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

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How rich 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.

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.

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. The top 1% holds $38.7 trillion in wealth.

Top 2% wealth: The top 2% of Americans have a net worth of about $2.472 million, aligning closely with the surveyed perception of wealth. Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million. Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900.

When countries are ranked for the size of their economies or their overall gross wealth, the U.S. is usually at the top of the list, followed by countries like China, Japan or Germany. But sorting nations for their per-capita average wealth—or even for their median per-capita wealth—other countries win out.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year.

The Pinnacle: The Top 1%

Entering the top 1% of earners requires an average annual income of $819,324. In the highest echelon — the top 0.1% — the average income is $3.3 million. The rapid wage growth for these groups is noteworthy.

How much do you need to join the richest 1%? ›

According to the latest findings from the 18th edition of the Wealth Report by Douglas Elliman and Knight Frank, a person needs $5.8 million to be considered in the wealthiest 1% — a figure that, while substantial, is a far cry from the billionaire benchmark. Don't Miss: Are you rich?

Number of people belonging to the global top 1 percent of wealth holders* in 2022, by country (in 1,000s) *The source provides the following information: a person needs at least 1,055,338 U.S. dollars of net worth to be a member of the top 1%.

For example, the top 1 percent of households hold 30.6 percent of the total wealth, according to the Federal Reserve. But just the top 0.1 percent own 14 percent of the total wealth, giving them a stunning average of more than $1.52 billion per household.

There are 161 million workers in the USA, according to Wikipedia. 1% of these earners would be 1.61 million, so the top 1% contains approximately 1.6 million people.

WASHINGTON, D.C. -- Fifty-four percent of Americans identify as part of the middle class, including 39% who say they are “middle class” and 15% “upper-middle class.” Another 31% consider themselves “working class” and 12% “lower class.” Just 2% of U.S. adults characterize themselves as “upper class.”

The American economy is fueled by high productivity, well developed transportation infrastructure, and extensive natural resources.

While the United States has consistently had the world's largest economy for some time, in the last fifty years the world has seen the rapid rise and fall in relative terms of the economies of other countries while the share of the United States has also fluctuated.

The United States upholds its status as the major global economy and richest country, steadfastly preserving its pinnacle position from 1960 to 2023. Its economy boasts remarkable diversity, propelled by important sectors, including services, manufacturing, finance, and technology.