Global Wealth is Growing, But So Is the Gap between Rich and Poor

Investing.com – The latest Credit Suisse (SIX:) Global Wealth Report shows that wealth – and wealth inequality – are both growing.
In the year until mid-2017, total global wealth rose 6.4%, to $280 trillion. The number of USD millionaires worldwide increased by 2.3 million people, 1.1 million of whom live in the United States. That means a new millionaire was created approximately every 15 seconds.
However, there’s a growing imbalance. The top one percent now controls 50.1% of total global wealth, up from 45.5% in the year 2000.
Contrary to what one might think, it doesn’t take billions of dollars to rank in the highest cohort. It only takes a net worth of $770,368 to place in the top 1% and $3,582 to rank in the top 50%. More than 3.5 billion people – 70% of all adults in the world – have less than 10,000 dollars.
The report also shows that Millennials are doing less well than their parents were at the same age. While as a group, they are more educated, in relation to income and home ownership they are falling short.
The odds are stacked against them, and it looks like Millennials will have to work longer and harder, save better, and make better investments if they want to close the gap.

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