The richest 1% now own a staggering portion of the world's wealth

15 November, 2017, 11:07 | Author: Leticia Walters
  • Global millionaires who make up just one per cent of the adult population own 50.1 per cent of of the world’s wealth or $140tn, according to Credit Suisse's global wealth report

According to the Credit Suisse Global Wealth Report, the top 1 per cent are worth a total of $182trillion - about eight times more than the USA economy.

Some 36 million millionaires making up less than 1 percent of the adult population own 46 percent of global household wealth; 70 percent of adults - 3.5 billion people - own less than $10,000 in assets and account for 2.7 percent of wealth. By estimates, the report said adding that 1,820 adults have wealth over $ 50 million, and 760 have more than $ 100 million.

The chart shows India's wealth pyramid.

Europe followed an identical patter, with wealth across the continent also rising by 6.4pc during the 12 month period. "In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100 percent", according to Credit Suisse's report.

And since year 2000, the number of millionaires globally has increased 170 percent, while the number of people with more than $30 million to their name has ballooned five-fold to around 45,000 worldwide, the study showed.

In most countries, including the United States, a large wealth gap translates into those at the top accruing political power, which in turn can lead to policies that reinforce benefits for the wealthy. "There is still considerable wealth poverty, reflected in the fact that 92 per cent of the adult population has wealth below $ 10,000", the report said.

At the same time, the Credit Suisse report detailed how so-called Millennials are facing far more adverse market conditions than previous generations, which will "most likely limit their wealth acquiring prospects".

It pointed to "widespread gains in equity markets", at the same time as non-financial assets like real-estate for the first time passed the level they were at when the global financial crisis struck in 2007.

According to the eighth edition of the Global Wealth Report, in the year to mid-2017, total global wealth rose at a rate of 6.4 percent, the fastest pace since 2012 and reached $280 trillion, a gain of $16.7 trillion. Stock market gains helped add $8.5 trillion to U.S. household wealth during that period, a 10.1% rise.

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