Richest 1% now owns half the world's wealth

USA Today Finance 10 months ago

The wealthiest 1% of the world's population now owns more than half of the world's wealth, according to a new report.

The total wealth in the world grew by 6% over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse. More than half of the $16.7 trillion in new wealth was in the U.S., which grew $8.5 trillion richer.

But that wealth around the world is increasingly concentrated among those at the top. The top 1% now own 50.1% of the world's wealth, up from 45.5% in 2001.

"So far, the Trump presidency has seen businesses flourish and employment grow, though the ongoing supportive role played by the Federal Reserve has undoubtedly played a part here as well, and wealth inequality remains a prominent issue," said Michael O'Sullivan, chief investment officer for International Wealth Management at Credit Suisse. "Looking ahead, however, high market valuations and property prices may curb the pace of growth in future years."

The world's millionaires are expected to do the best in the coming years. There are now 36 million millionaires in the world and their numbers are expected to grow to 44 million by 2022.

The U.S. still leads the world in millionaires, with 15.3 million people worth $1 million or more.

Japan ranks second with 2.7 million millionaires, while the U.K. ranks third with 2.2 million. China ranks fifth with 1.9 million millionaires, but its millionaire population is expected to hit 2.8 million by 2022.

© CNBC is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY.

Source link
Read also:
NY Daily News Sports 10 months ago
BASEL, Switzerland (AP) — Switzerland has qualified for the World Cup in Russia.Copyright 2017 The Associated Press. All rights reserved. This...
Los Angeles Times 10 months ago
Eduardo Sarabia’s installation “Drifting on a Dream” is a collection of old and new work that explores dreams and fantasies, particularly as they...
USA Today Sports 10 months ago
The prevailing theme for Gian Piero Ventura's run as Italy coach was that the 69-year-old journeyman manager was in far over his head  
Forbes 10 months ago
Today’s column explains the effect of early retirement on spousal benefits, visiting a Social Security office other than your local one, who to...
Forbes Sports 10 months ago
Lauri Markkanen will get every opportunity to shine early on for MyGM/MyLeague owners. Almost every sports series has some sort of franchise mode...
Chicago Tribune 10 months ago
Trivia Multiple Choice True or False Civil Rights Milestone Map Matching
Forbes Auto 10 months ago
Launched at this January's Detroit auto show, the Tiguan is already doing big business in China and Europe and shows signs of overcoming its North...
CNN Sports 10 months ago
One of world football's most storied -- and successful -- teams will not be heading to next year's World Cup in Russia.Italy, who have appeared at...
Los Angeles Times Sports 10 months ago
Farhan Zaidi went to work on Nov. 2. The sting of the day before, when the Dodgers fell in Game 7 of the World Series, had not yet faded, and it has...
Forbes 10 months ago
More than three decades after their string of chart-topping alternative pop gems made them one of rock's biggest duos, Tears For Fears have enjoyed a...
One click to connect
Select a social network to associate your account