Tags: 1 percent | worlds wealth

World's Wealth: 1 Percent Own Half, Says Global Wealth Report

Image: World's Wealth: 1 Percent Own Half, Says Global Wealth Report
It's not your imagination that the rich are getting richer: The world's wealthiest 1 percent has increased its share of the world's wealth from 45.5 percent to 50 percent. (Alexkalina/Dreamstime)

By    |   Tuesday, 14 Nov 2017 06:20 PM

A new Global Wealth Report showed that the world’s wealthiest 1 percent now control half of the world’s wealth, up from 45.5 percent in 2000.

The report attributed the increasing wealth inequality to increases in the stock market and financial sector since the 2008 Great Recession, which have mostly benefitted those who already had wealth, according to the Phoenix Business Journal.

The top 10 percent wealthiest control 88 percent of the world’s wealth, the report also said, the Journal reported. Most of the wealth is in North America and Europe, with some gains in Asia, Africa, and Latin America.

Forty-six percent of the world’s wealth is in the hands of just 36 billionaires, while 3.5 billion people — 70 percent of the world’s adults — are worth less than $10,000, the Phoenix Business Journal reported. India and Africa have 90 percent or more of their population in the sub-$10,000 range.

Policy experts and lawmakers have questioned whether the post-recession global economy is holding back U.S. growth or even shortening people’s lives, CBS News reported. Another possible impact: a less-educated workforce as college tuitions in the U.S. continue to rise.

The report may even contribute to the debate over how tax reform should play out in Congress and which groups should benefit most from any cuts, CBS News reported. Critics of the current proposed legislation have said that cuts in corporate tax rates will make income inequality even worse by giving bigger tax breaks to higher income brackets.

The report estimated that 23.9 million new millionaires were created since 2000, CBS News reported. Millennials are having a harder time keeping up with older generations because of student debt loads and tighter mortgage rules that make it harder to buy a home.

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A new Global Wealth Report showed that the world’s wealthiest 1 percent are now worth as much as the other 99 percent.
1 percent, worlds wealth
Tuesday, 14 Nov 2017 06:20 PM
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