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