The Top 1% Own… Half

The top one percent of the wealthiest people on the planet own nearly fifty percent of the world’s assets while the bottom fifty percent of the global population combined own less than one percent of the world’s wealth.

“These figures give more evidence that inequality is extreme and growing, and that economic recovery following the financial crisis has been skewed in favour of the wealthiest. In poor countries, rising inequality means the difference between children getting the chance to go to school and sick people getting life saving medicines.” —Emma Seery, Oxfam International

Those are the findings of an annual report by the investment firm Credit Suisse released Tuesday—the 2014 Global Wealth Report (pdf)—which shows that global economic inequality has surged since the financial collapse of 2008.

According to the report, “global wealth has grown to a new record, rising by $20.1 trillion between mid-2013 and mid-2014, an increase of 8.3%, to reach $263 trillion – more than twice the $117 trillion recorded for the year 2000.”

Though the rate of this  wealth creation has been particularly fast over the last year—the fastest annual growth recorded since the pre-crisis year of 2007—the report notes that the benefits of this overall growth have flowed disproportionately to the already wealthy. And the report reveals that as of mid-2014, “the bottom half of the global population own less than 1% of total wealth. In sharp contrast, the richest decile hold 87% of the world’s wealth, and the top percentile alone account for 48.2% of global assets.”

Campaigners at Oxfam International, which earlier this put out their own report on global inequality (pdf), said the Credit Suisse report, though generally serving separate aims, confirms what they also found in terms of global inequality.

“These figures give more evidence that inequality is extreme and growing, and that economic recovery following the financial crisis has been skewed in favour of the wealthiest. In poor countries, rising inequality means the difference between children getting the chance to go to school and sick people getting life saving medicines,” Oxfam’s head of inequality Emma Seery, told the Guardian in response to the latest study.

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