Are you among the world's richest one per cent?

* NEW STUDY FOUND MINIMUM FORTUNE NEEDED TO ENTER WORLD'S RICHEST ONE PER CENT * IN THE UK A PERSON NEEDS £1.4MILLION TO BE CONSIDERED AMONG TOP ONE PER CENT * MONACO ECLIPSES THIS

FIGURE FOUR TIMES OVER, WITH AN ENTRY FIGURE OF £5.6MILLION A new report has revealed just how large your personal wealth needs to be to be considered among the wealthiest people in the

world. The Knight Frank Wealth Report estimates that a person needs to be worth around £1.4million in order to rank among the UK's richest one per cent. However, this figure means the

minimum fortune needed to make up the richest one per cent in the UK is only the eleventh largest in the world. RELATED ARTICLES Of the top 20 territories examined in the study, nations such

the US, Switzerland and the principality of Monaco all rank above the UK.  The average wealth of Monaco's wealthiest one per cent is around £5.6million - four times as large as the

UK's £1.4million mark. Residents of Monaco pay no income taxes, which helps keeps them at the top of the world's rich list.  Liam Bailey, Knight Frank's global head of

research said: 'You can clearly see the influence of tax policy at the top. Then you have the sheer breadth and depth of the U.S. market.' Knight Frank's findings help to

illustrate how the wealth divide has been widened as a result of the coronavirus pandemic. The entry point for Monaco's richest one per cent is almost 400 times greater than in Kenya,

which is the lowest ranked nation looked at in the study.  The World Bank estimates that around 2million people in Kenya alone have fallen into poverty as a result of the pandemic. Meanwhile

the world's 500 wealthiest people have added £1.28trillion to their fortunes, according to the Bloomberg Billionaires Index. Knight Frank believes the Asia-Pacific region is set to

outpace global growth in ultra-high-net worth individuals between 2020 and 2025, with India and Indonesia set to see the greatest growth. Singapore, in which the family office of Google

co-founder Sergey Brin is setting up a branch and British billionaire James Dyson has already relocated his family investment firm, is also expected to see a surge. Commenting on

Asia-Pacific's growth, Victoria Garrett, Knight Frank's head of residential for the region, said: 'Asia-Pacific's foothold as host to the world's leading wealth hubs

continues to strengthen.' It comes as the report from Frank Knight also showed London has overtaken New York as home to the most 'dollar millionaires' with 875,000 of them

now living in the city. The report shows that 874,354 people in London have assets, including property, worth more than £720,000 which makes them so-called 'high net worth

individuals'. This compares to 820,000 HNWIs in New York and means that one in ten people living in London are now 'dollar millionaires'.  Knight Frank said the rise is being

driven by property prices in the capital, with the average house costing £514,000, meaning many fall into the high net worth category.  Brothers Srichand Parmanand and Gopichand Hinduja are

thought to be the richest people in London.  They are worth an estimated £16 billion - slightly more than music mogul Sir Leonard Blavatnik, who is worth £15.8 billion.  Knight Frank's

Wealth Report revealed how the high cost of housing helped to make 875,000 Londoners high net worth individuals.   Liam Bailey, Knight Frank's head of research, said: 'The main

point is that our HNWI threshold is $1m, so £720,000, and with average house prices in London at £514,000, a lot of households fall into the HNWI category.  'Ironically the high cost of

housing in London is the main driver for categorising so many households as being wealthy.'