Fifty percent of the world’s wealth is controlled by the wealthy 1 percent, according to a new Global Wealth report which sheds light on the stunning wealth inequality.
The annual report published by Credit Suisse states the wealth gap has widened since the 2008 financial crisis in the U.S. According to the report, the world’s wealthiest people held 42.5 percent of the global wealth at the height of the 2008 financial crisis, compared to the 50.1 percent in 2017.
“The share of the top 1 percent has been on an upward path ever since [the crisis], passing the 2000 level in 2013 and achieving new peaks every year thereafter,” the annual report said. Adding, “global wealth inequality has certainly been high and rising in the post-crisis period.”
“This report highlights the huge gulf between the haves and the have-nots—the world’s richest one percent own more than everyone else combined while the poorest half of the population share less than a penny of every pound of wealth,” Katy Chakrabortty, head of advocacy for Oxfam, said in a statement.