Credit Suisse Research Institute, a Switzerland based economics thinktank has released a report titled “Global Wealth Report 2019” on global wealth.
According to the findings of the report, there are 46.8 million individuals around the world with a net worth of $1 million or more.
Notwithstanding the trade war between the US and China and constant fear of recession lurking, the number of millionaires worldwide has seen an increase of 1.1 million from last year.
As per the Global Wealth Report 2019, the richest 10% of millionaires account for 82% of the global wealth. While just 1% of the global wealth is amassed by 50% of the millionaires.
The United States has 19 million of these millionaires, while China and Japan have 4 million and 3 million individuals worth more than $1 million respectively. Great Britain, Germany, and France are home to around 2 million millionaires.
Since the 2007-08 recession, the fortunes of the wealthiest 1% of millionaires have increased significantly, says the report. In 2016, the wealth of the top 1% of millionaires was at an all-time high.
Going by the current trends, the worldwide population of millionaires is expected to grow to 63 million.
Via: The Economist
Which indicates that there is definitely something wrong in this world. the financial legislation being generated by the first world and then imposed on all the other countries in form of different compliance and regulatory requirements is depriving the lower and middle income class while on the other hand the rich gets richer. Reforms at global level are much necessary to sort out this problem but its unrealistic since the common consensus will never be achieved. At the end of day its the rich that drives the world in the form of investments and businesses while all the legislation is tailored around their way or working. Alas but true. May the sanity prevail.
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