How much money do you need to be part of Germany’s 1 percent?

According to data from UBS' Global Wealth Report, as of the end of 2022 there were 2.627 million people in Germany who qualify as millionaires, taking into account all of their assets including cash, investments and property.

That’s down 253 thousand millionaires from the year before, mostly due to inflation. 

Out of 59.4 million millionaires worldwide, Germany is home to about 4.4 percent of them, according to UBS' data using 2022 figures. 

For context, just below Germany is the UK at 4.3 percent and Canada with 3.4 percent. Just above Germany is France with 4.8 percent. At the top is the U.S. with a whopping 38 percent of the millionaires around the globe.

However, being a millionaire is one thing, and being among the ultra-rich top one percent bracket is another. 

READ ALSO: Germany ranks third worldwide in number of 'ultra-rich' residents

How much money do you need to have to be a member of the one percent?

The bar for the top one percent of wealth earners changes depending on which group of people you’re looking at. According to The Wealth Report produced by Knight Frank estate agents, the data shows that a person in the U.S. would need at least $5.81 million to be considered part of the top 1 percent, for example.

In both Monaco and Luxembourg, you’d need more than $10 million, and in Switzerland you’d make the cut with $8.5 million.

In Germany, the bar is a little lower with a net worth of $3.43 million qualifying you as part of the exclusive club one percent club.

In this metric, Germany ranks just under Ireland ($4.32 million), and just above France ($3.27 million) and the UK ($3.07 million).

In mainland China having $1.07 million in assets would put you in the top one percent category.

What are the bigger trends in wealth?

On a global level, the number of ultra wealthy people has been increasing this century. In fact, the number of millionaires has increased fourfold since 2000.

However, according to UBS, 2022 marked the first year since 2008 that global household wealth decreased. This collective loss of wealth can largely be attributed to high inflation, which devalues assets.

READ ALSO: This is how many millionaires live in Germany

Interestingly in Germany, the Gini coefficient, a figure which is used to represent wealth inequality, has come down over the course of the past 20 years, meaning that Germany has become a little more equal in terms of wealth distribution since the year 2000. 

In the same period, however, the wealth share of Germany’s top earners has remained the same, with Germany's top one percent holding about 30 percent of the country’s total wealth.

Globally, the top one percent hold 44.5 percent of the world’s wealth.