Knight Frank's 2023 Wealth Report reveals the net-worth minimum required to join the top 1 percent in 25 countries
Monaco tops the list with a staggering $12.4 million threshold, while Kenya has the lowest requirement of just $20,000
Switzerland follows Monaco with a threshold of $6.6 million, making it the second highest
The top five countries include Australia, New Zealand, and the United States, with net-worth minimums of $5.5 million, $5.2 million, and $5.1 million, respectively
At the bottom of the ranking are countries like the Philippines, South Africa, India, and Mexico, with lower net-worth thresholds ranging from $57,000 to $383,000
The data highlight the significant wealth disparity between rich and poor nations, influenced by factors such as the pandemic and rising global living costs
Lower-income families face a higher proportion of spending on essentials like food and housing, while the richest individuals continue to accumulate wealth
According to the Bloomberg Billionaires Index, the world's 500 wealthiest people have collectively gained over $600 billion in the current year