Global inequality widening, 1% holds half of world’s wealth
Global inequality has widened according to a recent research compiled by Credit Suisse, leading financial services company. The report titled ‘Global Wealth Report 2015’ revealed that wealth distribution has skewed even more in favour of the wealthiest across the world.
With half of world’s wealth now possessed by just 1% of the population and the poorest half owning just one percent of total wealth, the rich are getting wealthier and inequality growing, according to the report.
“Wealth inequality has continued to increase since 2008, with the top percentile of wealth holders now owning 50.4% of all household wealth,” it said.
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’s population – are in the $10,000-$100,000 range.
This year’s rise in equity prices and in the size of financial assets in high-wealth countries pushed up the wealth of some of the richest countries and people, resulting in increased wealth inequality.
According to the report, the share of financial assets rose again as a percentage of total wealth and may help explain why wealth inequality is edging upwards.