The annual world’s wealth report by Credit Suisse financial group was recently released. For the first time in history, the top 1% of the world’s richest now owns 50% of all the wealth. And I bet they’re working hard to get the rest, lol. 😀 Here are some of the highlights I found interesting from the report. Wealth is defined as the value of net assets including property and stock market investments. Everything is in $US unless otherwise specified.
At a Glance
- In total, global households have $250 trillion (an amount equal to 100 times JP Morgan’s assets.)
- There are 34 million millionaires in the world. They make up 0.7% of the world’s adult population.
- Wealth inequality was actually falling before the financial crisis but has increased every year since 2008. Median wealth has stagnated in the U.S. while the country created 903 new millionaires between 2014 and 2015.
- 71% of the world’s population (3.4 billion adults) have less than $10,000.
- Global wealth could reach $345 trillion by mid-2020, 38% above its mid-2015 level.
The Upper Class
- There are 123,800 people in the world with a net worth exceeding $50 million. Of these, 44,900 are worth at least $100 million, and 4,500 have assets above $500 million. 😯
- There are 984,000 millionaires in Canada.
- Canada has a disproportionate number of millionaires as Canadians represent 0.6% of the global population but make up 3% of the world’s 1% wealthiest.
- Having $68,800 would secure you a place in the top 10% of the world’s wealthiest.
- The top 1% have at least $759,900.
- Millionaires from just about every country saw their collective wealth decline last year, but the main factor was the rise of the U.S. dollar, which made wealth denominated in other currencies look comparatively smaller.
Here’s the full press release from Credit Suisse.
This year’s report focuses on the middle classes, as defined by personal wealth rather than profession. It says 14% of adults worldwide are middle class, with $50,000 to $500,000 of assets. From 2008 onwards, wealth growth has not allowed the middle-class to keep pace with population growth. Furthermore, the distribution of wealth gains has shifted in favor of those at higher wealth levels. So if you want to benefit from this trend, or at least make your financial life easier, simply get your net worth above the middle-class range.
Random Useless Fact:
Mosquito bite? Press a hot spoon onto the spot. The heat will destroy the protein that caused the reaction and the itching will stop.