Richest 1% now own 50 percent the world’s wealth

The wealthiest 1 percent of the world’s population now owns over fifty percent of the world’s wealth, according to a fresh report.

The total wealth on the planet grew by 6 percent over the past 12 months to $280 trillion, marking the most effective wealth-creation since 2012, according to a fresh report from Credit rating Suisse. More than half of the $16.7 trillion in new wealth was in the U.S., which grew $8.5 trillion richer.

But that wealth all over the world is increasingly concentrated among those at the top. The most notable 1 percent now very own 50.1 percent of the world’s wealth, up from 45.5 percent in 2001.

“Up to now, the Trump presidency features noticed businesses flourish and job grow, although ongoing supportive role enjoyed by the Federal Reserve has undoubtedly enjoyed a part here as well, and prosperity inequality remains a prominent issue,” explained Michael O’Sullivan, chief purchase officer for International Wealth Management at Credit rating Suisse. “Looking ahead, however, high industry valuations and property rates may curb the rate of growth in upcoming years.”

The world’s millionaires are expected to do the best in the coming years. There are now 36 million millionaires on the planet and their quantities are expected to grow to 44 million by 2022.

The U.S. even now leads the world in millionaires, with 15.3 million people worth $1 million or even more.

Japan ranks second with 2.7 million millionaires, as the U.K. ranks third with 2.2 million. China ranks fifth with 1.9 million millionaires, but its millionaire populace is expected to hit 2.8 million by 2022.

Read more on: http://www.cnbc.com