UK now has third highest number of super-rich in the world

Credit Suisse report paints a stark picture of global inequality

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Less than one per cent of the world’s population now holds about 50 percent of the total private wealth, according to Credit Suisse.

In its annual Global Wealth Report the Swiss bank highlights the uneven distribution of wealth around the world; and it estimates that in 2015, 3.4 billion people, or 71 per cent of the world’s population, had wealth below USD 10,000 each.

This year the UK has moved into third place in terms of countries with the most ‘ultra high net worth’ individuals, behind the US and China. There are now 5,400 UK individuals whose wealth exceeds USD 50 million, 400 more than last year.

In August, data from Barclay’s bank showed that the number of UK millionaires had shot up by 41 per cent over the past five years. Meanwhile low-paid jobs are proliferating and food bank use soaring.

Credit Suisse predicts the number of dollar millionaires globally will rise 46.2 per cent to a record 49.3 million over the next five years, driven by China.

The overall picture in the report is one of stark inequality with more wealth predicted to climb to the already bloated top: once debts have been subtracted, a person needs only USD 3,210 to be among the wealthiest half of world citizens in mid-2015.

However, USD 68,800 is required to be a member of the top 10 per cent of global wealth holders, and USD 759,900 to belong to the top 1 per cent.

Ruby Stockham is a staff writer at Left Foot Forward

22 Responses to “UK now has third highest number of super-rich in the world”

  1. Paul Goggin

    The Tory ‘long term economic plan’ is working for the few, austerity for the poor, abundance for the rich.

  2. steroflex

    I am 76 years old.
    Poverty? Yup. Been there several times. Rich? Never – but comfortable.
    I used to be cold, hungry, ill and brave.
    Now I am warm. The electricity still works. I have excellent food from shops which once I could only dream about. Medicine has developed to miraculous levels. And – for the time being – there is peace.
    I live on what I can only call a working man – and women’s – estate. We are all the same.
    I teach immigrants and, partly through their own fault (lots of divorce), some of them are desperate. I could give examples of serious injustice. But even the lorry boys from Africa get free bikes, clothes and a nice home until they get fed up and drift off to London.
    So – quit moaning!

  3. Dark_Heart_of_Toryland

    You’re one of the privileged pensioners in the UK whose wealth is being carefully protected by the Tory government. You also benefit form an NHS which is, at the moment, free. You don’t say whether you own your own house, but if you do, you’ve got a source of increasing unearned wealth. You’ve therefore got comparatively little to moan about.

  4. tangentreality

    Fantasic news. Think of all the tax they’re contributing to the Exchequer which we wouldn’t be getting otherwise. Good on the Tories.

  5. Rowdie111

    Good news …let’s keep attracting all those filthy rich to bring their money here to spend and invest and give us tax take !

  6. Rowdie111

    and you seem to be one of those that are dying in our streets…..where all our cars that can’t even find space to park are having to doge over !

  7. JohnSmith

    Better they come and spend their money here in Britain than elsewhere. And better than immigrants who come to scrounge benefits paid for by hardworking British taxpayers.

  8. Dark_Heart_of_Toryland

    Self-evidently, the fact that I have access to the internet would suggest that I am not one of the rapidly growing numbers of homeless people in the UK. Have you not been to a large town in the last few years? There are too many homeless people sleeping on the pavements. There certainly is enormous wealth in the UK, but it is grotesquely maldistributed; and there is certainly a great deal of genuine poverty as well.

  9. Serf

    The Rothschild family are the richest people in world and could easily write off and cancel all global debt for everyone. There are some estimates that put the Rothschild family wealth gathered over 400 years at $500 trillion. which is possible because they do own almost all the worlds central banks and the vast majority of gold reserves. The Queen of Britain and Commonwealth has been reported to own 6,600 million acres of land estimated at 2007 value to be worth £16.7 trillion ($33 trillion) and selling a small amount of this land could eradicate the UK national debt. Obviously the ruling elites and the richest people on the planet will not use their wealth to eradicate global poverty as they would have already done this. One possible theory is the rich ruling elite genuinely believe that any and all wealth gained in their current physical life will follow them into their afterlife, though this will not happen as the afterlife according to most writers and observers does not thankfully use any financial or economic system. The most common publicised alternative economic systems to eradicate poverty will also fail in the long term such as liberalism, neo-liberalism (Thatcherism/Blairism), communism, marxism, fascism or socialism as these were devised by the ruling elite to benefit he ruling with wealth channeled upwards. Communism and marxism were devised and supported by the Rothschild’s.

    One possible long term alternative to eradicate poverty is to replace the global economic system with a new regional non globalist and self sufficient system without money, without debt, without finance, without banks, a system that is open, fair, accountable and transparent to all. The replacement system would allow the rich elite to maintain their wealth and standard of living but the global resources of the planet (education, knowledge, technology, water, energy, land and communication, infrastructure etc.) would be owned by the people and shared accountably, equitably and fairly. A system that would provide free high quality goods and services to all with full human rights, without exploitation, without coercion and without debt, cleanly, safely and sustainably such as free natural and safe healthcare and non GMO foods. It would mean the people reducing family size and living their lives and not living to work for the ruling elite. Such a system will be needed as technology using artificial intelligence, robots and computers is forecast to replace the majority of work in the future.

    The ruling elite are also busy deploying global human population reduction because they want to maintain their wealth. Population reduction methods include but are not limited to war, poverty, ill health, disease, vaccines, environmental pollution and social policies. The ruling elites are desperate to reduce the global human population that has increased from just under 1 billion in 1800 to over 7 billion in 2015. Previous policies to reduce human population have used deindustrialisation and restricting water and infrastructure availability and include reintroducing large carnivores to dssauade people from expanding population areas such as timber wolves in the US as part of UN Agenda 21.

  10. Cole

    So rich people who come to the UK aren’t immigrants?

  11. Cole

    A lot of them seem prett good at dodging UK tax…

  12. steroflex

    No. The beggars on the streets are being well financed out of the state moneys. They should – as in New York – be driven away. The immigrant poor are totally different. They quite often deserve our help. A friend of mine – a hardworking Pole – was diagnosed with cancer and sacked. He sought (after some ten years’ work) some sort of state help. It was not forthcoming. Now what? He still smiles bravely. I could go on…

  13. Pascal Rascagneres

    You’re being cynical right?

  14. Pascal Rascagneres

    Nothing wrong with people being rich as long as they fulfil their responsibility to the rest of society.

  15. Dark_Heart_of_Toryland

    ‘The beggars on the streets are being well financed out of the state moneys’????? So why are they reduced to sleeping on the streets then?????

    However, I do agree with you that the immigrant poor should be eligible for state help, just like anyone else. The treatment of immigrants by the government is disgusting and abhorrent.But it shouldn’t be a question of who ‘deserves’ help. The notion of the ‘deserving’ poor is a form of discrimination as pernicious as any other.

  16. Mike Stallard

    Have you ever met any of these beggars? Have you ever talked to them? Why are they reduced to sleeping “city”?
    I will let you guess.
    The drunk Russians, of course, are a different matter. We used to get a lot of them but now they have disappeared somewhere. In the summer, they went into the woods. In winter, I just do not know any more. There used to be a Christian Hostel for them, but I think it is full up.
    We filter out the people who don’t need our help. The ones who do – and there are some – get helped to our uttermost.

  17. Dark_Heart_of_Toryland

    Yes, because clearly, we all benefit from rampant housing inflation, while the luxury sports car industry is obviously vital to the UK economy, and tax avoidance provides work for hundreds of accountants.

  18. Dark_Heart_of_Toryland

    Yes, I have talked to some of them. And I’ve never met one claims to be sleeping on the streets as a matter of choice.

    As for the idea that those who need it ‘get helped to our uttermost’ – that’s just not remotely true. Just stop and consider the 90 people a month who, according to the DWP’s own figures (albeit dragged out of them only after IDS’ bitter resistance), die shortly after being declared fit for work.

  19. Mike Stallard

    We don’t do figures. We do people. We’re the Church!

  20. Dark_Heart_of_Toryland


  21. Harold

    If only it was true.

  22. Harold

    I wish you were right, there is no connection with being rich and paying tax, there might be between being rich and avoiding tax. They may well invest in property at inflated prices, which could be money laundering in disguise, but little is actual invested into the British economy. These people see the UK with its tax friendly laws as a tax haven opportunity. Even if we adopted the rules the USA applies to its citizens we might start taxing these people who at the moment are no better than wealthy scroungers.

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