Richest 1% have more money than poorest half of world's population
Date Written: 14/11/2017
Year Published: 2017
Resource Type: Article
The bottom half of adults in the world collectively own less than the richest one percent, according to a Credit Suisse report. The gap between the super-rich and the poor has significantly grown since the global crisis.
Last year saw 2.3 million people becoming new dollar millionaires. The total number of millionaires has increased to 36 million. "The number of millionaires, which fell in 2008, recovered fast after the financial crisis, and is now nearly three times the 2000 figure," Credit Suisse said.
The poorest 3.5 billion people, who account for 70 percent of the working age population, each earn less than $10,000 and account for just 2.7 percent of global wealth.
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