The world’s richest 1% owns more than half of the world’s wealth, according to a financial report.
In over a year, the world’s wealth increased from $ 16.7 trillion to $ 280 trillion, the report by Credit Suisse, released Tuesday says.
The 1% now owns 50.1% of all household wealth in the world, the study says.
“The share of the top 1% in the household portfolio, which fell during 2000-2008 and then began to rise after 2008, raising the wealth of many of the richest countries, and of many of the richest people,” the reports says.
There are 36 million millionaires today — up 22% — and it’s expected to rise to 44 million in five years, Credit Suisse says.
Meanwhile, 3.5 billion people — 70% of all the world’s adults — have less than $ 10,000.
People with low wealth rates tend to come from younger age groups, and millennials face more challenges compared to other generations, according to the bank’s findings.