Economy

Global wealth - a rising tide lifts all yachts: McGeever

Global wealth - a rising tide lifts all yachts: McGeever

As Credit Suisse recognizes, wealth inequality has "trended upwards" in recent years, propelled in part by the rising share of financial assets.

This reflected widespread gains in equity markets matched by similar rises in non-financial assets, which moved above the pre-crisis year 2007's level for the first time this year, the institute observed. Based on this updated forecast, global wealth is anticipated to reach United States dollars 341 trillion by 2022. The top ten ranking by median wealth corresponds closely to the ranking by mean wealth, although lower-than-average inequality promotes Italy and Japan to a place among the top ten. Nearly half of the newest dollar-millionaires were in the United States (1.1 million), while the main Eurozone countries - Germany, France, Italy and Spain - gained 620,000 due to a 3% rise in the euro against the USA dollar.

"In the context in which the baby boomers' generation holds most best paid jobs and most houses, millennials have less achievements than their parents at the same age, especially concerning incomes, houses and other wealth indicators", shows the annual Global Wealth study made by the Swiss bank and published on Tuesday. Despite making up only 0.7% of the population, the world's millionaires control 46% of global wealth, compared to the 3.5 billion people with assets less than $10,000 (£7,598), who control 2.7% of it.

"A decade since the start of the global financial crisis, we see a significant increase in wealth across all regions of the world", Credit Suisse chairman Urs Rohner said in a statement. Singapore with $268,800 ranked ninth among major economies.

More news: SCE&G reveal plans to pay back billions to SC utility customers

The report was issued by global financial firm Credit Suisse. According to the report, the global population of millionaires has grown by 170% since the new millennium.

By 2022, however, Credit Suisse expects the percentage of people in the poorest cohort will fall to 66 per cent and the middle tier will swell correspondingly. China is not among the top 10. Capital losses following the GFC and the accompanying unemployment rates, student debt, firmer lending standards, more expensive house prices, increased income inequality and reduced access to pensions have created a "perfect storm" that is "holding back wealth accumulation", Credit Suisse listed.

Non-financial wealth will slightly outpace financial wealth by around 1 per cent annually in the next five years. There are now 36 million millionaires in the world, and their numbers are expected to grow to 44 million by 2022.


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