Wealth extremism

The latest global wealth report by Credit Suisse has some shocking numbers on the latest level of wealth concentration

– 35 million people each have more than $1 million in wealth whereas 3.2 billlion people have less than $10,000

– If you do the sums, it means the former group is worth a combined $116 trillion whereas the latter group is worth $7.6 trillion

– In percentage terms, things look worst:  0.7% of the total population have about 44% of total wealth, whereas 70% have 2.9%

Who are the wealth millionaires?

– More than 40% are in the US

– Germany, UK, France, Japan, Italy have betwen 5% and 10%

Who are the worst performers in developed countries?

– In Hong Kong, US, and Switzerland the top decile owns more than 70% of the wealth

– In Austria, Germany, Denmark, Israel, Norway, Sweden, top decile owns more than 60% of wealth

– Top decile is worth less than 50% in Belgium and Japan

– The remaining developed countries exhibit top deciles owning between 50% and 60% of total wealth

Have all countries seen increases in wealth concentration in top decile in the last decade and a half?

– Rise: China, Egypt, Hong Kong, Turkey, Korea, Argentina, India, Russia, Taiwan, Indonesia, Israel, Czech Republic, Brazil, UK, Spain, Chile

– Little change: Greece, Austria, Thailand, Portugal, Ireland, Peru, Australia, US, Belgium, Netherlands, South Africa, Finland, Italy, Sweden, Norway

– Fall: Switzerland, Denmark, Germany, Japan, Philippines, France, Columbia, Canada, Mexico, Malaysia, New Zealand, Singapore, Saudi Arabia, Poland

Will this gets worst? The report predicts that by 2019

– The middle class will grow (percentage of population with between $10,000 and $100,000 will increase from 21 to 25%)

– Number of millionaire will reach 53 million compared to 35 million right now