Anti-poverty advocates on Tuesday implored world leaders to combat the massive wealth gap described in the annual Global Wealth Report released by Credit Suisse, which showed that the world's richest one percent own just over half of the global wealth.
The US generated more than half of the total global wealth aggregation of $16.7 trn of the past 12 months.
Put another way: "The top 1% own 50.1% of all household wealth in the world".
"From 2013 onwards, the share of the top 5 percent has been above the level observed at the start of the century, and the share of the top 1 percent is now significantly above what we estimate for 2000", the report said. Similarly, Africa is highly concentrated at the bottom of the distribution: "More than 40 percent of African adults belong to the lowest two global wealth deciles". Meanwhile the poorest 70% of adults have just 2.7% of global wealth-that's about 3.5 billion adults with less than $10,000 in assets each, the Guardian reports.
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There are now 36 million millionaires in the world.
Past year saw 2.3 million people becoming new dollar millionaires.
"The recent Paradise Papers revelations laid bare one of the main drivers of inequality - tax-dodging by rich individuals and multinationals. In the United Kingdom, the Chancellor should use next week's Budget to prioritise tough action to tackle tax avoidance to help provide funds to fight poverty in both the United Kingdom and developing countries". Stock market gains helped add $8.5 trillion to USA household wealth during that period, a 10.1% rise. Credit Suisse finds that across all global regions, wealth inequality has increased from 2007 to 2016.
They have been hit with direct losses from the global financial crisis, but also "faced first-hand the subsequent unemployment, increased income inequality, as well as higher property prices, tighter mortgage rules, and in some countries, a considerable rise in student debt", the study said. Only a small proportion of high-achieving millennials will be able to overcome the "millennial disadvantage", he added.