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Richest 1% of people now own half the world's wealth

16 November, 2017, 02:33 | Author: Janis Wilson
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These include 1,820 Indians with wealth more than $50 million and 760 with more than $100 million, the report by Zurich-based financial services major Credit Suisse said. "The outlook for the millionaire segment is more optimistic than for the bottom of the wealth pyramid", Fortune quotes the report as stating.

"This report highlights the huge gulf between the haves and the have nots-the world's richest one percent own more than everyone else combined while the poorest half of the population share less than a penny of every pound of wealth", said Katy Chakrabortty, head of advocacy for Oxfam, in a statement.

At the other extreme, the poorest half of the world's population - 3.5 billion people - own just 2.7 per cent of global wealth, which grew faster in the past year than at any time since 2010, reaching a total of $280 trillion. At the bottom, 92.3% of adults have wealth less than $10,000. The total number of millionaires has increased to 36 million. That brings the total number of millionaires in the USA up to approximately 15,356,000, or about one in every 20 Americans.

Charities said the findings highlighted the need for action from political leaders both in the United Kingdom and internationally.

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 number of British dollar millionaires has already dropped this year by 34,000 because of the 15 per cent fall in sterling in the year to June.

Credit Suisse Wealth
Credit Suisse

"The recent Paradise Papers revelations laid bare one of the main drivers of inequality - tax-dodging by rich individuals and multinationals".

The group is disproportionately represented in developing countries. "Due to the large population, 4.4 million adults or 0.5 per cent have net worth over $100,000", said the report.

The study also found that millennials face a significant disadvantage compared to older generations.

India's total household wealth stood at $ 5 trillion while the country is home to 2,45,000 millionaires, says a Credit Suisse report.

"Global wealth inequality has certainly been high and rising in the post-crisis period", according to the bank.

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