With inflation continuing to have its stranglehold on Americans, it's not a big surprise that it now takes more accumulated wealth to be considered "rich" in the United States. A new wealth report from Knight Frank gives you the exact figure you need to be considered part of the 1% in Iowa and beyond.

In 2022, Americans needed a net worth of $4.4 million to be have "1% status." In 2023, that amount increased 12% to $5.1 million, a result of inflation and a higher cost of living. Two years later, that figure has substantially risen once again.

Now, even in Iowa, Americans need a net worth of $4.4 million to be considered part of the elite 1% of America. For context, if you recall the "We are the 99%" movement during the Occupy Wall Street days, "the 1%" refers to the wealthiest group of Americans in the entire country. Generally speaking, these individuals are CEO, executives, and entrepreneurs.

Per Fox News, even though the US economy is the largest in the entire world, the requirements to enter the coveted 1% are much tougher and stepper than in other countries. Another country where that's the case is Monaco, where it requires $12.9 million to entire the top threshold (and that's a 3.2% increase from 2023).

Knight Frank addressed the report by saying:

Photo Credit: denisvrublevski
Photo Credit: denisvrublevski

Our findings confirm the substantial differences in wealth distribution between countries. 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. - Knight Frank, per Fox News

On a similar note, last year, Iowa was actually ranked as the best state in the United States in which to retire by a study conducted by Bankrate. While Iowa's weather ranked in the bottom half of the study, its affordability was almost unmatched, coming in at #3 overall. With a low crime rank too, multiple factors played into Iowa ranking so high, as explained by Bankrate:

Iowa’s affordability is a big draw for retirees. Iowa is the sixth cheapest place to live in the U.S., according to the Council for Community and Economic Research, which is a huge advantage for retirees on a fixed income. Lower housing costs also helped prop the Hawkeye state up to the No. 3 spot for affordability. Iowa’s median home price is $239,400, per Redfin data — well below the nationwide median home price of $388,800. Homeowners insurance in Iowa is also below the national average.

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Read more about what it takes to be a part of the 1% in America on Fox News' website.

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

Gallery Credit: Bethany Adams

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