Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

"The bottom half of the global population own less than 1% of total wealth. In sharp contrast, the richest decile hold 87% of the world’s wealth, and the top percentile alone account for 48.2% of global assets."(Photo: Credit Suisse / Global Wealth Report)

The Top 1% Own... Half

While wealthiest top one percent own nearly fifty percent of all world's assets, the entire bottom half of the global population hold less than one percent of the wealth, new financial analysis shows

Jon Queally

The top one percent of the wealthiest people on the planet own nearly fifty percent of the world's assets while the bottom fifty percent of the global population combined own less than one percent of the world's wealth.

"These figures give more evidence that inequality is extreme and growing, and that economic recovery following the financial crisis has been skewed in favour of the wealthiest. In poor countries, rising inequality means the difference between children getting the chance to go to school and sick people getting life saving medicines." —Emma Seery, Oxfam International

Those are the findings of an annual report by the investment firm Credit Suisse released Tuesday—the 2014 Global Wealth Report (pdf)—which shows that global economic inequality has surged since the financial collapse of 2008.

According to the report, "global wealth has grown to a new record, rising by $20.1 trillion between mid-2013 and mid-2014, an increase of 8.3%, to reach $263 trillion – more than twice the $117 trillion recorded for the year 2000."

Though the rate of this  wealth creation has been particularly fast over the last year—the fastest annual growth recorded since the pre-crisis year of 2007—the report notes that the benefits of this overall growth have flowed disproportionately to the already wealthy. And the report reveals that as of mid-2014, "the bottom half of the global population own less than 1% of total wealth. In sharp contrast, the richest decile hold 87% of the world’s wealth, and the top percentile alone account for 48.2% of global assets.”

Campaigners at Oxfam International, which earlier this put out their own report on global inequality (pdf), said the Credit Suisse report, though generally serving separate aims, confirms what they also found in terms of global inequality.

“These figures give more evidence that inequality is extreme and growing, and that economic recovery following the financial crisis has been skewed in favour of the wealthiest. In poor countries, rising inequality means the difference between children getting the chance to go to school and sick people getting life saving medicines,” Oxfam’s head of inequality Emma Seery, told the Guardian in response to the latest study.

In addition to giving an overall view of trends in global wealth, the authors of the Credit Suisse  gave special attention to the issue of inequality in this year's report, noting the increasing level of concern surrounding the topic. "The changing distribution of wealth is now one of the most widely discussed and controversial of topics," they write, "Not least owing to [French economist] Thomas Piketty’s recent account of long-term trends around inequality. We are confident that the depth of our data will make a valuable contribution to the inequality debate."

According to the report:

In almost all countries, the mean wealth of the top decile (i.e. the wealthiest 10% of adults) is more than ten times median wealth. For the top percentile (i.e. the wealthiest 1% of adults), mean wealth exceeds 100 times the median wealth in many countries and can approach 1000 times the median in the most unequal nations. This has been the case throughout most of human history, with wealth ownership often equating with land holdings, and wealth more often acquired via inheritance or conquest rather than talent or hard work. However, a combination of factors caused wealth inequality to trend downwards in high income countries during much of the 20th century, suggesting that a new era had emerged. That downward trend now appears to have stalled, and posssibly gone into reverse.

 

 


Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.

We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.

Amid Existential Threat to Reproductive Rights, Congress Urged to Act

"It's the 49th anniversary of Roe v. Wade, and if we don't fight like hell it could very well be the last," said one campaigner, who called on U.S. lawmakers to pass the Women's Health Protection Act.

Brett Wilkins ·


Black Mississippi State Senators Stage Walkout as Critical Race Theory Ban Passed

"We cannot continue to stumble into the future backwards," said one Black senator who taught for 33 years. "That's what this bill does."

Brett Wilkins ·


Buddhist Monk and Peace Activist Thích Nhất Hạnh Dead at 95

"He inspired so many good people to dedicate themselves to working for a more just and compassionate world."

Jessica Corbett ·


Draft Order Shows Trump Considered Using Military to Seize Voting Machines

"This was part of the records that Trump was fighting to keep from the January 6th committee," one government watchdog noted.

Brett Wilkins ·


Groups Warn US Lawmakers Against Fueling 'New Cold War' With China

A policy of hostility toward Beijing, says a global justice advocate, has "become a convenient excuse for pushing a corporate, militarist agenda."

Jessica Corbett ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo