late 90's I was probably carrying around more than a million in my wallet... But that was in Lira.

 

[NW-Bound]

While I am also curious, I think people want to see where they are with respect to the rest of society, because some happiness comes from seeing how many people have less than you. That is common, and not deniable.

I think that no matter what your socio-economic ranking is, the big driver of happiness comes from your surrounding. It's better to live among those with a bit less money than you have. But be sure not to show off, as envy may bring trouble.

Conversely, if you dock your 100' boat alongside megayachts owned by billionaires, you are going to feel like an underclass peon.

 

[audreyh1]

OK, I get it,

An individual in the US needs a net wealth of $4.4 million to be among the richest 1% in the world, according to the Knight Frank 2021 Wealth Report. Compared to the rest of the world, the US has the third-highest wealth threshold to break into the 1%.Feb 25, 2021

The threshold is much higher for just the US, and usually given in terms of a household.

https://www.businessinsider.com/net-worth-to-be-in-1-percent-top-richest-wealth-2021-2

 

[dunkelblau]

Maybe one person versus a household?

Anyway, meaningless statistic. Who cares?

Since they're tracking HNWI and UHNWI, that'd be my guess, as they say there's no "I" in household. Assuming that all married couples live in community property states would reduce the variance and drop the tail. As for meaning, my take is that the larger the ratio this is to the median, the more worried I'd be.

 

[USGrant1962]

Maybe one person versus a household?

Anyway, meaningless statistic. Who cares?

Net worth is almost invariably "household".

 

[NW-Bound]

The source for the Bloomberg article is “The Knight Frank Wealth Report”, here. Not sure how they obtained the data, but chart on page 12 shows that for the US, $4.4M in net worth makes it into time top 1%. The number includes primary residence.

According to the above report, that $4.4M is the 1% threshold for the US. Some people misquoted the report.

For the entire world, which includes masses of poor people in 3rd world countries, the 1% level is a lot less, at less than $1M.

Just how much money do you need to be among the global 1 percent?

According to the 2018 Global Wealth Report from Credit Suisse Research Institute, you need a net worth of $871,320 U.S. Credit Suisse defines net worth, or “wealth,” as “the value of financial assets plus real assets (principally housing) owned by households, minus their debts.”

More than 19 million Americans are in the 1 percent worldwide, Credit Suisse reports...

 

[GreenEggs]

According to the above report, that $4.4M is the 1% threshold for the US. Some people misquoted the report.

For the entire world, which includes masses of poor people in 3rd world countries, the 1% level is a lot less, at less than $1M.

Glad you cleared that up for me. I was afraid that I might have to tell the Mrs. that she'd need to go back to work.

 

[RetiredHappy]

Just found this article where it reports entry level $ for top 1% for every state. This report would be consistent with the minimum entry level as $4.4M instead of $11M.

https://windfalldata.com/blog/what-it-takes-to-be-in-the-top-1-of-every-state/

 

[Jerry1]

Just found this article where it reports entry level $ for top 1% for every state. This report would be consistent with the minimum entry level as $4.4M instead of $11M.

https://windfalldata.com/blog/what-it-takes-to-be-in-the-top-1-of-every-state/

Mississippi here I come!

 

[RetiredHappy]

Knight Frank Research - $4.4M.
Federal Reserve survey of 5,783 surveys - $11M
Windfall (by State) used data from 2019 US Census Bureau from 80 million households.

The Windfall data is about the close to the real number as it can get. Even IRS does not track net worth.

 

[target2019]

Everyone lining up for Texas visa.

 

[CardsFan]

Knight Frank Research - $4.4M.

But, do they discount net worth by the potential taxes owed?

Just asking.

 

[Car-Guy]

But, do they discount net worth by the potential taxes owed?

Just asking.

If they did there would probably be a lot less millionaires and multi-millionaires.

 

[NW-Bound]

Just found this article where it reports entry level $ for top 1% for every state. This report would be consistent with the minimum entry level as $4.4M instead of $11M.

https://windfalldata.com/blog/what-it-takes-to-be-in-the-top-1-of-every-state/

Some surprising results in there.

While one can guess at the richest and poorest states, the ones in the middle often do not have the same rank as I thought.

 

[oiseux]

In the original Bloomberg data, there are other data points that seem amiss. The value for Monaco seems low. I've seen another report that indicates 1 in 56 people in that country are worth over $30M. There are only 38,000 people, and it is a tax haven after all.

On the other hand, if you compare the two data sets (not valid of course), they would imply that many US states have a lower entry point than China.

 

[texasdiver]

Very surprised to see Ireland ranked higher than the UK, Germany and France. That’s not your father’s Ireland that’s for sure.