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Tue Nov 14, 2017, 11:35 AM

The 1 Percent Now Have Half the World's Wealth [View all]

Source: Newsweek Magazine

BY JOSH LOWE ON 11/14/17 AT 10:26 AM

The richest 1 percent of the world’s population owns more than half of household wealth, with their share skyrocketing since the global financial crisis, a new report says.

The annual Global Wealth Report, published Tuesday by Credit Suisse, points out that while the top 1 percent and 10 percent of the world’s richest saw their share of wealth decline between 2001 and 2008, the trend swung the other way after the financial crisis.

“From 2013 onwards, the share of the top 5 percent has been above the level observed at the start of the century, and the share of the top 1 percent is now significantly above what we estimate for 2000,” the report said.

“While the bottom half of adults collectively own less than 1 percent of total wealth,” the report adds, “the richest decile (top 10 percent of adults) owns 88 percent of global assets, and the top percentile alone accounts for half of total household wealth.”

Read more: http://www.newsweek.com/1-wealth-money-half-world-global-710714

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