Credit Suisse fined $135 million by U.S. for malpractices

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The UK will lose 63,000 dollar millionaires over the next five years as a result of Brexit, while the rest of the world creates eight million more, according to a survey of global wealth. Wealth in the Asia-Pacific grew by 3 percent to $89 trillion, putting the region ahead of Europe on $80 trillion and behind the USA on $93.6 trillion. Unfortunately, there were also more than 3.5 billion people around the planet, about 70% of the adult population, who could count assets of $10,000. That brings the total number of millionaires in the US up to approximately 15,356,000, or about one in every 20 Americans.

In over a year, the globe's wealth increased from $16.7 to $280 trillion, the report by Credit Suisse, a Swiss bank, released Tuesday says.

"The recent Paradise Papers revelations laid bare one of the main drivers of inequality - tax-dodging by rich individuals and multinationals".

"In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100%", the report states.

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"So far, the Trump Presidency has seen businesses flourish and employment grow, 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", commented Michael O'Sullivan, CIO for International Wealth Management at Credit Suisse.

Not only has the global number of millionaires risen significantly, but the amount of ultra-high net worth individuals, or UHNWIs, has increased five times over, making them the fastest-growing group of wealth-holders.

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. "But we find that millennials face particularly challenging circumstances".

"With the baby boomers occupying most of the top jobs and much of the housing, millennials are doing less well than their parents at the same age, especially in relation to income, homeownership and other dimensions of wellbeing assessed in this report".

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