The richest 1% now own a staggering portion of the world's wealth

The richest 1% now own a staggering portion of the world's wealth

The richest 1% now own a staggering portion of the world's wealth

According to the Credit Suisse Global Wealth Report, the top 1 per cent are now worth a total of £106 trillion - around eight times more than the size of the U.S. economy.

Globally, Switzerland remains the richest nation in the world in terms of wealth per adult with $ 537,600 in 2017, followed by Australia ($ 402,600) and United States ($ 388,000) in the second and third place respectively, the report said.

The total wealth in the world grew by six percent over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse.

"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. "There is still considerable wealth poverty, reflected in the fact that 92% of the adult population has wealth below $10,000", the report says. There were 2.3 new millionaires created in 2017, bringing the total to 36 million millionaires worldwide.

USA 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.

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Previous year saw 2.3 million people becoming new dollar millionaires.

Median wealth per adult favors countries with lower levels of wealth inequality, Credit Suisse said, and there is exceptionally high disparity between the rich and poor in the U.S.

The group is disproportionately represented in developing countries.

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

Credit Suisse's latest annual Global Wealth Report says India is home to 245,000 dollar millionaires. The country continued its remarkable unbroken spell of gains after the financial crisis and added $8.5 trn to the stock of global wealth. "With the baby boomers occupying most of the top jobs and much of the housing, millennials are doing less well than their parents at the same age, especially in relation to income, homeownership and other dimensions of wellbeing assessed in this report".

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