Credit Suisse study shows inequality accelerating, with NGOs saying it shows economic recovery ‘skewed towards wealthy’
The richest 1% of the world’s population are getting wealthier, owning more than 48% of global wealth, according to a report published on Tuesday which warned growing inequality could be a trigger for recession.
According to the Credit Suisse global wealth report (pdf), a person needs just $3,650 — including the value of equity in their home — to be among the wealthiest half of world citizens. However, more than $77,000 is required to be a member of the top 10% of global wealth holders, and $798,000 to belong to the top 1%.
“Taken together, the bottom half of the global population own less than 1% of total wealth. In sharp contrast, the richest decile hold 87% of the world’s wealth, and the top percentile alone account for 48.2% of global assets,” said the annual report, now in its fifth year.
The report, which calculates that total global wealth has grown to a new record — $263tn, more than twice the $117tn calculated for 2000 — found that the UK was the only country in the G7 to have recorded rising inequality in the 21st century.
Its findings were seized upon by anti-poverty campaigners Oxfam whichpublished research at the start of the year showing that the richest 85 people across the globe share a combined wealth of £1tn, as much as the poorest 3.5 billion of the world’s population.