Credit Suisse’s annual Global Wealth Report, published today, reveals that wealth inequality continues to grow; the top 1 percent now own 48.2 percent of global wealth, up from 46 percent last year. Meanwhile the bottom half of humanity own just 1 percent of wealth.
Their research reveals that before the financial crisis wealth inequality fell slightly in some countries, but since 2008 it has tended to rise, especially in the developing world.
In response, Oxfam’s Head of Inequality Emma Seery, said:
“These figures give more evidence that inequality is extreme and growing, and that economic recovery following the financial crisis has been skewed in favour of the wealthiest.
In poor countries rising inequality means the difference between children getting the chance to go to school and sick people getting life saving medicines.
“This report shows that those least able to afford it have paid the price of the financial crisis whilst more wealth has flooded into the coffers of the very richest."