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In the U.S., $5.1 million will get you over the threshold. Image Credit: Pixabay

If you want to join Monaco's richest 1%, you'll need an eight-figure fortune.

It takes $12.4 million to make the cut in the tiny Mediterranean principality, according to research from Knight Frank, where billionaire residents such as U.K. industrialist Jim Ratcliffe and Walgreens Chairman Stefano Pessina typically don't face income or capital gains taxes.

Switzerland and Australia have the next highest entry points to the 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. In the U.S., $5.1 million will get you over the threshold.

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The findings underscore how the pandemic and surging living costs are widening the gap between rich and poor nations. The entry point for Monaco's richest is more than 200 times greater than the $57,000 needed to join the 1% in the Philippines, which is one of the lowest ranked of 25 locations in Knight Frank's study.

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. Meanwhile, the world's 500 richest people have added almost $600 billion to their combined fortunes this year, according to the Bloomberg Billionaires Index, with Meta Platforms founder Mark Zuckerberg gaining the most.

"Growing inequality globally could see a greater focus on this group - particularly in the sights for greater taxation on assets and even emissions," Flora Harley, a partner in Knight Frank's research team, said in a statement.

The global number of ultra wealthy individuals fell 3.8% in 2022 to about 580,000 after surging the previous year. Still, Middle East nations including the United Arab Emirates and Saudi Arabia saw an increase last year as energy prices rebounded, according to Knight Frank.

"The recent dip will prove short lived as we adapt to a new economic environment," said Liam Bailey, Knight Frank's global head of research.