Recent Federal Reserve data reveals that America's wealthiest 1%, with assets exceeding $11 million, amassed a record $44.6 trillion in wealth by the end of the fourth quarter of 2023, with fluctuations observed based on geographical location.
Recent data from the Federal Reserve reveals that by the end of the fourth quarter of 2023, the wealth amassed by America's wealthiest 1% reached an unprecedented milestone of $44.6 trillion. The collective net worth of this select cohort, delineated by the Fed as individuals holding assets surpassing $11 million, surged by $2 trillion during the corresponding period.Furthermore, this figure fluctuates based on geographical location.
As the evidence suggests a widening gap between the wealthy and the rest, breaking into the coveted top 1% of global wealth is becoming progressively more challenging and costly.In the United States specifically, the forthcoming 2024 wealth report by Knight Frank reveals that individuals aiming to join the prestigious top 1% now need to possess a minimum net worth of $5.8 million. This marks a notable 12% increase from the previous year's requirement of $5.1 million.
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