Global inequality is growing, with half of world's wealth now in hands of 1% of population.
The report shows that a person needs only $3,210 (£2,100) to be in the wealthiest 50% of world citizens. Some $68,800 secures a place in the top 10%, while the top 1% have more than $759,900. The report defines wealth as the value of assets including property and stock market investments but excludes debt. About 3.4 bn people – just over 70% of the global adult population – have wealth of less than $10,000. A further 1bn – a fifth of the world population – are in the $10,000-$100,000 range. Each of the remaining 383m adults – 8% of the population – has wealth of more than $100,000. This number includes some 34m US dollar millionaires. About 123,800 individuals of these have more than $50m, and nearly 45,000 have more than $100m. The UK has the third-highest number of these “ultra-high net worth” individuals.
Oxfam had warned that 1% of the world’s population would own more wealth than the other 99% by next year. Mark Goldring, Oxfam GB’s chief executive, said: “The fact it has happened a year early – just weeks after world leaders agreed a global goal to reduce inequality.”
In the UK wealth inequality has risen since 2000, as the gap in wealth per adult between the lower segment and rest of the population has increased. There are now 2.4 million dollar millionaires in the UK , up 68,000 on a year earlier. In the US the number of millionaires is now more than 15m – up 903,000.
This year’s report as defined by personal wealth rather than profession says 14% of adults worldwide are middle class, with $50,000-$500,000 of assets. Middle class wealth has grown at a slower pace than wealth at the top end