Credit Suisse report prominent increasing gap bolzen the super-rich und the remainder von the globe’s population


The credit transaction Suisse report discovered 2.3 million new dollar millionaires were developed over the past year, taking ns total kommen sie 36 million. Photograph: Carl Court/Getty Images
The credit transaction Suisse report discovered 2.3 million new dollar millionaires were created over the past year, taking ns total to 36 million. Photograph: Carl Court/Getty Images

The globe’s richest 1% own für hilfe the world’s wealth, according kommen sie a new report highlighting ns growing gap betwee the super-rich und everyone else.

The world’s wealthiest people schutz seen your share of the globe’s pistole wealth boost from 42.5% at the height von the 2008 financial crisis kommen sie 50.1% in 2017, or $140tn (£106tn), according zu Credit Suisse’s global wealth report published on Tuesday.

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“The share von the top 1% has been on bei upward course ever because , passing die 2000 level an 2013 und achieving new peaks every year thereafter,” the annual report said. The bank said “global wealth inequality has definitely been high and rising in the post-crisis period”.

The increase in wealth among ns already an extremely rich führen zu to ns creation des 2.3 million new dollar millionaires over die past year, taking die total zu 36 million. “The number von millionaires, i m sorry fell an 2008, recovered in der nähe des after die financial crisis, and is jetzt nearly three times die 2000 figure,” credit transaction Suisse said.

These millionaires – that account zum 0.7% des the world adult population – control 46% von total global wealth that jetzt stands at $280tn.

At the other end of the spectrum, die world’s 3.5 billion poorest adults each schutz assets von less than $10,000 (£7,600). Jointly these people, that account weil das 70% of the world’s working age population, account zum just 2.7% of globalen wealth.

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Wealth chart

The report said ns poor are mainly found bei developing countries, with an ext than 90% des adults an India and Africa having actually less than $10,000. “In some low-income countries bei Africa, the percentage des the population in this wealth gruppe is close zu 100%,” the report said. “For numerous residents des low-income countries, life membership von the base tier zu sein the norm quite than the exception.”

Meanwhile at the top des what credit Suisse calls ns “global wide range pyramid”, ns 36 million world with hinweisen least $1m des wealth are collectively worth $128.7tn. An ext than two-fifths des the world’s millionaires live in the US, followed von Japan v 7% and the UK with 6%.

However, the collapse in the value von the lb since ns Brexit poll meant die total number of dollar millionaires in the UK fell über 34,000 to 2.19 million. Just over geholfen of ns UK’s 51 million adults oase wealth in excess des $100,000. Die mean mean wealth von a UK adult zu sein $278,038, but die median zu sein $102,641.

richest 0.7%

While die global population of millionaires has actually grown considerably, the number of ultra-high net worth individuals (UHNWIs) – those v a net worth des $50m or much more – has increased even faster. “The number von millionaires has actually increased by 170% , while the number of UHNWIs has risen five-fold, do them by far ns fastest-growing kopieren, gruppe of wealth-holders,” the report said.

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Most von the new UHNWIs oase been created an the US, yet 22% come from emerging economies, notably China.

The biggest losers, the report says, are young world who should not expect zu become as wealthy as your parents. “Those with low wealth tend kommen sie be disproportionately found among the younger period groups, who oase had little chance to accumulate assets,” Urs Rohner, credit transaction Suisse’s chairman, said. “But we uncover that millennials face particularly daunting circumstances.”

Rohner, who is paid SFr4m (£3m), said millennials schutz been dealt a series des blows including high unemployment, tighter mortgage rules, increased income inequality and reduced pensions. “With infant boomers occupying most des the oberteil jobs und much of the housing, millennials space doing much less well 보다 their parents at the same age, especially in relation to income, home ownership und other dimensions von well-being assessed bei this report.”

He said that millennials are much more educated 보다 their parents. However he added: “We expect just a minority of high achievers and those in high need sectors such a s technology or finance kommen sie effectively overcome ns ‘millennial disadvantage’.”

Oxfam said Credit Suisse’s research confirmed that politicians need to do more kommen sie tackle the “huge gulf betwee the haves and the have-nots”.

“In die UK, die wealthiest 1% schutz seen your share increase to nearly a quarter von all ns country’s wealth, while ns poorest half have less than 5%,” Oxfam’s head von advocacy, Katy Chakrabortty, said. “This divide matters hugely hinweisen a time wie man millions of people across the UK confront a daily struggle kommen sie make end meet and the number living an poverty are the highest weil das almost 20 years.

“The recent Paradise papers revelations laid bare one des the taste drivers von inequality – tax-dodging über rich individuals and multinationals. Federal governments should act zu tackle excessive inequality that zu sein undermining economic situations around ns world, separating societies and making it harder than ever zum the poorest to improve their lives.

“In die UK, ns chancellor have to use next week’s budget kommen sie prioritise hard action zu tackle taxes avoidance kommen sie help administer funds kommen sie fight poverty in both the UK und developing countries.”

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