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15 November 2017, 11:09 | Cesar Cruz
The Richest 1% Now Own More Than 50% of the World's Wealth
"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.
The annual Global Wealth Report, published Tuesday by Credit Suisse, points out that while the top 1 percent and 10 percent of the world's richest saw their share of wealth decline between 2001 and 2008, the trend swung the other way after the financial crisis.
Early this year, United States authorities announced a $5.28 billion settlement with Credit Suisse over its role in the sale of the kind of toxic securities that led to the global financial crisis of 2008.
The Global Wealth Report also presents a dire outlook for the world's young adults, referred to in the document as "unlucky millennials". That same growth rose at a faster pace in 2017 than in recent years, and the mean wealth per adult has reached a new record high.
Despite being better educated than their parents' generation, "millennials are not only likely to experience greater challenges in building their wealth over time, but also greater wealth inequality than previous generations".
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.
However the report has found that global inequality has continued to increase.
According to the report, personal wealth in India is dominated by property and other real assets, which make up 86 per cent of estimated household assets.
Moreover, India's wealth growth of $451 billion represents the 8th largest wealth gain globally by country.
The gaping inequality has resulted in a huge rise in the number of millionaires and ultra-high-net-worth individuals (those worth more than $40 million).
Overall the top 1pc of wealthy people in the world now own 50.1pc of all household wealth in the world, up from 45.5pc in 2000. That brings the total number of millionaires in the US up to approximately 15,356,000, or about one in every 20 Americans.
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