This is largely a result of the strength of the dollar, the currency used for Credit Suisse’s calculations. The Credit Suisse report concludes that global wealth has fallen by $12.4tn so far in 2015 - to $250tn – the first drop since the 2008 banking crisis. Are we really happy to live in a world where the top 1% own half the wealth and the poorest half own just 1%?” “This is the latest evidence that extreme inequality is out of control. 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 – shows just how urgently world leaders need to tackle this problem. The report said: “ Wealth inequality has continued to increase since 2008, with the top percentile of wealth holders now owning 50.4% of all household wealth.”Īt the start of 2015, Oxfam had warned that 1% of the world’s population would own more wealth than the other 99% by next year. The UK has the third-highest number of these “ultra-high net worth” individuals. About 123,800 individuals of these have more than $50m, and nearly 45,000 have more than $100m. This number includes about 34m US dollar millionaires. A further 1bn – a fifth of the world’s population – are in the $10,000-$100,000 range.Įach of the remaining 383m adults – 8% of the population – has wealth of more than $100,000. The report defines wealth as the value of assets including property and stock market investments, but excludes debt.Ībout 3.4 bn people – just over 70% of the global adult population – have wealth of less than $10,000. About $68,800 secures a place in the top 10%, while the top 1% have more than $759,900.
The report shows that a person needs only $3,210 (£2,100) to be in the wealthiest 50% of world citizens. This has reversed the pre-crisis trend which saw the share of middle-class wealth remaining fairly stable over time.” Tidjane Thiam, the chief executive of Credit Suisse, said: “Middle class wealth has grown at a slower pace than wealth at the top end.
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