Richest 1% have more money than poorest half of world's population

Richest 1% have more money than poorest half of world's population

At the other extreme, the poorest half of the world's population - 3.5 billion people - own just 2.7 per cent of global wealth, which grew faster in the a year ago than at any time since 2010, reaching a total of $280 trillion. Introducing the report, Urs Rohner, chairman of the Credit Suisse board of directors, said: "Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets, but we find that millennials face particularly challenging circumstances compared with other generations".

According to Credit Suisse Global Wealth Report, since 2000, wealth in India has grown 9.9 per cent per annum, faster than the global average of 6 per cent even when taking into account population growth of 2.2 per cent annually.

"This report highlights the huge gulf between the haves and the have nots-the world's richest one percent own more than everyone else combined while the poorest half of the population share less than a penny of every pound of wealth", said Katy Chakrabortty, head of advocacy for Oxfam, in a statement.

"The US continued its unbroken spell of gains since the financial crisis, bolstered by strong market conditions". The report says India is notable for the rise in household debt, which it estimates to be close to 20%. Total wealth in India increased fourfold between 2000 and 2017, reaching $5 trillion in 2017.

Personal wealth in India is dominated by property and other real assets, which make up 86 per cent of estimated household assets. "Thus, although indebtedness is a severe problem for many poor people in India, overall household debt as a proportion of assets in India is lower than in most developed countries", it added. While wealth has been rising in India, not everyone has shared in this growth.

"Wealth per adult has now fully recovered [from financial crisis lows], and is 30% above the 2006 level", the bank says. Analysts said the impact of leaving the European Union on British markets and the value of the pound means United Kingdom wealth is likely to fall by 0.9 per cent over the next five years. However, due to India's large population, this translates into 4.2 million people.