The Credit Suisse global wealth report, is out and it has some surprising findings on the world wealth distribution. The report says that the richest 1% of the world’s population is not only getting wealthier but owns more than 48% of global wealth. The bottom half of the world population owns less than one percent of the world’s wealth.
The report also found that a person needs just $3,650 – including the value of equity in their home – to be among the wealthiest half of world citizens. The amount however goes up dramatically from that point. In order to be considered in the top ten percent, you need more than $77,000 and to be in the top one percent you need $798,000.
The world wealth itself is at an all-time high — twice that of the year 2000, or $263tn.
With 1,783,000 people in the top 1% of global wealth holders, Australia accounts for 3.8% of this wealthy group,
despite having just 0.4% of the world’s adult population.
Only 6% of Australians have net worth below USD 10,000, which can be compared to 29% in the USA and 70% for the world as a whole.
The proportion of those with wealth above USD100,000 is the highest of any country – eight times the world
The China, the communist People’s Paradise, has the fourth largest number of people in the top ten percent. First place is still held by the United States followed by Japan. After China, there is France, Germany, Italy and the United Kingdom.