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Admin’s Pick: World’s richest 1 percent now own more than half of world’s wealth

The world’s wealthiest 1 percent got 8 percent richer since the 2008 financial crisis and now own more wealth than half of the world’s wealth.
Nov. 14 (UPI) — The world’s wealthiest 1 percent got 8 percent richer since the 2008 financial crisis and now own more wealth than half of the world’s wealth, according to a Credit Suisse report released Tuesday.

“The share of the top 1 percent has been on an upward path ever since [the crisis], passing the 2000 level in 2013 and achieving new peaks every year thereafter,” the bank’s annual report said, adding: “global wealth inequality has certainly been high and rising in the post-crisis period.”

The quickest wealth spurt happened over the past 12 months, with the top 1 percent boosting their value by 6 percent to a total of $280 trillion. That brings the top 1 percent’s wealth to 50.1 percent of the entire world.

“So far, the Trump presidency has seen businesses flourish and employment grow, though the ongoing supportive role played by the Federal Reserve has undoubtedly played a part here as well, and wealth inequality remains a prominent issue,” said Michael O’Sullivan, chief investment officer for International Wealth Management at Credit Suisse, according to CNBC. “Looking ahead, however, high market valuations and property prices may curb the pace of growth in future years.”

The wealthy in the United States saw the biggest gains, accumulating more than half of the $16.7 trillion in new wealth created since 2008.

Meanwhile, the world’s 3.5 billion poorest adults each have assets of less than $10,000, according to the Guardian.

Source: World’s richest 1 percent now own more than half of world’s wealth: Report – UPI.com

 

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