What it takes to be in the richest 1% of the world
New data from Credit Suisse finds that 1% of the population now owns more than half the world’s wealth – while putting a magic number to that highest echelon.
The Global Wealth Report 2015, noted that global wealth reached 250 trillion US dollars in 2015
The data found that the world’s richest 10% held 87.7% of global wealth.
Credit Suisse noted that $3,210 (R43,099) would put an individual in the richest half of the world, while just under a million rand – $68,800 (R923,443) would get you into the top 10%.
In order to crack the top 1%, a person would require $759,900 (R10.2 million).
Wealth is defined as the value of assets including stock market investments and property, excluding debt.
Oxfam warned in January that the combined wealth of the richest 1% would overtake that of the other 99% of people in 2016.
Mark Goldring, Oxfam GB chief executive, said of the Credit Suisse report: “Eyebrows were raised when earlier this year Oxfam predicted that the richest 1% would own more than the rest of us by 2016.
“The fact it has happened a year early – just weeks after world leaders agreed a global goal to reduce inequality – shows just how urgently world leaders need to tackle this problem.”
Credit Suisse’s report found that just over 70% or about 3.4 billion adults own wealth of less than $10,000 (R134,205), while 20% or about a billion adults are in the $10,000-$100,000 range and the remaining 383 million adults that constitute 8% of the population own more than $100,000 (R1.34 million).
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