Wednesday, November 23, 2016

Same as before - the rich are still with us

According to the new study from Credit Suisse, the richest 10 percent now owning a full 89 percent of all global assets.

The report reads:
“Our calculations indicate that the top 1 percent of global wealth-holders started the millennium owning 49.6 percent of all household wealth. This share declined slowly and steadily until it reached 45.4 percent in 2009. The downward trend then reversed and the share rose each year, passing the 2000 level in 2014. We estimate that the top percentile now own 50.8 percent of global household assets.”

Meanwhile, the report estimates that 3.5 billion individuals—73 percent of all adults in the world—have wealth below $10,000, and about 1 billion people—the bottom 20 percent of adults—own no more than $248.

"In recent years, there has been a growing sense that the economic recovery is shallow, and has not reached all layers of society," researchers said in the study. "Evidence from our global wealth database supports this view."

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