Published: Wed, November 15, 2017
Finance | By Loren Pratt

Global wealth surges in 2017 - Credit Suisse report

Global wealth surges in 2017 - Credit Suisse report

Anti-poverty advocates on Tuesday implored world leaders to combat the massive wealth gap described in the annual Global Wealth Report released by Credit Suisse, which showed that the world's richest one percent own just over half of the global wealth.

"The bottom half of adults collectively own less than 1% of total wealth, the richest decile (top 10% of adults) owns 88% of global assets, and the top percentile alone accounts for half of total household wealth", the Credit Suisse report said. As many as 1,820 adults own wealth over $50 million (Rs 325 crore), while 760 have more than $100 million (Rs 650 crore). And the wealth outpaced population growth to a record high of $56,540 per adult. Thirty-six million people with over a million dollars make up just 0.7 percent of the global population, but control 46 percent of the world's $280 trillion dollars.

Moreover, India's wealth growth of $451 billion represents the 8th largest wealth gain globally by country.

"Wealth per adult has now fully recovered [from financial crisis lows], and is 30% above the 2006 level", the bank says.

The number of millionaires in the USA just hit an all-time high, a new banking report finds.

At the same time, the Credit Suisse report detailed how so-called Millennials are facing far more adverse market conditions than previous generations, which will "most likely limit their wealth acquiring prospects". "Thus, although indebtedness is a severe problem for many poor people in India, overall household debt as a proportion of assets in India is lower than in most developed countries", it added. The rise in global wealth reflected widespread gains in equity markets and similar rises in non-financial assets.

In the past year, the United States generated more than half of the total global wealth, adding $8.5tn to the total global wealth aggregation of $16.7tn. Above that, in the $10,000 to $100,000 bracket, we have 7.2% of Indian adults.

"The top wealth earners in particular benefited, and, across all regions, wealth inequality rose from 2007 to 2016", said the Credit Suisse Research Institute's 2017 Global Wealth Report.

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