The Philippines' 0.1%: How Much You Need to Join This Wealth Club
There’s the one percent, and then there’s the 0.1 percent.
In the Philippines, how much do you have to have to be part of the elusive 0.1 percent? According to Knight Frank’s latest wealth report, the U.S. has the highest entry point at $25.1 billion, yet this is still peanuts for America’s billionaires. In Monaco and Switzerland, it’s around $22.2 million and $16.6 million, respectively. Hong Kong boasts the highest entry point for the 0.1 percent at $16.6 million, followed by Singapore at $10 million.
But what about the Philippines? How much would one have to have in order to be considered one of the 0.1 percent? According to Knight Frank, that would be around $210,000 or P10.2 million. That's about triple the amount needed to pass the one-percent threshold, which is roughly $600,000 or P3 million in the Philippines.
Surprisingly enough, the 0.1-percent threshold in the Philippines is far below the net worth of the country’s richest billionaires, making us wonder just what category those Forbes listers belong to.
Perhaps 0.0001 percent?
However, it's important to note that while these select individuals enjoy their high net worth, 99.9 percent of the population are not so lucky. In a country with a growing club of millionaires and billionaires, we still face systemic issues like income inequality that prevent others from even rising above the poverty line.