{"id":21007,"date":"2018-01-24T17:18:29","date_gmt":"2018-01-24T17:18:29","guid":{"rendered":"http:\/\/www.aaeurop.com\/?p=21007"},"modified":"2018-01-24T17:18:29","modified_gmt":"2018-01-24T17:18:29","slug":"richest-1-own-half-the-worlds-wealth-study-finds","status":"publish","type":"post","link":"https:\/\/www.aaeurop.com\/?p=21007","title":{"rendered":"Richest 1% own half the world&#8217;s wealth, study finds"},"content":{"rendered":"<p>Credit Suisse report highlights increasing gap between the super-rich and the remainder of the globe\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s population<\/p>\n<p>The globe\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s richest 1% own half the world\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s wealth, according to a new report highlighting the growing gap between the super-rich and everyone else.<\/p>\n<aside class=\"element element-rich-link element-rich-link--tag element--thumbnail element-rich-link--upgraded\" data-link-name=\"rich-link-tag\" data-component=\"rich-link-tag\">\n<div class=\"rich-link tone-news--item rich-link--pillar-news\">\n<div class=\"rich-link__container\">\n<div class=\"rich-link__image-container u-responsive-ratio\"><img decoding=\"async\" src=\"https:\/\/i.guim.co.uk\/img\/media\/8356d87a96c90d960ad562e3234c3bc0eb986e67\/0_170_4000_2400\/master\/4000.jpg?w=460&amp;q=55&amp;auto=format&amp;usm=12&amp;fit=max&amp;s=9a1979db574e293427537930c733ad97\" \/><\/div>\n<div class=\"rich-link__header\">\n<h1 class=\"rich-link__title\"><a class=\"rich-link__link\"> Business Today: sign up for a morning shot of financial news <\/a><\/h1>\n<\/div>\n<div class=\"rich-link__read-more\">\n<div class=\"rich-link__arrow\"><\/div>\n<div class=\"rich-link__read-more-text\">Read more<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<p>The world\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s richest people have seen their share of the globe\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s total <a class=\"u-underline\" href=\"https:\/\/www.theguardian.com\/money\/2015\/oct\/13\/half-world-wealth-in-hands-population-inequality-report\" target=\"_blank\" rel=\"noopener\" data-link-name=\"in body link\">wealth increase from 42.5%<\/a> at the height of the 2008 financial crisis to 50.1% in 2017, or $140tn (\u0569\u0082\u0539\u0589106tn), according to Credit Suisse\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s global wealth report published on Tuesday.<\/p>\n<p>\u0569\u00a7\u0549\u0082-\u056a\u0093The share of the top 1% has been on an upward path ever since [the crisis], passing the 2000 level in 2013 and achieving new peaks every year thereafter,\u0569\u00a7\u0549\u0082-\u0539\u009d the annual report said. The bank said \u0569\u00a7\u0549\u0082-\u056a\u0093global wealth inequality has certainly been high and rising in the post-crisis period\u0569\u00a7\u0549\u0082-\u0539\u009d.<\/p>\n<p>The increase in wealth among the already very rich led to the creation of 2.3 million new dollar millionaires over the past year, taking the total to 36 million. \u0569\u00a7\u0549\u0082-\u056a\u0093The number of millionaires, which fell in 2008, recovered fast after the financial crisis, and is now nearly three times the 2000 figure,\u0569\u00a7\u0549\u0082-\u0539\u009d <a class=\"u-underline\" href=\"https:\/\/www.theguardian.com\/business\/creditsuisse\" target=\"_blank\" rel=\"noopener\" data-link-name=\"auto-linked-tag\" data-component=\"auto-linked-tag\">Credit Suisse<\/a> said.<\/p>\n<p>These millionaires \u0569\u00a7\u0549\u0082-\u0549\u0080\u009c who account for 0.7% of the world\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s adult population \u0569\u00a7\u0549\u0082-\u0549\u0080\u009c control 46% of total global wealth that now stands at $280tn.<\/p>\n<p>At the other end of the spectrum, the world\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s 3.5 billion poorest adults each have assets of less than $10,000 (\u0569\u0082\u0539\u05897,600). Collectively these people, who account for 70% of the world\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s working age population, account for just 2.7% of global wealth.<\/p>\n<figure class=\"element element-interactive interactive\" data-interactive=\"https:\/\/interactive.guim.co.uk\/embed\/iframe-wrapper\/0.1\/boot.js\" data-canonical-url=\"https:\/\/interactive.guim.co.uk\/charts\/embed\/nov\/2017-11-13T16:11:56\/embed.html\" data-alt=\"Wealth chart\"><iframe loading=\"lazy\" src=\"https:\/\/interactive.guim.co.uk\/charts\/embed\/nov\/2017-11-13T16:11:56\/embed.html\" width=\"300\" height=\"562\" data-mce-fragment=\"1\"><\/iframe><\/figure>\n<p>The report said the poor are mostly found in developing countries, with more than 90% of adults in India and Africa having less than $10,000. \u0569\u00a7\u0549\u0082-\u056a\u0093In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100%,\u0569\u00a7\u0549\u0082-\u0539\u009d the report said. \u0569\u00a7\u0549\u0082-\u056a\u0093For many residents of low-income countries, life membership of the base tier is the norm rather than the exception.\u0569\u00a7\u0549\u0082-\u0539\u009d<\/p>\n<p>Meanwhile at the top of what Credit Suisse calls the \u0569\u00a7\u0549\u0082-\u056a\u0093global wealth pyramid\u0569\u00a7\u0549\u0082-\u0539\u009d, the 36 million people with at least $1m of wealth are collectively worth $128.7tn. More than two-fifths of the world\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s millionaires live in the US, followed by Japan with 7% and the UK with 6%.<\/p>\n<p>However, the collapse in the value of the pound since the Brexit vote meant the total number of dollar millionaires in the UK fell by 34,000 to 2.19 million. Just over half of the UK\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s 51 million adults have wealth in excess of $100,000. The mean average wealth of a UK adult is $278,038, but the median is $102,641.<\/p>\n<figure class=\"element element-interactive interactive\" data-interactive=\"https:\/\/interactive.guim.co.uk\/embed\/iframe-wrapper\/0.1\/boot.js\" data-canonical-url=\"https:\/\/interactive.guim.co.uk\/uploader\/embed\/2017\/11\/wealth-zip\/giv-3902sUfSHjpG7MIB\" data-alt=\"richest 0.7%\"><iframe loading=\"lazy\" src=\"https:\/\/interactive.guim.co.uk\/uploader\/embed\/2017\/11\/wealth-zip\/giv-3902sUfSHjpG7MIB\" width=\"300\" height=\"339\" data-mce-fragment=\"1\"><\/iframe><\/figure>\n<p>While the global population of millionaires has grown considerably, the number of ultra-high net worth individuals (UHNWIs) \u0569\u00a7\u0549\u0082-\u0549\u0080\u009c those with a net worth of $50m or more \u0569\u00a7\u0549\u0082-\u0549\u0080\u009c has increased even faster. \u0569\u00a7\u0549\u0082-\u056a\u0093The number of millionaires has increased by 170% [since 2000], while the number of UHNWIs has risen five-fold, making them by far the fastest-growing group of wealth-holders,\u0569\u00a7\u0549\u0082-\u0539\u009d the report said.<\/p>\n<p>Most of the new UHNWIs have been created in the US, but 22% come from emerging economies, notably China.<\/p>\n<p>The biggest losers, the report says, are young people who should not expect to become as rich as their parents. \u0569\u00a7\u0549\u0082-\u056a\u0093Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets,\u0569\u00a7\u0549\u0082-\u0539\u009d Urs Rohner, Credit Suisse\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s chairman, said. \u0569\u00a7\u0549\u0082-\u056a\u0093But we find that millennials face particularly challenging circumstances.\u0569\u00a7\u0549\u0082-\u0539\u009d<\/p>\n<aside class=\"element element-rich-link element--thumbnail element-rich-link--upgraded\" data-link-name=\"rich-link-1 | 1\" data-component=\"rich-link\">\n<div class=\"rich-link tone-comment--item rich-link--pillar-news\">\n<div class=\"rich-link__container\">\n<div class=\"rich-link__header\">\n<h1 class=\"rich-link__title\"><a class=\"rich-link__link\"> Feeling the pinch? The super-rich certainly aren\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7t <\/a><\/h1>\n<\/div>\n<div class=\"rich-link__read-more\">\n<div class=\"rich-link__read-more-text\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<p>Rohner, who is paid SFr4m (\u0569\u0082\u0539\u05893m), said millennials have been dealt a series of blows including high unemployment, tighter mortgage rules, increased income inequality and reduced pensions. \u0569\u00a7\u0549\u0082-\u056a\u0093With 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, home ownership and other dimensions of well-being assessed in this report.\u0569\u00a7\u0549\u0082-\u0539\u009d<\/p>\n<p>He said that millennials are much more educated than their parents. But he added: \u0569\u00a7\u0549\u0082-\u056a\u0093We expect only a minority of high achievers and those in high demand sectors such a s technology or finance to effectively overcome the \u0569\u00a7\u0549\u0082-\u056d\u009cmillennial disadvantage\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7.\u0569\u00a7\u0549\u0082-\u0539\u009d<\/p>\n<p>Oxfam said Credit Suisse\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s research showed that politicians need to do more to tackle the \u0569\u00a7\u0549\u0082-\u056a\u0093huge gulf between the haves and the have-nots\u0569\u00a7\u0549\u0082-\u0539\u009d.<\/p>\n<p>\u0569\u00a7\u0549\u0082-\u056a\u0093In the UK, the wealthiest 1% have seen their share increase to nearly a quarter of all the country\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s wealth, while the poorest half have less than 5%,\u0569\u00a7\u0549\u0082-\u0539\u009d Oxfam\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s head of advocacy, Katy Chakrabortty, said. \u0569\u00a7\u0549\u0082-\u056a\u0093This divide matters hugely at a time when millions of people across the UK face a daily struggle to make ends meet and the numbers living in poverty are the highest for almost 20 years.<\/p>\n<p>\u0569\u00a7\u0549\u0082-\u056a\u0093The recent <a class=\"u-underline\" href=\"https:\/\/www.theguardian.com\/news\/2017\/nov\/05\/paradise-papers-leak-reveals-secrets-of-world-elites-hidden-wealth\" target=\"_blank\" rel=\"noopener\" data-link-name=\"in body link\">Paradise Papers revelations<\/a> laid bare one of the main drivers of inequality \u0569\u00a7\u0549\u0082-\u0549\u0080\u009c tax-dodging by rich individuals and multinationals. Governments should act to tackle extreme inequality that is undermining economies around the world, dividing societies and making it harder than ever for the poorest to improve their lives.<\/p>\n<p>\u0569\u00a7\u0549\u0082-\u056a\u0093In the UK, the chancellor should use next week\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s budget to prioritise tough action to tackle tax avoidance to help provide funds to fight poverty in both the UK and developing countries.\u0569\u00a7\u0549\u0082-\u0539\u009d<\/p>\n<p><span class=\"bullet\"><span style=\"color: #000000; font-size: xx-small;\">\u0569\u00a7\u0549\u0082-\u0539\u00a7<\/span><\/span>Follow Guardian Business on Twitter at <a class=\"u-underline\" href=\"https:\/\/twitter.com\/BusinessDesk\" data-link-name=\"in body link\">@BusinessDesk<\/a>, or sign up to the daily Business Today email <a class=\"u-underline\" href=\"https:\/\/www.theguardian.com\/info\/2017\/may\/16\/guardian-business-today-sign-up-financial-news-email?CMP=business_footnote\" data-link-name=\"in body link\">here<\/a>.<\/p>\n<p>theguardian.com<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><div class=\"mh-excerpt\"><div class=\"mh-excerpt\"><div class=\"mh-excerpt\"><div class=\"mh-excerpt\"><div class=\"mh-excerpt\"><div class=\"mh-excerpt\"><div class=\"mh-excerpt\"><p>Credit Suisse report highlights increasing gap between the super-rich and the remainder of the globe\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s population The globe\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s richest 1% own half the world\u0569\u00a7\u0549\u0082-\u0549\u0084\u00a7s wealth, according to a new report highlighting the growing gap between <a class=\"mh-excerpt-more\" href=\"https:\/\/www.aaeurop.com\/?p=21007\" title=\"Richest 1% own half the world&#8217;s wealth, study finds\">[&#8230;]<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"author":1,"featured_media":21008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kadence_starter_templates_imported_post":false,"footnotes":""},"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/www.aaeurop.com\/index.php?rest_route=\/wp\/v2\/posts\/21007"}],"collection":[{"href":"https:\/\/www.aaeurop.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aaeurop.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aaeurop.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aaeurop.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21007"}],"version-history":[{"count":0,"href":"https:\/\/www.aaeurop.com\/index.php?rest_route=\/wp\/v2\/posts\/21007\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.aaeurop.com\/index.php?rest_route=\/wp\/v2\/media\/21008"}],"wp:attachment":[{"href":"https:\/\/www.aaeurop.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aaeurop.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aaeurop.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}