World's richest 1 percent own more than half world's wealth: report

By Ray Downs  |  Nov. 15, 2017 at 12:00 AM
share with facebook
share with twitter

Nov. 14 (UPI) -- The world's wealthiest 1 percent got 8 percent richer after the 2008 financial crisis, and now own more than half the wealth on the planet, an analysis report said Tuesday.

The report was issued by international financial firm Credit Suisse.

"The share of the top 1 percent has been on an upward path ever since [the crisis], passing the 2000 level in 2013 and achieving new peaks every year thereafter," the bank's annual report said. "Global wealth inequality has certainly been high and rising in the post-crisis period."

The quickest wealth spurt happened over the past 12 months, with the top 1 percent boosting their value by 6 percent to a total of $280 trillion. That brings the top 1 percent's wealth to 50.1 percent of the entire world.

"So far, the Trump presidency has seen businesses flourish and employment grow, though the ongoing supportive role played by the Federal Reserve has undoubtedly played a part here as well, and wealth inequality remains a prominent issue," Michael O'Sullivan, chief investment officer for International Wealth Management at Credit Suisse, told CNBC. "Looking ahead, however, high market valuations and property prices may curb the pace of growth in future years."

The wealthy in the United States saw the biggest gains, accumulating more than half of the $16.7 trillion in new wealth created since 2008.

Meanwhile, the world's 3.5 billion poorest adults each have assets of less than $10,000, The Guardian reported.

Related UPI Stories
Trending Stories