Global wealth surges in 2017 - Credit Suisse report

SWITZELRAND-CREDITSUISSE-BANKING

SWITZELRAND-CREDITSUISSE-BANKING

The world's wealthiest 1 percent got 8 percent richer since the 2008 financial crisis and now own more wealth than half of the world's wealth, according to a Credit Suisse report released Tuesday.

India has 340,000 adults in the top 1 percent of global wealth holders, which is a 0.7 percent share.

In a statement the bank said: "Credit Suisse does not admit to any findings of fact and the resolution does not involve any fraud-based violations".

"They can not be called a lucky generation", she said, adding that millennials were facing far more adverse market conditions than previous generations, which would "most likely limit their wealth acquiring prospects".

Moreover, as wealth increased faster than the population, global mean wealth per adult reached a new record high of $56,540. In addition, they're facing first-hand the subsequent unemployment crisis and increased income inequality, as well as suffer from higher property prices, tighter mortgage rules, and in some countries, a considerable rise in student debt.

"They are also set to experience less access to pensions than their predecessors". "There is some uncertainty about future interest rates and stock market prospects, but otherwise the signs are mostly positive for household wealth".

"The downward trend reversed after 2008 and the share of the top 1 per cent has been on an upward path ever since, passing the 2000 level in 2013 and achieving new peaks every year thereafter", the report says. The rise in global wealth reflected widespread gains in equity markets and similar rises in non-financial assets.

But while wealth grew worldwide, some obviously benefitted more than others.

For example, it found, "Most Chinese adults are found in the upper middle section of global wealth distribution", with the country accounting for 9 percent of the top tenth of the global population by wealth. Globally, Switzerland remains the richest nation with $537,600 wealth per adult in 2017, followed by Australia ($402,600) and the United States ($388,000), the report said.

The US generated more than half of the total global wealth aggregation of $16.7 trn of the past 12 months.

The New York financial regulator said these chat rooms allowed the banks and traders to reap higher profits from trades at the expense of customers. Norway, Denmark, Belgium, Britain and France, also figure among the top countries in terms of wealth per adult.

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