Economy

Global wealth 27pc higher than a decade ago

Global wealth 27pc higher than a decade ago”

Credit Suisse's annual Global Wealth Report determined that 1.1 million Americans became new millionaires in 2017, bringing the total number of millionaires in the country to 15,356,000-roughly one out of every 20 Americans.

This reflected widespread gains in equity markets matched by similar rises in non-financial assets, which moved above the pre-crisis year 2007's level for the first time this year, the institute observed.

By comparison, China contributed $1.7 trillion to the global wealth gain.

And between mid-2016 and mid-2017, global wealth grew by 6.4 percent-its fastest pace in five years-allowing the mean wealth per adult to reach a record high, the study showed. Nearly half of the newest dollar-millionaires were in the United States (1.1 million), while the main Eurozone countries - Germany, France, Italy and Spain - gained 620,000 due to a 3% rise in the euro against the U.S. dollar.

Emerging economies are expected to generate wealth at a faster pace than their developed peers and are likely to achieve a 22 per cent share in global wealth at the end of the five-year period. India bettered the global growth rate with a 10 per cent, or $451 billion, increase in household wealth to $5 trillion.

More news: Our Lady Peace and Matthew Good to perform in Halifax

Globally, Switzerland remains the richest nation in the world in terms of wealth per adult with $537,600 in 2017, followed by Australia $402,600. Singapore with $268,800 ranked ninth among major economies.

Wade also flagged that Credit Suisse's private banking business has launched a suite of digital services for this growing cohort, including the Credit Suisse PB APAC app.

The wealthiest 1 per cent of the world's population now owns more than half of the world's wealth, according to a new report.

It significantly rose from the US$115,560 in 2000. This generation was not only hit by capital losses from the global financial crisis, but faced first-hand the subsequent unemployment, increased income inequality as well as higher property prices, tighter mortgage rules, and in some countries, a considerable rise in student debt.

The next tier down, the 7.9 per cent who own between US$100,000 and US$1 million, possess 39.7 per cent of the world's wealth ($111.4 trillion). There are now 36 million millionaires in the world, and their numbers are expected to grow to 44 million by 2022. Of those, the biggest change in recent years has been in financial assets, which have soared.



Like this

loading...
loading...

Latest


17 November 2017
Kashmir: Week after joining Lashkar ranks, budding footballer surrenders before Army
The development comes nearly a week after he announced on Facebook that he is joining militant outfit Lashkar-e-Taiba. A senior official told NDTV that Majid "is no more with militants" and will be back with his family this evening.

17 November 2017
Moody's upgrade a recognition of Modi govt's reforms: FM Arun Jaitley
The agency has changed India's outlook to stable from positive. We do not want to link this milestone with elections. All our steps follow a particular roadmap.

17 November 2017
Wenger reveals why he could be tempted to leave Arsenal
Asked if the Spaniard might never play again, the Gunners boss replied: "I hope you are wrong". I feel really sorry for what happened to him because it's unbelievable.

17 November 2017
Peru complete World Cup 2018 lineup
Kuczynski used Twitter to ask for moderation in the festivities on the holiday. "Let's celebrate with responsibility", he said. Christian Ramos added a goal in the 65th minute and Peru became the 32nd and final team to qualify for the World Cup .

17 November 2017
CBL & Associates Properties Inc. (NYSE:CBL)
Going move backward a period of six month analysis we come to know that stock dipped -25.30% giving falling alert for Investors. Zacks Investment Research lowered shares of CBL & Associates Properties, Inc. (NYSE:CBL) received a Buy rating from 0 analysts.

17 November 2017
Kylie Jenner reportedly throws Baby Shower amid Pregnancy Rumours
However, it looks like the reality TV star has ideas of her own about how to occupy her time. She'd prefer he was by her side.

17 November 2017
Influx of earth-bound positrons must have exotic origin, study suggests
The recent finding, detailed in the journal Science today (Nov. 17), concerns positrons, the antimatter complements of electrons. And there are a lot more of them near Earth than current theories predict, a phenomenon that was observed in 2008 .

17 November 2017
Singapore NODX Surges More Than Forecast In October
Its shipments to Taiwan, Hong Kong and Indonesia, meanwhile, declined compared with the same period past year . Electronic shipments expanded 4.5 per cent in October, following a 8.0 per cent decline in September.

17 November 2017
GOP tax plan hurts middle class
The analysis is based on Trump's reported net worth and partial, previously-available data from his tax returns. Yet the legislation's biggest benefit to Trump and his family is its repeal of the federal estate tax by 2024.

17 November 2017
Jeffrey Tambor Accused of Sexual Harassment Again ... This Time by 'Transparent' Actor
At that time, Tambor issued a statement dismissing Barnes as a "former disgruntled assistant" making "baseless" accusations. Interestingly, however, Lysette says she wants Amazon to "remove the problem" from Transparent and "let the show go on".