Here's how much money you need to join the richest 1%

UK-based global real estate consultancy Knight Frank has released a report that tells how much money you would need to join the richest one percent in various countries.

Monaco tops the list - an individual needs an eight-figure fortune to join Monaco’s richest 1%.

Switzerland and Australia have the next highest entry points to the richest 1%, requiring net worth of $6.6 million and $5.5 million, respectively, according to data released Wednesday as part of the property broker’s 2023 Wealth Report.

India is among the list of 25 countries in the company's wealth report where the entry level is at $175,000 (Rs 1.44 crore). India is at 22nd spot, above South Afirca, the Philippines and Kenya.

According to World Bank, lower-income households worldwide are feeling the burden of inflation, which has forced them to spend a far larger share of their income on food and housing, according to the World Bank.