This is the height of inequality and disparity, where half the world’s wealth is held by just 1% of the privileged population. The middle class have literally been squeezed at the expense of the very rich. The Chief Executive at Credit Suisse explains that the wealth of the middle class has grown at a slower pace than the wealth of those fortunate ones. Since 2008, the wealth growth has not allowed middle class numbers to keep pace with population growth in the developing world. The distribution of wealth gains has shifted in favor of the richer class which has caused a decline in middle class wealth. This has reversed the pre-crisis trend which saw the share of middle class wealth remaining fairly stable over time.
Wealth is defines as the value of assets including property and stock market investments, but excludes debt. The report states that in order to be amongst the wealthiest 50% of world citizens, a person must have $ 3,210, at $ 68,800 one can secure a place amongst the top 10% and $ 759,900 will get you amongst the top 1% of the world population. Studies show that the United Kingdom has the third highest number of these ultra high net worth individuals and the wealth inequality in the country has risen since 2000.
Global leaders need to tackle this problem immediately before it spins out of control and causes a skewered society and economy.
It is quite appalling to learn that the top 1% own half the wealth and the poorest half own just 1%.
[ Via : Buzzerg ]