The distribution of global wealth is getting more unequal every year, according to a huge study by Credit Suisse.
The bank has compiled statistics to show that just 0.7% of the world’s adult population own almost half of the world’s wealth, while the bottom 71% have less than $US10,000 (£6,500) each.
That poorest two-thirds of the population own a 3% sliver of the world’s wealth, and inequality is rising according to the analysts at Credit Suisse.
Here’s what they had to say (emphasis ours):
This year, the number of High Net Worth individuals fell for the first time since 2008. However, the share of wealth owned by HNW individuals continued to rise as it has done every year since 2002, except for the setback in 2007 — 2008.
And here’s what that wealth pyramid looks like:
The unequal distribution of wealth is a growing theme in global politics. On Monday, the Nobel Prize for Economics was given to Angus Deaton, a 69-year-old Scottish-American professor of economics at Princeton University, for his work on inequality.
According to Credit Suisse, only about 20% of developed world adults fall within the sub $US10,000 category, while in parts of India and Aftica it’s around 90%.
Meanwhile at the top, the US dominates as the country with the most dollar millionaires. This is partly down to the dollar strengthening this year, making harder for people dealing with other currencies to hit the 1 million mark.
Europe lost 2 million members of the millionaire club, while the US upped its share of global millionaires from 41% to 46% this year.
Credit Suisse split out the wealth distribution at the very top of the pyramid. The US takes the lead again, being home to half of the world’s 123,800 ultra-high net worth individuals: