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

15 November 2017

Britain will be the only one of 23 big economies to suffer a fall in the number of millionaires, from 2.19 million to 2.13 million by 2022, Credit Suisse predicted in its annual Global Wealth Report.

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.

11, revealed that the world's richest people have seen their share of the globe's total wealth jump from almost 43 percent at the peak of the 2008 economic crisis, to 50 percent in 2017.

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

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There are 36 million millionaires today - up 22% - and it's expected to rise to 44 million in five years, Credit Suisse says.

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

The country has a share of 0.7% of the global top 1% by wealth, who collectively own half the world's total wealth. In contrast, the world's poor are mostly found in developing nations like India and Africa for example, where a large majority of adults - over 90 percent to be exact - are living on less than $10,000.

Katy Chakrabortty, Oxfam's head of advocacy, said: "In the United Kingdom, the wealthiest 1 per cent have seen their share increase to almost a quarter of all the country's wealth, while the poorest half have less than 5 per cent".

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The future may, however, be rosier for those with less wealth, according to the report. "For many residents of low-income countries, life membership of the base tier is the norm rather than the exception". The Millennial group as a whole may face some ongoing challenges that prior generations have not faced.

The U.S. still leads the world in millionaires, with 15.3 million people worth $1 million or more.

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