The bottom half of adults in the world collectively own less than the richest one percent, according to a Credit Suisse report. The gap between the super-rich and the poor has significantly grown since the global crisis.
The wealthiest one percent owned 42.5 percent of global wealth in 2008, the bank reports.
“The downward trend reversed after 2008 and the share of the top one percent has been on an upward path ever since, passing the 2000 level in 2013 and achieving new peaks every year thereafter. According to our latest estimates, the top one percent own 50.1 percent of all household wealth in the world,” the report said.
“Global wealth inequality has certainly been high and rising in the post-crisis period,” according to the bank.
While the bottom half of adults collectively own less than one percent of total wealth, the richest ten percent owns 88 percent of global assets.
Last year saw 2.3 million people becoming new dollar millionaires. The total number of millionaires has increased 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.
The poorest 3.5 billion people, who account for 70 percent of the working age population, each earn less than $10,000 and account for just 2.7 percent of global wealth.
Global wealth now stands at $280 trillion, and this figure is likely to be over $340 trillion in five years. On average, each adult owns $56,540.
You need to own $76,754 to be a member of the top 10 percent of global wealth holders and $770,368 to belong to the top one percent.