World's Richest One Percent Own Over Half of Global Wealth

Credit Suisse

Credit Suisse denies the claims

"With the 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 wellbeing", the Swiss bank wrote in its annual Global Wealth report, published on Tuesday.

The share of the top 1 percent wealth holders has been on an upward path since the 2008 crisis, passing the 2000 level in 2013 and achieving new peaks every year after, according to the report.

Since 2000, wealth in India has grown 9.9 per cent per annum, faster than the global average of 6 per cent even after taking into account population growth of 2.2 per cent annually.

"While wealth has been rising in India, not everyone has shared in this growth". Thirty-six million people with over a million dollars make up just 0.7 percent of the global population, but control 46 percent of the world's $280 trillion dollars. Wealth in the Asia-Pacific grew by 3 percent to $89 trillion, putting the region ahead of Europe on $80 trillion and behind the US on $93.6 trillion.

The Global Wealth Report also presents a dire outlook for the world's young adults, referred to in the document as "unlucky millennials". "There is some uncertainty about future interest rates and stock market prospects, but otherwise the signs are mostly positive for household wealth". "Thus, although indebtedness is a severe problem for many poor people in India, overall household debt as a proportion of assets in India is lower than in most developed countries", it added.

"According to our latest estimates, the top 1 percent own 50.1 percent of all household wealth in the world", said the report.

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. Stock market gains helped add $8.5 trillion to USA household wealth during that period, a 10.1% rise. Globally, Switzerland remains the richest nation with $537,600 wealth per adult in 2017, followed by Australia ($402,600) and the United States ($388,000), the report said.

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