Elite Club Gets Tougher to Join as Inflation Squeezes Most Americans
• You now need a net worth of at least $5.8 million to be in the top 1% of wealth in the U.S., up 12% from last year • The threshold is much higher in other countries - $12.9 million in Monaco, $10.83 million in Luxembourg, $8.5 million in Switzerland • High inflation and interest rates are squeezing lower- and middle-income Americans • A $150,000 salary is now considered "lower middle class" in expensive cities like San Francisco • The 400 richest Americans gained $500 billion in 2023 and are now worth a collective $4.5 trillion