Here's How Much Wealth You Need to Join the Richest 1%

Meanwhile, the world’s 500 richest people have added almost $600 billion to their combined fortunes this year, according to the Bloomberg Billionaires Index, with Meta Platforms Inc. founder Mark Zuckerberg gaining the most.

“Growing inequality globally could see a greater focus on this group – particularly in the sights for greater taxation on assets and even emissions,” Flora Harley, a partner in Knight Frank’s research team, said in a statement.

The global number of ultra wealthy individuals fell 3.8% in 2022 to about 580,000 after surging the previous year. Still, Middle East nations including the United Arab Emirates and Saudi Arabia saw an increase last year as energy prices rebounded, according to Knight Frank.

“The recent dip will prove short lived as we adapt to a new economic environment,” said Liam Bailey, Knight Frank’s global head of research.

(Image: Adobe Stock)