World's richest 1% of people now own half global wealth, finds study


It is the fastest pace of wealth creation since 2012 and one of the best results since the financial crisis. 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.

Comparing wealth gains across countries, the United States is an unquestionable leader.

Early this year, U.S. 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.

Credit Suisse is one of the top 12 global systemically important banks, according to the Bank for International Settlements, with assets of $792bn globally and more than 46,000 employees. There are 1,820 adult Indians who have wealth over $50 million, and, at the very apex, 760 have more than $100 million. The Millennial group as a whole may face some ongoing challenges that prior generations have not faced.

"High unemployment, tighter mortgage rules, growing house prices, increased income inequality, less access to pensions and lower income mobility have dealt serious blows to young workers and savers and hold back wealth accumulation by the millennials in many countries".

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The wealthiest 10 per cent of people, meanwhile, own 87.8 per cent of global wealth.

There are 36 million millionaires today - up 22% - and it's expected to rise to 44 million in five years, Credit Suisse says. Millennials may also be more educated than their parents, but the chairman noted that "We expect only a minority of high achievers and those in high demand sectors such as technology or finance to effectively overcome the "millennial disadvantage".

The shares of the top 5 percent and top 10 percent wealth holders show a similar pattern."The share of the top 5 percent overtook its 2000 level in 2013 and now stands at 76.4 percent".

The number of millionaires has increased by 170% globally since the year 2000.

Credit Suisse is even forecasting that the number of ultra-high net worth individuals will likely increase by 45,000 to a level of 193,000 individuals by 2022.