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Here’s how much money you need to be a part of the 1%
You need more money than ever to enter the ranks of the top 1% of the richest Americans.
To join the club of the wealthiest citizens in the U.S., you’ll need at least $5.8 million, up about 15% up from $5.1 million one year ago, according to global real estate company Knight Frank’s 2024 Wealth Report.
Robust wealth creation, driven in part by a strong U.S. economy, helped bump the threshold higher, the report said. Over 4% more ultra-high net worth individuals (UHNWI), worth at least $30 million, were minted in 2023, bringing the global total to nearly 627,000.
And the U.S. only ranks fourth globally in terms of how much wealth one needs to join the 1%. At the top of the list is Monaco, where the threshold to enter the 1% is $12.9 million. A person’s wealth includes investments, cash and other assets including their primary and secondary residences, according to Knight Frank’s wealth measurement model.
The new figures highlight the growing divide between the rich and poor both globally and domestically. Since 2020, five billion people have become poorer, while the five richest men in the world have more than doubled their fortunes, according to Oxfam America’s report Inequality Inc.
Big corporations are partially to blame for rising inequality, by fighting minimum wage increases and opposing unionization efforts, according to Oxfam’s research.
Additionally, a massive generational shift in wealth holders is occurring.
Over the next two decades in the U.S., $90 trillion worth of assets will be transferred from the silent generation and baby boomers to younger generations including Gen X, millennials and Gen Z. Millennials are expected to become the richest generation in history. Baby boomers currently hold 50% of all wealth in the United States spread across various asset classes, according to Fed data.
“The next generation is poised to inherit huge sums, and all the research we have commissioned confirms that they value societal and environmental wellbeing alongside economic gain and are unlikely to continue the relentless pursuit of growth at all costs,” Ben Whattam, co-founder of Modern Affluence Exchange, wrote in the report.
The report also draws attention to the widening divide between rich and poor countries.
“Our findings confirm the substantial differences in wealth distribution between countries, with smaller hubs demonstrating a bias towards higher thresholds,” Liam Bailey, global head of research at Knight Frank said in the report, referring to smaller countries.
That’s in part because there’s a higher concentration of extremely wealthy individuals in countries like Monaco, for example, which attracts UHNWIs because of its favorable tax laws.
“As Western countries in particular grapple with government deficits and the need to raise tax revenue, expect greater policy focus on where wealth is located, how it is distributed across economies and how governments can both tax it and encourage its growth,” Bailey said.
For example, a number of U.S. states have proposed wealth taxes to raise billions from the wealthiest Americans. They include, California, Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York and Washington.
Here’s how much wealth you need to be a part of the 1% across the globe:
- Monaco – $12.9 million
- Luxembourg – $10.8 million
- Switzerland – $8.5 million
- United States — $5.8 million
- Singapore – $5.2 million
- Sweden — $4.8 million
- Australia — $4.7 million
- New Zealand — $4.6 million
- Ireland — $4.3 million
- Germany — $3.4 million
- France — $3.3 million
- Hong Kong — $3.1 million
- UK — $3.1 million
- Italy — $2.5 million
- Spain — $2.5 million
- Japan — $2 milllion
- Mainland China — $1.1 million
As former President Donald Trump and Vice President Kamala Harris face off in the 2024 election, and control of Congress is on the line in House and Senate races around the country, millions of Americans will be looking for live coverage of results when the polls close on Tuesday.
CBS News will have extensive coverage of the 2024 election on all platforms.
How to watch election coverage with cable
CBS News’ live coverage on TV and cable starts Tuesday at 7 p.m. ET, anchored by Norah O’Donnell from CBS News’ election headquarters in New York City. Find your local CBS station here.
O’Donnell be joined at the anchor desk by CBS News’ expert team, including Margaret Brennan, John Dickerson, Bill Whitaker, Cecilia Vega, Robert Costa, Ed O’Keefe and contributor Ed Gordon. Nancy Cordes will report from the Harris-Walz campaign election night headquarters, Tony Dokoupil and Caitlin Huey-Burns will report from the Trump-Vance election nightheadquarters, Scott MacFarlane will cover the battle for control of Congress, and a team of correspondents will report from battleground states around the country.
The CBS News Data Desk, led by executive director of elections and surveys Anthony Salvanto along with Major Garrett, will make projections and characterize races in real-time throughout the night. Bill Whitaker and election law contributor David Becker will lead the CBS News Democracy Desk, covering election integrity and potential foreign or domestic interference efforts.
How to watch election coverage without cable
Live coverage is streaming on CBS News 24/7 throughout the day Tuesday and all evening until at least 2 a.m. ET, with election results expected to start coming in on Tuesday night.
Stream it on the free CBS News app on your connected TV or smartphone, on Paramount+, and all platforms where CBS News 24/7 is available, including CBSNews.com and YouTube.
Vladimir Duthiers, Ed O’Keefe and Lindsey Reiser will anchor Election Day coverage beginning at 4 p.m., ET on the CBS News 24/7 streaming network. Prime-time coverage anchored by Norah O’Donnell begins at 7 p.m. ET.
How to watch live streaming local election coverage from CBS stations
CBS Stations will cover the election live across its 14 owned markets, including key battleground states Michigan and Pennsylvania. Local streaming channels will stay in sustained live coverage from the evening hours onward, using a mix of local and network simulcasts and CBS News 24/7-produced coverage. The channels will simulcast CBS News 24/7’s programming overnight until the morning.
Election night live coverage plans include:
What time will election results come in?
Polling closing times vary from state to state, with the first batch of states closing at 7 p.m. ET.
Results from some states will come in late. The polls in California, for instance, don’t close until 11 p.m. ET, followed by Hawaii at 12 a.m. ET and finally Alaska at 1 a.m. ET.
What time will election winners be projected?
It’s not known when the presidential election winner will be projected. In states with thin margins, it will be difficult to make a projection based on preliminary results. Rules around the processing and counting of mail-in ballots, which vary from state to state, can slow results in some states.
In the 2020 election, Election Day was Nov. 3, but it wasn’t until Nov. 7 that enough of the votes in Pennsylvania had been counted for major news networks to project Joe Biden as the winner.
The 2016 race was projected more quickly, with Trump being projected as the winner at around 3 a.m. ET.
In the 2000 election between George W. Bush and Al Gore, the race notably wasn’t decided until December, after a legal battle over a recount in Florida went all the way to the U.S. Supreme Court.
Donald Trump may have joined the ranks of America’s richest people through his real estate holdings, from golf courses to hotels, but it’s his stake in the fledgling Trump Media & Technology Group that has more than doubled his net worth to $5.5 billion this year.
The money-losing social media company, which trades under the ticker symbol DJT, the same as Trump’s initials, has had a volatile year since going public in March. An initial surge in the market value of Trump Media in March made the former president’s 57% stake worth $5.2 billion, but that tumbled to $1.4 billion when the stock hit a low of $11.75 in September.
The wild swings in Trump Media shares has prompted comparisons to meme stocks, or companies that trade on social media buzz rather than revenue or profit growth, investors’ favored yardsticks. Trump Media, whose main asset is the Truth Social platform, has declining revenue and large losses, with University of Florida finance professor Jay Ritter telling CBS MoneyWatch that the “stock is incredibly overvalued.”
Even so, Trump’s wealth dwarfs that of his rival, Vice President Kamala Harris, who with her husband, Douglas Emhoff, is worth about $8 million, according to an estimate by Forbes. Harris’ wealth stems from her decades in public service, book royalties and investments.
Here’s what to know about Trump’s wealth.
Trump’s DJT shares
Despite the roller coast in DJT shares, Trump’s stake in the social network has helped lift his overall net worth to $5.5 billion, more than double his $2.4 billion in wealth at the start of 2024, according to Forbes.
His stake in DJT shares, worth about $3.5 billion based on its November 1 closing price, remains his single largest financial asset. That’s down from $5.9 billion when the shares touched a recent high of $51.51 on October 29. Since then, DJT stock has shed half its value.
Because Trump has vowed not to sell any DJT shares, his stock market wealth for now remains largely on paper.
Where does Trump’s wealth come from?
Despite his billions in DJT stock, Trump’s original fortune stems from real estate, spanning residential buildings in New York City to golf courses and hotels around the globe.
Trump got his start working for his father, Fred Trump, a New York City real estate developer who built more than 27,000 apartments and row houses in Queens and Brooklyn, according to the New York Times. Trump claims his dad’s loan of $1 million helped him build his own business, which now includes holdings such as the Mar-a-Lago club in Florida and the Trump Tower in Manhattan.
One of his largest assets is his $500 million stake in 1290 Avenue of the Americas, an office building in Manhattan, while his Trump National Doral Miami Golf Resort is worth about $300 million, according to Bloomberg News.
Trump’s earnings from crypto, NFTs and Bibles
Trump also has received a financial boost from digital assets including cryptocurrencies and non-fungible tokens, or NFTs, an August financial disclosure form shows. The former president is also making money from licensing his name to a variety of objects, ranging from Bibles to sneakers.
Trump disclosed he earned $7.2 million in a NFT licensing deal, while he also has as much as $5 million locked up in a “virtual ethereum key.”
A $59.99 Bible that Trump endorsed in partnership with singer Lee Greenwood earned him $300,000 in royalties, while he booked $4.5 million for “Letters to Trump,” a 2023 collection of letters sent to Trump over the years from celebrities such as Oprah Winfrey.
The financial disclosure forms also show that Trump continues to earn money from the reality show “The Apprentice” and his 1987 book “The Art of the Deal.” He receives a pension from the Screen Actors Guild of more than $90,000 annually.
Despite the investments in crypto and NFTs, Trump’s investments are largely held in stocks, index funds and bonds, including U.S. Treasuries, according to the form. He also owns at least $100,000 in gold bars.
Trump’s liabilities
The disclosure forms, which are required of all presidential candidates, outlined liabilities including several mortgages on Trump Tower and other properties, as well as newer debts related to legal judgments.
Trump is appealing a trio of judgments against him for more than half a billion dollars. They include a combined $88.3 million from two cases in which juries found him liable for sexual abuse and defamation of the writer E. Jean Carroll, as well as a New York State case in which a judge ruled that Trump owes more than $450 million, including interest, for a fraud scheme. Trump has pledged millions in covering bonds in those cases.
U.S. and European law enforcement agencies are working together to investigate whether incendiary devices detonated in July at DHL logistics hubs in Germany and the U.K. were part of a larger operation directed by Russian Intelligence services (in particular, the GRU — Russian military intelligence), the highest level of the Russian government or by outside individuals acting in the interests of Russia, a source familiar with the matter said.
Officials are working to determine whether the larger operation was to place similar devices on aircraft servicing the U.S. and U.S. allies. The Wall Street Journal first reported the alleged plot targeting U.S. aircraft.
The 2025 Homeland Threat Assessment published at the end of October said the U.S. continues to be concerned about threats to the aviation and air cargo systems, including the “potential use of the air cargo supply chain to ship concealed dangerous and potentially deadly items.”
DHL said in a statement that it was aware “of two recent incidents involving shipments in our network. We are fully cooperating with the relevant authorities to protect our people, our network and our customers’ shipments.”
“We continually adjust our security posture as appropriate and promptly share any and all relevant information with our industry partners, to include requirements and recommendations that help them reduce risk,” the Transportation Security Administration said in a statement.
“Over the past several months, as part of a multi-layered security approach, TSA worked with industry partners to put additional security measures for U.S. aircraft operators and foreign air carriers regarding certain cargo shipments bound for the United States, in line with the 2021 TSA Air Cargo Security Roadmap,” the TSA’s statement continued.
The FBI declined to comment.
contributed to this report.
