Global wealth surges in 2017 - Credit Suisse report

Global wealth surges in 2017 - Credit Suisse report

Global wealth surges in 2017 - Credit Suisse report

"With the baby boomers occupying most of the top jobs and much of the housing, millennials are doing less well than their parents at the same age, especially in relation to income, home ownership and other dimensions of wellbeing", the Swiss bank wrote in its annual Global Wealth report, published on Tuesday.

And between mid-2016 and mid-2017, global wealth grew by 6.4 percent - its fastest pace in five years - allowing the mean wealth per adult to reach a record high, the study showed.

Europe followed an identical patter, with wealth across the continent also rising by 6.4pc during the 12 month period. Wealth in the Asia-Pacific grew by 3 percent to $89 trillion, putting the region ahead of Europe on $80 trillion and behind the USA on $93.6 trillion.

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.

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For example, it found, "Most Chinese adults are found in the upper middle section of global wealth distribution", with the country accounting for 9 percent of the top tenth of the global population by wealth.

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 middle of the crisis to 50.1 per cent now.

According to the report, personal wealth in India is dominated by property and other real assets, which make up 86 per cent of estimated household assets. According to the eighth edition of the Global Wealth Report, in the year to mid-2017, total global wealth rose at a rate of 6.4 per cent, the fastest pace since 2012 and reached United States dollars 280 trillion.

The rise in the stock market is the biggest reason for the gains, which in turn were driven by both stronger underlying economic conditions and the prospect of lower taxes and deregulation, Credit Suisse reported. Most of these influences have been positive during past 12 months, including in India, where market capitalisation rose by close to 30 per cent, house prices by around 10 per cent, while Indian rupee rose 4 per cent against the USA dollar.

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