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

FAQs

How wealthy is the US compared to other countries? ›

The U.S. is now home to 37% of the world's millionaires, up from 35% in 2018. The divergence grows even more at the top of the wealth ladder. The U.S. has 9,850 centi-millionaires — those worth $100 million or more — compared with China's 2,352. The U.S. has about 788 billionaires to China's 305.

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.

The top 1% of American earners now control more wealth than the nation's entire middle class, federal data show. More than one-quarter of all household wealth, 26.5%, belongs to Americans who earn enough money to rank in the top percentile by income, according to Federal Reserve statistics through mid-2023.

Measuring based on PPP has a large impact when comparing wealthy countries to developing countries. China's nominal GDP is the second-largest after the United States, but measured at PPP, China's GDP is larger than that of the United States by a considerable margin.

Which is the wealthiest country? With an overall net worth of $145.8 trillion and a GDP of $25.46 trillion, the US is the number one richest nation in the world.

Ultra high net worth individuals: population of global 1 percent 2022, by country. Over 21 million individuals residing in the United States belonged to the global top one percent of ultra high net worth individuals worldwide in 2022. China ranked second, with over five million top one percent wealth holders globally.

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.

Take the population, divide it by 100. So, at present in the US, about 4 million people are in the top 1%.

The 95th percentile, with a net worth of $3.2 million, is considered wealthy, facilitating estate planning and possibly owning multiple homes. The top 1%, or the 99th percentile, has a net worth of $16.7 million and represents the very wealthy, who enjoy considerable financial freedom and luxury​​.

Am I in the top 1 percent for my age? ›

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.

According to Credit Suisse, individuals with more than $1 million in wealth sit in the top 1 percent bracket. The billionaire class is $2.6 trillion richer than before the pandemic, even if billionaire fortunes slightly fell in 2022 after their record-smashing peak in 2021.

They found men who had reached the age of 40 in 2014 and were in the top 10% in household income could expect to live to 88 years old. For those that were in the bottom 10%, life expectancy was just 76. This means that the richest Americans live 12 years longer than the poorest.

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.

The United States is the undisputed heavyweight when it comes to the economies of the world. America's gross domestic product in 2022 was more than 40% greater than that of China, the world No. 2. Even more striking, U.S. GDP was over five times that of the next two largest economies, Japan and Germany.

According to UBS' Global Wealth Report for 2023, the mean wealth per adult in the U.S. was higher than any surveyed country in the world except Switzerland. But the median wealth per adult was the same as Spain or Italy!

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.

The per-capita GDP of Mexico is $9,246 USD while that of Canada is $49,222 and that of the USA is $68,309, meaning the average Mexican makes less than 1/5 of the average Canadian and less than 1/7 of the average American. That is very poor by North American standards.