A new report by financial giant Credit Suisse shows that the world’s super-rich have accumulated more than half the world’s wealth, while the 3.5 billion poorest in the world account for just 2.7 percent.
Since the financial crisis, the report states, the world’s top 1 percent have seen their share of global wealth rise 18 percent to 50.1 percent, or roughly $140 trillion.
The report also draws attention to the shattering levels of inequality that exist on the global wealth pyramid. “The 3.5 billion adults with wealth below USD [US Dollars] 10,000 account for 2.7 percent of global wealth,” the report reads. “Nevertheless, on the whole, they are not what one would call a lucky generation.”
The report comes as economists warn the world is entering a second “Gilded Age”, defined by extreme inequality and concentrated wealth in the hands of a few.
“These figures underestimate our current levels of wealth concentration,” the study read. “The growing use of offshore tax havens and legal trusts has made the concealing assets more widespread than ever before.”
As it so happens, a trove of documents obtained last week by the International Consortium of Investigative Journalists shed some light on the extent to which the world’s elite were stashing the cash away, tax free.