Global wealth surges in 2017 - Credit Suisse report


The annual Global Wealth Report, published Tuesday by Credit Suisse, points out that while the top 1 percent and 10 percent of the world's richest saw their share of wealth decline between 2001 and 2008, the trend swung the other way after the financial crisis.

Early this year, USA authorities announced a $5.28 billion settlement with Credit Suisse over its role in the sale of the kind of toxic securities that led to the global financial crisis of 2008.

Credit Suisse Group AG on Monday agreed to pay $135 million to NY to resolve a probe of misconduct in its foreign exchange business, which the state's banking regulator said deceived customers to enhance its own profits.

The shares of the top 5 percent and top 10 percent wealth holders show a similar pattern."The share of the top 5 percent overtook its 2000 level in 2013 and now stands at 76.4 percent". It is the fastest pace of wealth creation since 2012 and one of the best results since the financial crisis.

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The rise in the stock market is the biggest reason for the gains, which in turn were driven by both stronger underlying economic conditions and the prospect of lower taxes and deregulation, Credit Suisse reported.

There are now 3.5 billion people, or 70pc of all adults in the world who own less than $10,000.

Rivals including Citigroup Inc, JPMorgan Chase & Co, Barclays PLC, and Royal Bank of Scotland PLC collectively paid $10 billion in 2014 and 2015 to settle probes by USA and European authorities that their forex traders coordinated to cheat clients and boost their own profits.

But while wealth grew worldwide, some obviously benefitted more than others. However, given India's large population, this translates into 4.2 million people.

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Most of the rise in wealth in Switzerland since 2000 has been due to appreciation of the Swiss franc against the USA dollar, the report found.

However the report has found that global inequality has continued to increase.

Globally, Switzerland remains the richest nation with $537,600 wealth per adult in 2017, followed by Australia ($402,600) and the United States ($388,000), the report said.

By comparison, China contributed $1.7 trillion to the global wealth gain. Norway, Denmark, Belgium, Britain and France, also figure among the top countries in terms of wealth per adult.

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