Real estate consultancy Knight Frank has found that in Monaco the wealthy must be almost twice as rich as in Switzerland to make it into the top one percent of the country’s residents.

The study said the threshold in the Principality is $12.4 million, compared to $6.6 million in second-place Switzerland.

Australia comes in third in Knight Frank’s ranking, at $5.5 million, followed by New Zealand at $5.2 million and the US at $5.1 million. The threshold in the UK is $3.3 million.

However, it is not clear what methodology the consultancy used. In a previous study Knight Frank estimated that by 2026 there would be 255 people living in Monaco worth more than $30 million, surely a serious underestimate, while almost 40,000 would be worth more than 1$ million. The latest Monaco Statistical Office figure for Monaco’s population puts the number at 39,050.