How to join the global 1% elite: Are you part of the 1% elite?

Author: Vlastimil Vilímek | Prague on 21.03.2024

Sit back and get ready for a very interesting read!

🤗 How to join the global 1% elite?

🤔 Are you part of the 1% elite?

😘 The path to wealth doesn’t just stop at real estate.

According to a recent edition of the Wealth Report from property consultancy Knight Frank, the number of people with a net worth of more than $1 million has been steadily increasing.

 

  • Private equity is critical to real estate investment, accounting for a record 49% of all business transactions in 2023.
  • As wealth creation turns positive again, this will have a growing impact on real estate results.
  • 22% of high net worth individuals intend to invest in residential property this year and 19% in commercial property.
  • The need for private capital in repurposing and upgrading global assets has never been greater.

 

In today’s world, wealth is becoming increasingly accessible and dispersed.

But what do you need to do to join this exclusive group?

 

The first step is to understand the threshold for joining the 1% elite in your country.

 

According to 2023 data, the amounts needed to achieve this status vary around the world.

 

In China, you need slightly over $1 million, while in Monaco you need to have an amount in excess of $12.8 million.

In the US, the threshold is set at over $5.8 million.

 

One of the key components of achieving this level of wealth is investment, with private capital playing a key role.

 

In 2023, real estate investment accounted for a record 49% of all business transactions, indicating that real estate remains a key vehicle for wealth creation.

The report also states that 22% of high net worth individuals plan to invest in residential property and 19% in commercial property, indicating the continued importance of this sector.

 

However, the path to wealth does not end with real estate alone.

The super-rich, or those with a net worth of $30 million or more, are investing in a variety of assets, including stocks, bonds and alternative investments.

Here’s a list of the top 10 alternative investments by how popular they were last year…

  1. Art 48%
  2. Watches 42%
  3. Classic cars 38%
  4. Wine 35%
  5. Jewelry 28%
  6. Rare whisky 26%
  7. Luxury handbags 22%
  8. Coin 15%
  9. Colored diamonds 14%
  10. Furniture 13%

Art emerged as the best performing luxury asset class in this regard in 2023, with price growth of 11%.

 

Investing in luxury items not only provides financial gains, but also brings the joy of ownership and aesthetic pleasure.

Fidelity, which is one of the largest retirement account managers in the U.S., cited another interesting trend.

By the end of 2023, Fidelity saw a 20% increase in the number of people reaching the $1 million mark in their retirement accounts.

While this is a club with a lower threshold than the elite 1%, the trend is still growing.

 

Overall, then, the path to joining the global 1% elite requires a combination of strategic investment, risk-taking courage and long-term planning.

With the right strategy and a desire to achieve financial independence, joining this exclusive club is possible for those who are willing to persevere and invest in their future success.

As they say, education is one of life’s best investments,,!

Thank you for reading and commenting

Vlastimil

Our primary goal is to constantly increase energy savings in the industrial supply sector.

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