World's Richest One Percent Own Over Half of Global Wealth

16 November, 2017, 02:32 | Author: Julian Harrison
  • India has 3.4 lakh people in the top 1 per cent of global wealth holders a Credit Suisse report said

Despite its plurality of millionaires, the U.S.'s median wealth of $55,876 puts it 21st place in the world, alongside Austria and Greece.

In its Annual Global Wealth Report, the research arm of Swiss banking giant Credit Suisse found that global wealth had expanded 27 percent in the past 10 years.

"The bottom half of adults collectively own less than 1% of total wealth, the richest decile (top 10% of adults) owns 88% of global assets, and the top percentile alone accounts for half of total household wealth", the Credit Suisse report said.

"From 2013 onwards, the share of the top 5 percent has been above the level observed at the start of the century, and the share of the top 1 percent is now significantly above what we estimate for 2000", the report said.

Put another way: "The top 1% own 50.1% of all household wealth in the world".

And between mid-2016 and mid-2017, global wealth grew by 6.4 percent - its fastest pace in five years - allowing the mean wealth per adult to reach a record high, the study showed.




"Wealth per adult has now fully recovered [from financial crisis lows], and is 30% above the 2006 level", the bank says.

United States households alone added around $8.5 trillion to their combined coffers, half of the total world gain over the past 12 months, the study showed.

The number of millionaires in the USA just hit an all-time high, a new banking report finds. There were 2.3 new millionaires created in 2017, bringing the total to 36 million millionaires worldwide.

"The recent Paradise Papers revelations laid bare one of the main drivers of inequality-tax dodging by rich individuals and multinationals", said Chakrabortty. At the other extreme, a small fraction of the population (just 0.5 per cent of adults) has a net worth over $ 100,000.

In contrast, many European countries are growing rapidly: Germany, France, Italy and Spain accounted for a fifth of all global growth in the past year. "High unemployment, tighter mortgage rules, growing house prices, increased income inequality, less access to pensions and lower income mobility have dealt serious blows to young workers and savers and hold back wealth accumulation by the millennials in many countries".

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