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Credit Suisse estimates that global millionaires will probably increase 46 percent to 49.3 million over the next five years.
(Photo: epSos.de/flickr/cc)
'Out of Control' Inequality: Global One Percent Owns Half of World's Wealth
The Credit Suisse report shows worldwide inequality growing even faster than experts had predicted
Oct 14, 2015
According to a new report from a leading multinational bank, the top one percent of households "account for half of all assets in the world. "
The 2015 Credit Suisse Global Wealth Report puts worldwide wealth inequality at a level "possibly not seen for almost a century," the researchers write. The data also reveals a declining middle class and that the poorest half of the world's population owns just one percent of its assets. Meanwhile, the number of "ultra-wealthy" people continues to climb.
"The 'trickle up' economic model is working its magic for the super-rich at the expense of the rest."
--Claire Godfrey, Oxfam
Credit Suisse's analysis aligns with a warning from Oxfam, an international humanitarian group, issued earlier this year that the wealthiest one percent of people on the planet will own at least half of the world's wealth by 2016.
"The Credit Suisse report shows that inequality is growing faster than we had thought," said Claire Godfrey, global inequality policy lead for Oxfam. "The fact that it has happened this year underlines the urgency of the problem."
Furthermore, Godfrey said, the report illustrates how "the 'trickle up' economic model is working its magic for the super-rich at the expense of the rest. This is bad news for global economic growth and bad news for democracy. Our political leaders must take action now to raise the incomes of the poor and maintain the incomes of the middle class."
The annual report also shows that more global wealth comes from investments--which most people do not have. "Which leads to an inescapable conclusion," NPR's Nancy Marshall-Genzer explained. "If the richest people in the world get more of their wealth from financial assets like stocks and bonds, the wealth gap gets even wider."
Of course, economists have been warning of these consequences for years. As Oxfam Great Britain's chief executive, Mark Goldring, told the Guardian: "This is the latest warning extreme inequality is out of control. Are we really happy to live in a world where the top 1 percent own half of the wealth and the poorest half own just 1 percent?"
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Deirdre Fulton is a former Common Dreams senior editor and staff writer. Previously she worked as an editor and writer for the Portland Phoenix and the Boston Phoenix, where she was honored by the New England Press Association and the Association of Alternative Newsweeklies. A Boston University graduate, Deirdre is a co-founder of the Maine-based Lorem Ipsum Theater Collective and the PortFringe theater festival. She writes young adult fiction in her spare time.
According to a new report from a leading multinational bank, the top one percent of households "account for half of all assets in the world. "
The 2015 Credit Suisse Global Wealth Report puts worldwide wealth inequality at a level "possibly not seen for almost a century," the researchers write. The data also reveals a declining middle class and that the poorest half of the world's population owns just one percent of its assets. Meanwhile, the number of "ultra-wealthy" people continues to climb.
"The 'trickle up' economic model is working its magic for the super-rich at the expense of the rest."
--Claire Godfrey, Oxfam
Credit Suisse's analysis aligns with a warning from Oxfam, an international humanitarian group, issued earlier this year that the wealthiest one percent of people on the planet will own at least half of the world's wealth by 2016.
"The Credit Suisse report shows that inequality is growing faster than we had thought," said Claire Godfrey, global inequality policy lead for Oxfam. "The fact that it has happened this year underlines the urgency of the problem."
Furthermore, Godfrey said, the report illustrates how "the 'trickle up' economic model is working its magic for the super-rich at the expense of the rest. This is bad news for global economic growth and bad news for democracy. Our political leaders must take action now to raise the incomes of the poor and maintain the incomes of the middle class."
The annual report also shows that more global wealth comes from investments--which most people do not have. "Which leads to an inescapable conclusion," NPR's Nancy Marshall-Genzer explained. "If the richest people in the world get more of their wealth from financial assets like stocks and bonds, the wealth gap gets even wider."
Of course, economists have been warning of these consequences for years. As Oxfam Great Britain's chief executive, Mark Goldring, told the Guardian: "This is the latest warning extreme inequality is out of control. Are we really happy to live in a world where the top 1 percent own half of the wealth and the poorest half own just 1 percent?"
Deirdre Fulton
Deirdre Fulton is a former Common Dreams senior editor and staff writer. Previously she worked as an editor and writer for the Portland Phoenix and the Boston Phoenix, where she was honored by the New England Press Association and the Association of Alternative Newsweeklies. A Boston University graduate, Deirdre is a co-founder of the Maine-based Lorem Ipsum Theater Collective and the PortFringe theater festival. She writes young adult fiction in her spare time.
According to a new report from a leading multinational bank, the top one percent of households "account for half of all assets in the world. "
The 2015 Credit Suisse Global Wealth Report puts worldwide wealth inequality at a level "possibly not seen for almost a century," the researchers write. The data also reveals a declining middle class and that the poorest half of the world's population owns just one percent of its assets. Meanwhile, the number of "ultra-wealthy" people continues to climb.
"The 'trickle up' economic model is working its magic for the super-rich at the expense of the rest."
--Claire Godfrey, Oxfam
Credit Suisse's analysis aligns with a warning from Oxfam, an international humanitarian group, issued earlier this year that the wealthiest one percent of people on the planet will own at least half of the world's wealth by 2016.
"The Credit Suisse report shows that inequality is growing faster than we had thought," said Claire Godfrey, global inequality policy lead for Oxfam. "The fact that it has happened this year underlines the urgency of the problem."
Furthermore, Godfrey said, the report illustrates how "the 'trickle up' economic model is working its magic for the super-rich at the expense of the rest. This is bad news for global economic growth and bad news for democracy. Our political leaders must take action now to raise the incomes of the poor and maintain the incomes of the middle class."
The annual report also shows that more global wealth comes from investments--which most people do not have. "Which leads to an inescapable conclusion," NPR's Nancy Marshall-Genzer explained. "If the richest people in the world get more of their wealth from financial assets like stocks and bonds, the wealth gap gets even wider."
Of course, economists have been warning of these consequences for years. As Oxfam Great Britain's chief executive, Mark Goldring, told the Guardian: "This is the latest warning extreme inequality is out of control. Are we really happy to live in a world where the top 1 percent own half of the wealth and the poorest half own just 1 percent?"
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