[imagesource: Getty Images]

So you’ve cracked the top 1%.

Well played, but if you want to join the real elite bracket, you’ll need to step things up considerably.

To be wealthier than 99% of South Africans, according to Knight Frank’s 2021 Wealth Report, you’ll need a net wealth of around $180 000.

Using the rate at the time the report was compiled, that converted to around R2,6 million.

That falls well short of the definition of an ultra-high-net-worth individual (UHNWI), which is somebody with a net wealth of at least $30 million.

Dig deeper, and look for the richest 0,1% of a country’s population, and the numbers obviously spike quite considerably.

Before we look at the graph, a few words from BusinessTech:

The US tops the list with over $25 million required, followed by Monaco, with $22.2 million, with Switzerland trailing in third ($16.6 million). In South Africa, the magic number is $1.6 million…

On the other end of the spectrum, a net wealth of just $60 000 (around R827 000) gets you into the top 0,1% in Kenya.

In Nigeria, that number sits at $250 000, or around R3,45 million.

Image: Knight Frank

I guess if you really want to climb that ladder, without all the hassle, pack up and move somewhere where your current net wealth puts you in that top, elite bracket.

You can dig deeper into Knight Frank’s Wealth Report here.

[source:bustech]