World’s richest 1% of people now own half global wealth, finds study
The richest 1 per cent of people in the world now own half of the planet’s wealth, according to a new report that highlights breathtaking levels of global inequality.
The study reveals how the super-rich have profited from the aftermath of the 2008 global financial crisis, seeing their proportion of the world’s wealth increase from 42.5 per cent in the midst of the crisis to 50.1 per cent now.
According to the Credit Suisse Global Wealth Report, the top 1 per cent are now worth a total of £106 trillion – around eight times more than the size of the US economy.
The wealthiest 10 per cent of people, meanwhile, own 87.8 per cent of global wealth.
“The downward trend reversed after 2008 and the share of the top 1 per cent has been on an upward path ever since, passing the 2000 level in 2013 and achieving new peaks every year thereafter,” the report says.