The wealthiest 1 percent of the world’s population now owns more than half of the world’s wealth, according to a fresh report.
The total wealth on earth grew by 6 percent over the past 12 months to $280 trillion, marking the most effective wealth creation since 2012, according to the Credit Suisse report. Over fifty percent of the $16.7 trillion in new wealth was in the U.S., which grew $8.5 trillion richer.
But that wealth around the world is increasingly concentrated among those at the very top. The very best 1 percent right now owns 50.1 percent of the world’s wealth, up from 45.5 percent in 2001.
“So far, the Trump presidency provides experienced businesses flourish and work grow, although ongoing supportive role performed by the Federal government Reserve has undoubtedly performed a part here as well, and riches inequality remains a prominent issue,” said Michael O’Sullivan, chief purchase officer for International Riches Management at Credit Suisse. “Looking ahead, even so, high industry valuations and property prices may curb the pace of growth in long term years.”
The world’s millionaires are expected to do the best in the coming years. There are now 36 million millionaires on earth, and their quantities are expected to grow to 44 million by 2022.
The U.S. nonetheless leads the universe in millionaires, with 15.3 million persons worth $1 million or 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.