The wealthiest 1% of the world’s population now owns more than half of the world’s wealth, according to a new report.
The total wealth in the world grew by 6% over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse. More than half of the $16.7 trillion in new wealth was in the U.S., which grew $8.5 trillion richer.
But that wealth around the world is increasingly concentrated among those at the top. The top 1% now own 50.1% of the world’s wealth, up from 45.5% in 2001.
“So far, the Trump presidency has seen businesses flourish and employment grows, though the ongoing supportive role played by the Federal Reserve has undoubtedly played a part here as well, and wealth inequality remains a prominent issue,” said Michael O’Sullivan, chief investment officer for International Wealth Management at Credit Suisse. “Looking ahead, however, high market valuations and property prices may curb the pace of growth in future years.”