January 16, 2018

Credit Suisse fined $135m for NY forex investigation

15 November 2017, 12:47 | Melvin Schneider

Credit Suisse fined $135m for NY forex investigation

Report Swiss are richer than ever but wealth inequality persists

Although global wealth has grown substantially in the past decade, the so-called millennial generation is finding it harder to excel financially than previous generations due to greater inequality and joblessness.

"The bottom half of adults collectively own less than 1% of total wealth, the richest decile (top 10% of adults) owns 88% of global assets, and the top percentile alone accounts for half of total household wealth", the Credit Suisse report said.

Shares of Credit Suisse Group AG (CS) traded down $0.16 during trading hours on Tuesday, reaching $15.87.

"They can not be called a lucky generation", she said, adding that millennials were facing far more adverse market conditions than previous generations, which would "most likely limit their wealth acquiring prospects". Adults between the ages of 20 and 29 especially "faced the rigors of the financial crisis and the high unemployment that followed in many countries, and have also been widely hammered by high housing prices, rising student debt, and increasing inequality", according to the report.

"They are also set to experience less access to pensions than their predecessors". For others, a degree may only bring them "job opportunities and wages no better than those of their parents". "In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100 percent", according to Credit Suisse's report.

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"According to our latest estimates, the top 1 percent own 50.1 percent of all household wealth in the world", said the report.

In most countries, including the United States, a large wealth gap translates into those at the top accruing political power, which in turn can lead to policies that reinforce benefits for the wealthy. Thirty-six million people with over a million dollars make up just 0.7 percent of the global population, but control 46 percent of the world's $280 trillion dollars.

Since 2000, the number of millionaires in the world has risen 170 per cent, to 36 million, and the number of ultra-high-net-worth individuals has increased five times over.

USA households alone added around $8.5 trillion to their combined coffers, half of the total world gain over the past 12 months, the study showed. By comparison, China contributed $1.7 trillion to the global wealth gain.

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