How much money do you need to enter the one percenters

What does it take to join the richest 1% of Americans? To become a member of the club of the wealthiest U.S. citizens, you'll need at least $5.8 million. That's up 15% from a year ago, when the threshold was $5.1 million. The data comes from Knight Frank's Wealth Report 2024. A rebounding economy and wealth creation, thanks in part to a strong U.S. economy, have helped raise that threshold. The number of people with ultra-high wealth (fortunes of at least $30 million) increased 4% worldwide to nearly 627,000 in 2023. And the U.S. ranks fourth in the world in terms of required wealth to join the 1%. The highest threshold is in Monaco at $12.9 million. Wealth includes investments, cash and other assets, including primary and secondary residences, according to Knight Frank's wealth measurement methodology.

This new data underscores the growing gap between rich and poor people, both globally and domestically. Since 2020, five billion people have become poorer, while the world's five richest men have doubled their fortunes, a report by Inequality Inc.

In addition, a massive generational shift in wealth ownership is underway. Over the next two decades, $90 trillion worth of wealth will be transferred to younger generations in the U.S., including Generation X, Millennials and Generation Z. Millennials are expected to become the wealthiest generation in history. Currently, members of the baby boomer generation hold 50% of all wealth in the United States, spread across various types of assets, according to the Federal Reserve.

"The next generation is poised to inherit huge sums, and all the research we've done confirms that they value public and environmental well-being as much as economic gain and will not continue to pursue growth indefinitely at all costs," Ben Wattam, co-founder of Modern Affluence Exchange, wrote in the report.

The report also points to a widening gap between rich and poor countries. "Our research confirms significant differences in the distribution of wealth between countries, with smaller financial centers, such as Monaco, showing a preference for higher claims," said Liam Bailey, Knight Frank's global head of research, in the report. This is partly because countries such as Monaco have a higher concentration of very wealthy people who are attracted by favorable tax laws.

"It is expected that as particularly Western countries face fiscal deficits and the need to increase tax revenues, more attention will be paid to the location of wealth, how it is distributed across economies and how governments can both tax it and incentivize its growth," Bailey said. For example, several U.S. states have proposed wealth taxes to collect billions of dollars from the wealthiest Americans. Among them are California, Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York and Washington.

That's how much fortune it takes to be part of the 1% in various countries around the world:

• Monaco - $12.9 million
• Luxembourg - 10.8 million dollars
• Switzerland - 8.5 million dollars
• U.S. $5.8 million
• Singapore - $5.2 million
• Sweden - 4.8 million dollars
• Australia - 4.7 million dollars
• New Zealand - 4.6 million dollars
• Ireland - 4.3 million dollars
• Germany - 3.4 million dollars
• France - 3.3 million dollars
• Hong Kong - 3.1 million dollars
• United Kingdom - 3.1 million dollars
• Italy - 2.5 million dollars
• Spain - 2.5 million dollars
• Japan - 2 million dollars
• China - 1.1 million dollars

Megan Cerullo is a journalist for CBS MoneyWatch in New York, where she writes articles about small business, the workplace, healthcare, consumer spending, and personal finance. She regularly appears on CBS News Streaming to discuss her publications.