Global wealth surges in 2017 - Credit Suisse report

Global wealth surges in 2017 - Credit Suisse report

Millionaires now account for 0.7 percent of the world's adult population, yet control more than 45 percent of total global wealth, which currently stands at $280 trillion, according to the report. There are 1,820 adult Indians who have wealth over $50 million, and, at the very apex, 760 have more than $100 million.

The number of millionaires has increased by 170% globally since the year 2000.

There are 36 million millionaires today - up 22% - and it's expected to rise to 44 million in five years, Credit Suisse says.

The report states: "Increasing inequality can boost the speed at which new millionaires are created".

Global wealth has grown by 27 percent, 10 years since the onset of the global financial crisis, but there is a growing gap between those at the very top and everyone else, a report by Swiss banking group Credit Suisse said Tuesday.

Katy Chakrabortty, Oxfam's head of advocacy, said: "In the United Kingdom, the wealthiest 1 per cent have seen their share increase to almost a quarter of all the country's wealth, while the poorest half have less than 5 per cent".

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Maybe there is never a bad time to be a millionaire. Meanwhile, the world's poorest individuals are barely getting by with less than $10,000. Governments should act to tackle extreme inequality that is undermining economies around the world, dividing societies and making it harder than ever for the poorest to improve their lives.

The future may, however, be rosier for those with less wealth, according to the report.

The number of British dollar millionaires has already dropped this year by 34,000 because of the 15 per cent fall in sterling in the year to June.

Credit Suisse Group AG on Monday agreed to pay $135 million to NY to resolve a probe of misconduct in its foreign exchange business, which the state's banking regulator said deceived customers to enhance its own profits. The Millennial group as a whole may face some ongoing challenges that prior generations have not faced.

"With the baby boomers occupying most of the top jobs and much of the housing, millennials are doing less well than their parents at the same age, especially in relation to income, homeownership and other dimensions of wellbeing assessed in this report".

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