Richest 1% Now Control Record 50.1% of Global Wealth

Richest 1% Now Control Record 50.1% of Global Wealth

"The downward trend reversed after 2008 and the share of the top one percent has been on an upward path ever since, passing the 2000 level in 2013 and achieving new peaks every year thereafter".

India's total household wealth increased by 9.9 per cent to $5 trillion during financial year 2016-2017, and the $451 billion addition to the nation's wealth was the eighth largest globally, said Credit Suisse Research Institute's Global Wealth Report for 2017.

"While the bottom half of adults collectively own less than 1 percent of total wealth", the report adds, "the richest decile (top 10 percent of adults) owns 88 percent of global assets, and the top percentile alone accounts for half of total household wealth". That brings the total number of millionaires in the US up to approximately 15,356,000, or about one in every 20 Americans. Similarly, Africa is highly concentrated at the bottom of the distribution: "More than 40 percent of African adults belong to the lowest two global wealth deciles". There were 2.3 new millionaires created in 2017, bringing the total to 36 million millionaires worldwide.

Charities said the findings highlighted the need for action from political leaders both in the United Kingdom and internationally.

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The Global Wealth Report also presents a dire outlook for the world's young adults, referred to in the document as "unlucky millennials".

The number of British dollar millionaires has already dropped this year by 34,000 because of the 15 per cent fall in sterling in the year to June.

"The recent Paradise Papers revelations laid bare one of the main drivers of inequality-tax dodging by rich individuals and multinationals", said Chakrabortty.

The group is disproportionately represented in developing countries.

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"At the other extreme, a small fraction of the population (just 0.5% of adults) has a net worth over $100,000".

In contrast, many European countries are growing rapidly: Germany, France, Italy and Spain accounted for a fifth of all global growth in the past year.

They have been hit with direct losses from the global financial crisis, but also "faced first-hand the subsequent unemployment, increased income inequality, as well as higher property prices, tighter mortgage rules, and in some countries, a considerable rise in student debt", the study said.

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