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Wealth Distribution The world's richest one per cent own half the planet's wealth

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A new report from Credit Suisse has shown that the world's richest one per cent now holds half of the planet's wealth - while the bottom half owns less than one per cent.

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The Global Wealth Report found that to be counted among the world's wealthiest ten per cent, an individual would need to possess $68,800 (£44,500), while those in the top one per cent would need (£492,000).

 

 

The report, which examined wealth in more than 200 countries, also revealed that for the first time, the middle class in China - with 109 million adults - became the world’s largest, overtaking the US which has 92 million adults in the same category.

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To be in the wealthiest half of the world’s adult population, Credit Suisse calculated an individual would need $3,210. To be in the richest 10 per cent, they would need $68,800.

And to be classified among the world's elite 1 per cent, they would require $759,900.

The report, which examined wealth in more than 200 countries, also revealed that for the first time, the middle class in China - with 109 million adults - become the world’s largest, overtaking the US which has 92 million adults in the same category.

Related: > Wang Jianling Asia's richest man just bought World Triathlon for $650 Million

Overall, 664 million adults made up the global middle class, accounting for about 14 per cent of the population.

But the report highlighted that wealth inequality had widened in the 12 months to mid-2015.

Credit Suisse CEO Tidjane Thiam said: “While the distribution of wealth is skewed towards the wealthy, the considerable economic importance of the base and middle sections (of the wealth pyramid) should not be overlooked. Together, they account for 39 trillion US dollars in wealth, driving a significant part of demand for a wide range of consumer goods and financial services.”

Source: Independent

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