One percent of the world’s population owns half of global assets
While people are constantly planning to acquire more wealth and raise their standard of living, a recent report reveals that half of the wealth on earth is owned by just one percent of the world population and the poorest people own less than one percent of the total wealth on earth.
The fifth annual Global Wealth Report submitted by Credit Suisse says that the global wealth per adult has increased by $3,450 resulting in $56,000 per person, a record high amount and it is also the highest recorded amount since the financial crisis. Wealth equality is also found to have increased since 2008 when the financial crisis had begun to take its toll on the economy and the change was found in developing economies like India and China.
When the debts are deducted, a person requires to have $6,650 to be counted among the wealthiest half of the world citizens. To climb to the wealthiest pedestal, one has to have more than $77,000 to be one among the top 10 percent of the global wealth holders and in order to belong to the top 1 percent of the population, one has to have $798,000.
The report read, “Taken together, the bottom half of the global population own less than 1 per cent 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 per cent of global assets”.
“Prior to 2007 most countries show little change in inequality, or a slight decline; after 2007 wealth inequality has tended to increase.”
The report is also backed by the research results by Oxfam which was published in January 2014 which revealed that one percent of the world’s population control almost half of the total wealth of the earth. It is also said that the recovery from financial crisis has skewed in favour of the wealthiest one percent.