In France, you have to have a heritage of 1.73 million euros to be part of the richest 1%. This threshold is one of the highest in the European Union.
The bar is raised in France to be among the wealthiest in the country. Real estate broker Knight Frank has just released the Wealth Report 2021, its annual report on global wealth. In particular, we can find the ranking of countries by threshold of access to the richest 1% of the country.
And it is no surprise in Monaco that your net wealth (real estate and financial) must be the highest to be part of the richest 1%. In the Principality, this threshold is indeed $ 7.9 million (6.5 million euros). In addition to the fact that taxation on Monegasque residents is almost non-existent, this threshold is also explained by the incredibly high levels of real estate prices in the Mediterranean city. The price per square meter exceeds 50,000 euros in Monaco (five times higher than in Paris). If you own a 40 m² two-room apartment in Monaco, your assets have already reached 2 million euros.
Switzerland (5.1 million dollars, i.e. the equivalent of 4.2 million euros), the United States (4.4 million dollars, or 3.6 million euros) and Singapore (2, 9 million euros).
The higher threshold in France than in Germany
France is not among the top 5 countries where this threshold is the highest, but it ranks among the top countries of the European Union. Only Ireland which requires a heritage of 2.6 million dollars (2.1 million euros) does better.
In France, you have to have a heritage of 2.1 million dollars (1.73 million euros) to be part of the wealthiest 1% of French people. Data which corroborate those of INSEE which estimates in its latest edition of “Income and wealth of French households” that to enter the last percentile of the population it is necessary to have assets of 1.8 million euros.
This threshold is higher in France than in Germany ($ 2 million, i.e. 1.6 million euros), the United Kingdom ($ 1.8 million), Spain ($ 1.4 million, or 1.48 million euros) or in Italy (1.4 million dollars, or 1.15 million euros). In France, due in particular to high real estate prices in large cities, wealth tends to be higher than with our neighbors.
The Knight Frank study also highlights the wealth gaps that the pandemic has created around the world. Thus, the Monegasque 1% threshold is 400 times higher than that of Kenya, the last in the ranking of the countries studied. It suffices to have a heritage of 16,250 euros to enter the 1st percentile of the country of the Horn of Africa.