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 ForwardLike this article? Sign up to Left Foot Forward's weekday email for the latest progressive news and comment - and support campaigning journalism by making a donation today.