The top 1% of the adult wealth holders in the world own 51% of all global wealth, while the bottom half of adults own only 1%. Indeed, the top 10% of adults own 89% of all the world’s wealth! This is the new figure reached for 2016 by the annual Credit Suisse global wealth report. Every year, Credit Suisse presents this report, authored by Professor Tony Shorrocks, James Davies and Rodrigo Lluberas, who used to do it for the UN. I report on the results each year and it is usually the one of the most popular posts I write....
The main reason for this huge inequality is that there are so many poor (in wealth) people in the world. You see, it does not take that much to get into the top 1% of wealth holders. Once debts have been subtracted, a person needs only $3,650 to be among the wealthiest half of the world’s citizens. However, about $77,000 is required to be a member of the top 10% of global wealth holders and $798,000 to belong to the top 1%. So if you own a home in any major city in the rich North on your own and without a mortgage, you are part of the top 1%. Do you feel rich if you do? This just shows how poor the vast majority of people in the world are: with no property, no cash and certainly no stocks and bonds!...Michael Roberts Blog — blogging from a Marxist economist
Top 1% of adults own 51% of the world’s wealth; top 10% own 89%; and bottom 50% own only 1%