How the Richest 1% in America Compare to the Wealthy in Other Countries (2024)

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How wealthy is the US compared to other countries? ›

In 2022, Switzerland led the ranking of countries with the highest average wealth per adult, with approximately 685,000 U.S. dollars per person. The United States was ranked second with an average wealth of around 550,000 U.S. dollars per adult, followed by Australia.

As of the second quarter 2023, the average American household had wealth of $1.09 million. The average wealth of households in the top 1 percent was about $33.4 million. In the top 0.1 percent, the average household had wealth of more than $1.52 billion.

In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd. As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier.

According to Investopedia, $32,400 a year is the threshold for the top 1% of the world in income, $770,000 for net worth.

In 2021, households with a White householder made up 65.3% of all U.S. households and held 80.0% of all wealth.

You now need a net worth of at least $5.8 million in order to be part of that small but elite group, according to the upcoming 2024 wealth report from Knight Frank. That is a notable 12% increase from the $5.1 million needed just one year ago.

To reach the top 1 percent of earners, you would need a monthly take-home salary of 7.190 euros. This is equivalent to an annual net income of almost 86.000 euros, after taxes, or an annual gross salary of around 150.000 euros.

What salary is considered rich for a single person? ›

Here's the income it takes to be a top earner in your state

You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C. "This comes down to cost of living," Murray said.

In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.

You need more money than ever to enter the ranks of the top 1% of the richest Americans. To join the club of the wealthiest citizens in the U.S., you'll need at least $5.8 million, up about 15% up from $5.1 million one year ago, according to global real estate company Knight Frank's 2024 Wealth Report.

To be among the richest 1% of Americans, you now need at least $5.8 million. This is up from $5.1 million last year, according to Knight Frank's 2024 Wealth Report. Countries at the top of the list, such as Monaco and Luxembourg, have relatively small populations — 37,000 and 640,000, respectively.

On a per capita basis, California is the second largest economy in the world. The U.S. far outpaces the rest of the world. The United States is still by far the largest economy in the world with a nominal GDP of more than $27 trillion.

GDP (PPP): $35.29 Trillion

China has surpassed the US as the richest country in the world by GDP, with a GDP of $35.29 trillion, as of 2024.

The USA is the only country with a large surface area and population among the highest-ranking nations, ranking eleventh. The richest country in the world is Luxembourg.

That's because consumer spending, which accounts for the biggest part of US GDP, has been relentless, even in the face of the highest interest rates in 23 years. But what's perhaps most remarkable about the US economic growth rate is how much it towers over similarly sized advanced economies.