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15 November 2017, 11:06 | Kelvin Horton
The Richest 1% Now Own More Than 50% of the World's Wealth
The richest 1% of families and individuals around the world now hold over half of global wealth, according to a new report from Credit Suisse. By estimates, the report said adding that 1,820 adults have wealth over $ 50 million, and 760 have more than $ 100 million. The number of ultra rich in the country is expected to reach 3,72,000 while the total household income is likely to grow by 7.5 per cent annually to touch $ 7.1 trillion by 2022, the report said.
Oxfam noted that the report is just the latest sign that the world's poorest have the deck stacked against them, recalling the recent release of the Paradise Papers, which showed how the rich hide their wealth in order to avoid paying the taxes that stand to shore up public services that, when well-funded, benefit the whole population.
"While wealth has been rising in India, not everyone has shared in this growth".
"Looking at the bottom of the wealth distribution, 3.5 billion people - corresponding to 70 percent of all adults in the world - own less than 10,000 USA dollars", said the report. Thirty-six million people with over a million dollars make up just 0.7 percent of the global population, but control 46 percent of the world's $280 trillion dollars. "There is some uncertainty about future interest rates and stock market prospects, but otherwise the signs are mostly positive for household wealth".
Introducing the report, Urs Rohner, chairman of Credit Suisse, said: "Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets, but we find that millennials face particularly challenging circumstances compared with other generations".
In the past year, the U.S. generated more than half of the total global wealth, adding $8.5tn to the total global wealth aggregation of $16.7tn. Driving the increases are widespread gains in equity markets, as well as gains in nonfinancial assets. Stock market gains helped add $8.5 trillion to United States household wealth during that period, a 10.1% rise. Credit Suisse finds that across all global regions, wealth inequality has increased from 2007 to 2016.
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