The wealth of the world -- from all the global stock markets, insurance funds, and families -- comes out to about $200 trillion, according to the McKinsey Global Institute's new report on investors in developing nations. Who owns all that? The $200 Trillion World: Who Owns All the Wealth?
The richest 1% of the world’s population are getting wealthier, owning more than 48% of global wealth, according to a report published on Tuesday which warned growing inequality could be a trigger for recession.
According to the Credit Suisse global wealth report (pdf), a person needs just $3,650 – including the value of equity in their home – to be among the wealthiest half of world citizens. However, more than $77,000 is required to be a member of the top 10% of global wealth holders, and $798,000 to belong to the top 1%.
“Taken together, the bottom half of the global population own less than 1% of total wealth. In sharp contrast, the richest decile hold 87% of the world’s wealth, and the top percentile alone account for 48.2% of global assets,” said the annual report, now in its fifth year. Richest 1% of people own nearly half of global wealth, says report.
Oxfam International has released a new report called, “Working for the Few,” that contains some startling statistics on what it calls the “growing tide of inequality.”
The report states:
Almost half of the world’s wealth is now owned by just one percent of the population.
The wealth of the one percent richest people in the world amounts to $110 trillion. That’s 65 times the total wealth of the bottom half of the world’s population.
The bottom half of the world’s population owns the same as the richest 85 people in the world.
Seven out of ten people live in countries where economic inequality has increased in the last 30 years.
The richest one percent increased their share of income in 24 out of 26 countries for which we have data between 1980 and 2012.
In the US, the wealthiest one percent captured 95 percent of post-financial crisis growth since 2009, while the bottom 90 percent became poorer.