{"id":101864,"date":"2017-11-27T12:00:59","date_gmt":"2017-11-27T12:00:59","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=101864"},"modified":"2017-11-19T17:10:03","modified_gmt":"2017-11-19T17:10:03","slug":"the-richest-1-now-own-more-than-50-of-the-worlds-wealth","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2017\/11\/the-richest-1-now-own-more-than-50-of-the-worlds-wealth\/","title":{"rendered":"The Richest 1% Now Own More than 50% of the World\u2019s Wealth"},"content":{"rendered":"

The World Has More Millionaires than Ever before. They\u2019re Worth $63.5 Trillion.<\/em><\/p><\/blockquote>\n

\"\"<\/a>14 Nov 2017 – <\/em>The richest 1% now owns more than half of all the world\u2019s household wealth, according to analysts at Credit Suisse. And they say inequality is only going to get worse over the coming years, with millennials having a particularly tough time.<\/p>\n

The Swiss bank released its latest Global Wealth Report<\/a> today, together with a statement<\/a> that contained the immortal phrase, \u201cThe outlook for the millionaire segment is more optimistic than for the bottom of the wealth pyramid.\u201d<\/p>\n

The research showed that there are increasing numbers of dollar millionaires. This is partly because the strength of the euro has created 620,000 more of them in Germany, France, Italy and Spain (conversely, depreciating currencies in the U.K. and Japan have seen 34,000 and over 300,000 people in those countries respectively lose the status).<\/p>\n

But almost half of the new dollar millionaires are in the U.S. itself. \u201cSo 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,\u201d said Michael O\u2019Sullivan, CIO for International Wealth Management at Credit Suisse.<\/p>\n

Credit Suisse expects to see a 22% rise in dollar millionaires by 2022, from 36 million to 44 million. The problem is, the numbers of adults who have less than $10,000 are expected to shrink by only 4%.<\/p>\n

\"\"<\/a><\/p>\n

The bank\u2019s researchers see wealth inequality as largely being a result of the financial crisis\u2014 it rose across the world between 2007 and 2016, because financial assets were growing faster than non-financial assets. The top 1% started the millennium owning 45.5% of all wealth, and now they have 50.1%.<\/p>\n

As for what\u2019s been happening since mid-2016, Credit Suisse described a mixed picture. Non-financial wealth has been increasing \u201csubstantially,\u201d but inequality is still rising.<\/p>\n

\u201cDespite higher mean wealth per adult, median wealth fell again this year in Africa, Asia-Pacific and Latin America. Our projections for 2022 suggest more pessimistic scenarios for the immediate years ahead,\u201d the researchers said.<\/p>\n

\u201cLooking at the bottom of the wealth distribution, 3.5 billion people\u2014corresponding to 70% of all adults in the world\u2014own less than $10,000. Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets, but we find that millennials face particularly challenging circumstances compared to other generations,\u201d they wrote.<\/p>\n

\"\"<\/a><\/p>\n

Essentially, millennials are more likely to be unemployed or earning less, priced out of the housing market, and unable to get a pension. Baby boomers have most of the wealth and the housing, so \u201cmillennials are doing less well than their parents at the same age.\u201d<\/p>\n

Millennials may be better educated than earlier generations, but Credit Suisse\u2019s researchers said they expected only a \u201cminority of high achievers and those in high-demand sectors such as technology or finance to effectively overcome the \u2018millennial disadvantage.’\u201d<\/p>\n

___________________________________________<\/p>\n

\"\"<\/a>David Meyer is a writer based in Berlin.<\/em><\/p>\n

 <\/p>\n

 <\/p>\n

Go to Original \u2013 fortune.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

14 Nov 2017 – The richest 1% now owns more than half of all the world\u2019s household wealth, according to analysts at Credit Suisse. The Swiss bank released its latest Global Wealth Report today, together with a statement that contained the immortal phrase, \u201cThe outlook for the millionaire segment is more optimistic than for the bottom of the wealth pyramid.\u201d<\/p>\n","protected":false},"author":4,"featured_media":101866,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[],"class_list":["post-101864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capitalism"],"_links":{"self":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/101864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/comments?post=101864"}],"version-history":[{"count":0,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/101864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media\/101866"}],"wp:attachment":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media?parent=101864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/categories?post=101864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/tags?post=101864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}