So you want to join the ranks of the richest one percent in Singapore and Malaysia. But being named in the same list of heavyweights – the likes of Forrest Li, Robert Kuok, and Enrique Razon Jr – requires some serious wealth.
According to Knight Frank's 2021 Wealth Report, Singapore is among the locations with the highest entry points to be in the one percent.
Coming in fourth after Monaco, U.S., and Switzerland, people living in Singapore would need US$2.9 million (S$3.93 million) to join the local richest one percent.
For context, you would need US$7.9 million in Monaco, US$5.1 million in Switzerland, and US$4.4 million in the U.S.
Malaysia, on the other hand, sits at 19th, above Russia. You'll need US$540,000 (RM2.26 million) to be considered an elite.
Oh, in case you're in Vietnam, the Philippines, and Indonesia, you'll need US$160,000 (3.7 billion dong), US$60,000 (1.4 billion pesos), and US$60,000 (8.6 billion rupiah) respectively to be considered among the rich 1 percent locally.
The report also revealed that the pandemic has widened the gap between the poor and rich countries. For example, the barrier to becoming the richest 1 percent is 400 times more than in Kenya – one of the lowest-ranked 30 locations.
As 2 million people plunged into poverty during the pandemic, the global 500 wealthiest individuals amassed US$1.8 trillion fortunes in 2020 alone, according to the Bloomberg Billionaires Index. Heading this list are Elon Musk and Jeff Bezos.
What's interesting is that the majority of ultra-rich people come from the U.S. Meanwhile, there's been wealth growth among people from Asian locations such as China and Hong Kong.
Fun fact: The wealth of Asia Pacific's richest billionaires total up to an eye watering US$2.7 trillion, according to Bloomberg.
According to Knight Frank, that wealth is projected to grow from 2020 to 2025, with 33 percent of that growth coming from people living in India, Indonesia, and Singapore.
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