According to a report by Credit Suisse, millennials – those born between the early 1980s and the late 90s – are the least well-off age group.
The report says:
“Not only were they hit at a vulnerable age by the global financial crisis, its associated recession and the poor job prospects that followed, but they have also been disadvantaged in many countries by high house prices, low interest rates and low incomes, making it difficult for them to buy property or accumulate wealth. Studies in several countries have indicated that the millennials can expect to be worse off than their parents.”
Personal savings of $109,430 (£83,630) are required to be part of the top 10% of the world’s richest people.
46.8 million collectively own $158.3tn in net assets, 44% of the global total.
55,920 adults are worth at least $100m.
4,830 have net assets above $500m.
Net assets are defined as realisable savings minus debts and does not include the value of property.