Global wealth rises over decade, but rich-poor gap grows: report

Updated 2017-11-15 00:02:39 Xinhua

Global wealth has grown by 27 percent, 10 years since the onset of the global financial crisis, but there is a growing gap between those at the very top and everyone else, a report by Swiss banking group Credit Suisse said Tuesday.

"The top wealth earners in particular benefited, and, across all regions, wealth inequality rose from 2007 to 2016," said the Credit Suisse Research Institute's 2017 Global Wealth Report.

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.

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

The shares of the top 5 percent and top 10 percent wealth holders show a similar pattern."The share of the top 5 percent overtook its 2000 level in 2013 and now stands at 76.4 percent."

"Looking at the bottom of the wealth distribution, 3.5 billion people -- corresponding to 70 percent of all adults in the world -- own less than 10,000 U.S. dollars," said the report.

"Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets," it added.

The future may, however, be rosier for those with less wealth, according to the report.

It said global wealth should continue to grow at a similar pace to the last half a decade (3.9 percent expected and 3.8 percent recorded over last five years), albeit at a slower rate than the previously estimated 5.4 percent.

Based on this updated forecast, global wealth is anticipated to reach 341 trillion U.S. dollars by 2022.

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