Richest 1% own half the world's wealth, study finds
The globe’s richest 1%
own half the world’s wealth, according to a new report highlighting the growing
gap between the super-rich and everyone else. The world’s richest
people have seen their share of the globe’s total wealth
increase from 42.5% at the height of the 2008 financial crisis to
50.1% in 2017, or $140tn (£106tn), according to Credit Suisse’s global wealth
report published on Tuesday.
“The share of the top
1% has been on an upward path ever since [the crisis], passing the 2000 level
in 2013 and achieving new peaks every year thereafter,” the annual report said.
The bank said “global wealth inequality has certainly been high and rising in
the post-crisis period”. The increase in wealth
among the already very rich led to the creation of 2.3 million new dollar
millionaires over the past year, taking the total to 36 million. “The number of
millionaires, which fell in 2008, recovered fast after the financial crisis,
and is now nearly three times the 2000 figure,” Credit Suisse said.
These millionaires –
who account for less than 0.5% of the world’s population – control 46% of total
global wealth that now stands at $280tn. At the other end of
the spectrum, the world’s 3.5 billion poorest adults each have assets of less
than $10,000 (£7,600). Collectively these people, who account for 70% of the
world’s working age population, account for just 2.7% of global wealth… read
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