The richest one per cent now own half of all the wealth in the world, a new report from Credit Suisse says.
The bank has compiled statistics to show that just 0.7% of the world’s adult population owns almost half of the world’s wealth, while the bottom 71% have less than $10,000 each.
Inequality has grown since the global financial crisis (GFC) and the richest 1 per cent now own half of all household wealth in the world according to the bank’s Global Wealth Report 2015
By the bank’s reckoning, just over $250 trillion US worth of wealth has been amassed by households.
At the top sit the ultra-rich, which the bank defines as having a net worth of at least $50 million in assets.
Worldwide, there are 120,000 people in the group.
That poorest two-thirds of the population own a 3% sliver of the world’s wealth, and inequality is rising, according to the analysts at Credit Suisse.
Here’s what that wealth pyramid looks like:
The US dominates as the country with the most dollar millionaires.
And when Credit Suisse split out the wealth distribution at the very top of the pyramid, the US takes the lead again, being home to half of the world’s 123,800 ultra-high-net-worth individuals:
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.