Credit Suisse report paints a stark picture of global inequality
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
To reach hundreds of thousands of new readers and to make the biggest impact we can in the next general election, we need to grow our donor base substantially.
That's why in 2024, we are seeking to generate 150 additional regular donors to support Left Foot Forward's work.
We still need another 124 people to donate to hit the target. You can help. Donate today.
22 Responses to “UK now has third highest number of super-rich in the world”
Paul Goggin
The Tory ‘long term economic plan’ is working for the few, austerity for the poor, abundance for the rich.
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!
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.
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.
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 !