Richest 1 per cent own half of world's wealth

Credit Suisse fined $135 million by US for malpractices

The country has a share of 0.7% of the global top 1% by wealth, who collectively own half the world's total wealth.

11, revealed that the world's richest people have seen their share of the globe's total wealth jump from almost 43 percent at the peak of the 2008 economic crisis, to 50 percent in 2017. That brings the total number of millionaires in the US up to approximately 15,356,000, or about one in every 20 Americans.

According to the Credit Suisse Global Wealth Report, the top 1 per cent are now worth a total of £106 trillion - around eight times more than the size of the U.S. economy.

The report states: "Increasing inequality can boost the speed at which new millionaires are created".

While the 2017 growth through the middle of the year was up $16.7 trillion (up 6.4%), this was the fastest pace since 2012, and the new wealth figure is 280 trillion in dollar terms.

Median wealth per adult favors countries with lower levels of wealth inequality, Credit Suisse said, and there is exceptionally high disparity between the rich and poor in the U.S.

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"This divide matters hugely at a time when millions of people across the United Kingdom face a daily struggle to make ends meet and the numbers living in poverty are the highest for nearly 20 years".

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.

Not only has the global number of millionaires risen significantly, but the amount of ultra-high net worth individuals, or UHNWIs, has increased five times over, making them the fastest-growing group of wealth-holders.

The number of British dollar millionaires has already dropped this year by 34,000 because of the 15 per cent fall in sterling in the year to June.

People with low wealth rates tend to come from younger age groups, and millennials face more challenges compared to other generations, according to the bank's findings.

Only a small proportion of high-achieving millennials will be able to overcome the "millennial disadvantage", he added.

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