World’s Richest Seven-Tenth of a Percent Own 44% of Assets
Here’s another take on how concentrated the world’s wealth has become in the hands of the rich.
About 44% of all personal assets on the planet are owned by only 0.7% of the global population, according to Global Wealth Report 2014 produced by Credit Suisse. The 0.7% represents 35 million individuals worth one million dollars or more. This group controls about $116 trillion in assets.
Among these 35 million millionaires are 128,200 people worth more than $50 million, and 45,200 people worth $100 million or more, the report says.
In the United States, the richest 1% takes home 20% of the nation’s total income. This is the highest rate since 1928. This economic elite also owns more than 38% of the nation’s total wealth.
Credit Suiisse classifies the United States as one of only three developed economies with “very high inequality,” meaning the richest 10% own more than 70% of the nation’s assets. (The other two areas are Switzerland and Hong Kong.)
-Noel Brinkerhoff, David Wallechinsky
To Learn More:
Global Wealth Report 2014 (Credit Suisse Research Institute) (see pages 23-37) (pdf)
Upset about the Richest 1%? The Top .000003% Own $25 Trillion (by David Wallechinsky and Noel Brinkerhoff, AllGov)
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