Inequality has grown since the Global Financial Crisis and the richest 1 per cent now own half of all household wealth in the world – a new report has found.
And so much of the world remains relatively poor that it has taken a net worth of just $US3210 (NZ$4702) this year to be among the wealthiest half of all world citizens – according to Credit Suisse’s Global Wealth Report 2015.
But it doesn’t take obscene amounts of money to be among the wealthiest of the world’s 7 billion citizens.
Once debts are subtracted, you need $US759,900 ($NZ1,113,325) to be in the top 1 per cent – the report found.
The boom in wealth at the very top marks the reversal of a trend that had lasted from the turn of the millennium until the crisis of 2008-09 analysts said.
In 2000 the share of wealth owned by the richest 1 per cent was 48.9 per cent which fell to 44.2 per cent in 2009.
Now the wealthy are ascendant once more ‘overtaking the 2000 level within the last twelve months’ according to the report.