World

Rising Economic Inequality

Published

3 years ago

January 18, 2016

A new Credit Suisse report finds the gap between rich and poor widening on a global scale The world not only surpassed a new milestone of wealth creation in 2014, but the richest 1% now own nearly half of the planet’s wealth, according to a new Credit Suisse report published on 14 October 2014 The Global Wealth Report estimated that the world’s combined wealth reached $263 trillion in 2014, a $20.1 trillion increase over the previous year. It marked the highest recorded increase since the financial panic of 2007, but the greatest accumulations of wealth occurred at the very upper echelons of earners. “Taken together, the bottom half of the global population own less than 1% of total wealth,” the report said.

“In sharp contrast, the richest decile hold 87% of the world’s wealth, and the top percentile alone account for 48.2% of global assets.” Credit Suisse also noted widening gaps between the rungs of the wealth ladder: While only $3,650 would place a person in the wealthier half of the global population, $77,000 was needed to reach the top 10% and $798,000 to hit the top 1%.

Though people are having a nice amount in hands, is a huge flaw we are over looking, let me tell you, if half of the wealth is on the hands of 1% population, we can’t deny huge economic recessions that’d follow along with a handsome number of unemployments and which will have a negative drawback of depression and social disparities.

by Wajeeha Naeem
The City School

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