If your wealth goal is to be in the top 1% of Americans, you don't need to be anywhere near a billionaire. But you need to at least have a few million dollars worth of money or assets.
According to the 18th edition of The Wealth Report — which is slated to be released on March 6 but had data published early by Fortune — an American needs to be worth $5.81 million in order to enter the top 1% of the population. That is up from $5.1 million in last year's report.
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The annual report by real estate and management consultancy firm Knight Frank said that the United States is fourth-highest among countries around the world in new worth that would qualify an individual to be in the top 1% of the country's citizens. The top three are Monaco ($12.88 million), Luxembourg ($10.83 million), and Switzerland ($8.50 million). Singapore ($5.23 million) rounds out the top five.
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Those figures are well above what Knight Frank classifies as a "high-net-worth" individual, which is anyone with a net worth above $1 million. However, it takes a net worth of at least $30 million to classify as an "ultra-high-net-worth" individual, according to the firm.
While the final report from Knight Frank has yet to be released, Fortune reports that portfolios of the ultra-high-net-worth individuals grew by over 4% around the globe driven by the recovering U.S. economy and recovering equity markets.
The report also said The Great Wealth Transfer — which is when the boomer generation transfers a lot of its wealth to its heirs — is expected to make millennials "the richest generation in history."
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