Not 3x, because some RAM belonging to inactive users with be compressed and swapped out, and because some read only RAM all be shared. I would size the Mac on needing twice the RAM. Depends on what the 3 users are doing (8GB might not be enough for one user!), but I would expect some slow downs for the active user due to the two inactive ones. If the three of you are cooperative, you will close applications before fast switching to leave as little memory footprint as possible.
And don't forget that there will be some extra CPU consumption.
The benefit of fast switching may well out way the issues. But test it with typical usage by the three of you.
Activity Monitor can show processes of all users, so you can see what is going on.