To join Monaco's richest 1%, an eight-figure fortune is required 

According to Knight Frank's research, the entry point to Monaco's richest 1% is $12.4 million 

Monaco's billionaire residents, such as Jim Ratcliffe and Stefano Pessina, are not subject to income or capital gains taxes 

Switzerland and Australia have the next highest entry points to the 1%, with net worth requirements of $6.6 million and $5.5 million, respectively 

In the United States, a net worth of $5.1 million is needed to enter the 1% 

The pandemic and rising living costs are widening the wealth gap between rich and poor nations 

The difference between Monaco's richest and the 1% in the Philippines is significant 

with Monaco's entry point being over 200 times higher than the Philippines' requirement of $57,000