Published: Wed, November 15, 2017
Money | By Armando Alvarado

Global wealth up 27% since financial crisis

Global wealth up 27% since financial crisis

"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.

The world's wealthiest 1 percent got 8 percent richer since the 2008 financial crisis and now own more wealth than half of the world's wealth, according to a Credit Suisse report released Tuesday.

Early this year, USA authorities announced a $5.28 billion settlement with Credit Suisse over its role in the sale of the kind of toxic securities that led to the global financial crisis of 2008.

Moreover, as wealth increased faster than the population, global mean wealth per adult reached a new record high of $56,540.

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

It pointed to "widespread gains in equity markets", at the same time as non-financial assets like real-estate for the first time passed the level they were at when the global financial crisis struck in 2007.

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For example, it found, "Most Chinese adults are found in the upper middle section of global wealth distribution", with the country accounting for 9 percent of the top tenth of the global population by wealth.

"While wealth has been rising in India, not everyone has shared in this growth". The report suggests inequality is still worsening some eight years after the worst global recession in decades.

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".

"However, $76,754 is required to be a member of the top 10 percent of global wealth holders, and $770,368 to belong to the top 1 percent". Stock market gains helped add $8.5 trillion to United States household wealth during that period, a 10.1% rise. That brings the total number of millionaires in the USA up to approximately 15,356,000, or about one in every 20 Americans.

This report was the eighth such annual report out of Credit Suisse, and the firm measures roughly 4.8 billion adults over approximately 200 countries for its data.

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