Oct 9 - At $241 trillion, global wealth reaches new an all-time high, with the top one percent owning almost half of the amount, according to a Credit Suisse report. Conway G. Gittens reports.
$241 trillion is today's Daily Digit. That's a new all-time high for global wealth, according to the World Wealth Report by Credit Suisse. The number reflects a 68 percent gain over the past ten years, with the United States accounting for nearly three quarters of the increase, mainly thanks to a recovery in the housing market and a bounceback in equity prices. Average global wealth has hit a peak of $51,600 per adult, but this is spread very unevenly, with the richest 10 percent owning 86 percent of the wealth. The top one percent alone owns 46 percent of all global assets. The richest nations, with wealth per adult of more than $100,000, are concentrated in North America, Western Europe and among the rich Asia-Pacific and Middle Eastern countries, and start with Switzerland, Australia, Norway and Luxemburg. Despite its strong economic growth over the past decades, China holds barely 9 percent of global wealth. The report says global wealth will jump a further 40 percent by 2018 to $334 trillion.