Zakat is obligatory for every Muslim who possesses wealth above the Nisab threshold for a full lunar year.
Gold standard: 85 grams of gold
Silver standard: 595 grams of silver
Most scholars recommend using the silver Nisab as it includes more people and benefits the poor more broadly.
Zakatable at 2.5%:
Not zakatable:
1. Al-Fuqara — the poor (no means of livelihood)
2. Al-Masakin — the needy (insufficient means)
3. Al-Amileen — Zakat collectors/administrators
4. Al-Mu'allafat Qulubuhum — those whose hearts are to be reconciled
5. Fi al-Riqab — freeing slaves/captives
6. Al-Gharimeen — those in debt
7. Fi Sabilillah — in the cause of Allah
8. Ibn al-Sabil — the stranded traveller
Visit /zakat to calculate your exact obligation based on current gold/silver prices and your assets.