With Action Slow to Come, Global Wealth Inequality Remains 'Shockingly High'

October 1, 2020 0 By HearthstoneYarns

Global wealth inequality continues to rise, according to a new study from Credit Suisse, with the richest 10 percent now owning a full 89 percent of all global assets.

The annual assessment (.pdf) from the Zurich-based financial services company finds that while the world was trending toward greater equality until 2008, the financial crisis halted that trajectory. The report reads:

Similar patterns emerge when looking at the top five and 10 percent of global wealth-holders. The numbers of millionaires and “ultra high net worth individuals” have also risen sharply. Meanwhile, the report estimates that 3.5 billion individuals—73 percent of all adults in the world—have wealth below $10,000 USD, and about 1 billion people—the bottom 20 percent of adults—own no more than $248 USD.