Overall, Credit Suisse found global wealth at mid-2017 totalled $407 trillion, up 6.4 percent year-on-year, the fastest pace of growth since 2012 thanks to surging equity markets and more valuable non-financial assets such as property. The increase in wealth among the already filthy rich led to the creation of 2.3 million new millionaires in just the past year.
Comparing wealth gains across countries, the United States is an unquestionable leader. "Global wealth inequality has certainly been high and rising in the post-crisis period".
The UK will lose 63,000 dollar millionaires over the next five years as a result of Brexit, while the rest of the world creates eight million more, according to a survey of global wealth.
Credit Suisse Group (NYSE:CS) is to pay US$135mln to settle an investigation by NY regulators into claims of misconduct in its foreign exchange trading business.
Not everyone expects to acquire such wealth, however, especially millennials. "But we find that millennials face particularly challenging circumstances".
Millionaires now comprise 0.7 percent of the world's adult population.
"High unemployment, tighter mortgage rules, growing house prices, increased income inequality, less access to pensions and lower income mobility have dealt serious blows to young workers and savers and hold back wealth accumulation by the millennials in many countries". High student debt in some countries was also referenced. Credit Suisse went on to show that the wealthiest 10% own 88% of the world's wealth. Wealth in the Asia-Pacific grew by 3 percent to $89 trillion, putting the region ahead of Europe on $80 trillion and behind the US on $93.6 trillion.
Credit Suisse is even forecasting that the number of ultra-high net worth individuals will likely increase by 45,000 to a level of 193,000 individuals by 2022.
It said global wealth should continue to grow at a similar pace to the last half a decade (3.9 percent expected and 3.8 percent recorded over last five years), albeit at a slower rate than the previously estimated 5.4 percent.