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
22 Responses to “UK now has third highest number of super-rich in the world”
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.
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.
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.
Mike Stallard
We don’t do figures. We do people. We’re the Church!
Dark_Heart_of_Toryland
Eh??