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The richest 1% now own a staggering portion of the world's wealth

16 November 2017

As a result, wealth in India grew 9.9 per cent to reach $5 trillion in mid-2017.

Oxfam noted that the report is just the latest sign that the world's poorest have the deck stacked against them, recalling the recent release of the Paradise Papers, which showed how the rich hide their wealth in order to avoid paying the taxes that stand to shore up public services that, when well-funded, benefit the whole population.

The total wealth in the world grew by six percent over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse. While wealth has been rising in India, not everyone has shared in this growth.

"The US continued its unbroken spell of gains since the financial crisis, bolstered by strong market conditions. Due to the large population, 4.4 million adults or 0.5 per cent have net worth over $100,000", said the report.

Katy Chakrabortty, Oxfam's head of advocacy, said: "In the United Kingdom, the wealthiest 1 per cent have seen their share increase to almost a quarter of all the country's wealth, while the poorest half have less than 5 per cent".

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According to the Credit Suisse Global Wealth Report, the top 1 per cent are now worth a total of £106 trillion - around eight times more than the size of the USA economy. According to the report, personal wealth in India is dominated by property and other real assets, which make up 86 per cent of estimated household assets.

Among key findings about India, the report said fluctuations in asset prices and exchange rates accounted for much of the change in household wealth across regions and countries in the short run.

"Thus, although indebtedness is a severe problem for many poor people in India, overall household debt as a proportion of assets in India is lower than in most developed countries".

"The bottom half of adults collectively own less than 1% of total wealth, the richest decile (top 10% of adults) owns 88% of global assets, and the top percentile alone accounts for half of total household wealth", the Credit Suisse report said. Above that, in the $10,000 to $100,000 bracket, we have 7.2% of Indian adults.

The richest 1% now own a staggering portion of the world's wealth