Joining the 1% Club: How Much Money Do You Need?
Thursday, 21 March 2024, 23:00
The 1% Club: Understanding the Wealthiest Percent
"The 1%" is a popular term used to refer to the wealthiest people in the country. It clearly requires a large amount of money to join that group, but for most people, the exact amount is a mystery.
Joining the 1% Club
You need $5.8 million to join the 1% in the United States, according to The Wealth Report by Knight Frank. That's based on data from the fourth quarter of 2023.
- The United States has one of the highest wealth thresholds to join its 1%.
- It comes in fourth, behind only:
- Monaco: $12.9 million
- Luxembourg: $10.8 million
- Switzerland: $8.5 million
What you can do to build wealth and financial security
Even though everyone's financial situation is different, there are some simple steps that anyone can follow to improve financially.
- Invest at least 10% of your income.
- Seek out raises throughout your career.
- Stay out of high-interest debt.
- Save an emergency fund.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.