For decades, reaching the 'top 1 per cent' has been the ultimate symbol of financial success in the United States. However, new figures reveal that joining this exclusive club is becoming harder every year. According to the latest data from the Knight Frank Wealth Report, an American individual now needs a net worth of roughly $5.8 million (£4.6 million) to be counted among the wealthiest 1 per cent of the population.
This marks a significant jump from previous years. Just over 12 months ago, the threshold sat closer to $5.1 million (£4 million). The sharp rise reflects a recovering economy and booming stock markets that have bolstered the bank balances of the already wealthy. For the average worker, however, the gap between the middle class and the ultra-rich seems to be widening into a canyon.
