The richest 1 per cent of people in the world now own half of the planet's wealth, according to a new report that highlights breathtaking levels of global inequality.
The study reveals how the super-rich have profited from the aftermath of the 2008 global financial crisis, seeing their proportion of the world's wealth increase from 42.5 per cent in the midst of the crisis to 50.1 per cent now.
According to the Credit Suisse Global Wealth Report, the top 1 per cent are now worth a total of £106 trillion - around eight times more than the size of the US economy. The wealthiest 10 per cent of people, meanwhile, own 87.8 per cent of global wealth.
"The downward trend reversed after 2008 and the share of the top 1 per cent has been on an upward path ever since, passing the 2000 level in 2013 and achieving new peaks every year thereafter," the report says.
The gaping inequality has resulted in a huge rise in the number of millionaires and ultra-high-net-worth individuals (those worth more than $30m). Since 2000, the number of millionaires in the world has risen by 170 per cent, to 36 million, while the number of ultra-high-net-worth individuals has increased five times over.
The UK has the third highest number of millionaires - 6 per cent of the total.The report states: "Increasing inequality can boost the speed at which new millionaires are created."At the other extreme, the poorest half of the world's population - 3.5 billion people - own just 2.7 per cent of global wealth, which grew faster in the last year than at any time since 2010, reaching a total of $280 trillion.
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