A lot of these articles going around. Obviously one unmistakeable issue is that people are unwilling to stomach financial inequality any longer. My apologies to the daily digest reader for an article with so many graphics. Thanks to Roth.
13 Staggering Facts About The Global Super Rich
Julie Zeveloff, Poor Richard’s Blog, Nov. 11, 2011
Image: charlesfred via Flickr
The world economy may still be in the doldrums, but global wealth continues to grow, hitting an all-time high this year of $231 trillion, according to a new global wealth report from Credit Suisse. And more than ever, that figure is concentrated at the top of the pile. A mere 0.5% of the world’s population owns an eye-popping 38.5% of its total wealth.
As protests against the “1%” continue to rage on in downtown Manhattan and cities across the globe, we’re taking a look at how wealth is distributed and which countries are increasing their share of the world’s richest people.
The charts are from Credit Suisse’s 2011 Global Wealth Report. Click here to download the full report.
0.5% of the world’s population owns 38.5% of its wealth. This is insane.
And the bottom two-thirds account for just 3.3% of wealth.
Here you can see what continents comprise different wealth deciles. Developed markets clearly dominate the top 10%
Wealth inequality in Africa is so high that while almost half of African adults are in the bottom two wealth deciles, some individuals are still in the top 1%.
China, India, Latin America and Africa account for 56% of the world’s population, but just 16% of its wealth.
The U.S. is home to 21% of people who have more than $100,000 in wealth. Japan is home to 16%.
And those numbers are even more concentrated when you look at millionaires. One-third of the world’s millionaires live in the U.S. Sweden and Switzerland each have 2% of global membership, but a much smaller fraction of the global population.
And the number of ultra-high net worth individuals is growing, due, in part, to the fact that “the past decade has been especially conducive to the establishment of large fortunes,” according to Credit Suisse.
This year, Europe surpassed the U.S. in terms of the number of high-net worth residents (who own between $1 million and $50 million).
However, it’s the only region where the growth of wealth slowed down in the past year.
In terms of ultra-high net worth individuals (with net assets above $50 million), the U.S. still dominates. It’s home to 42% of the group.
The U.S. is home to 32% of the world’s billionaires and 41% of people whose net worth exceeds $10 million.
China’s share is increasing. The number of millionaires in China is expected to double between now and 2016.
Now get to know the 1%