The rich are getting richer: Why the wealthiest 1% own nearly half of the world's fortune

Credit Suisse study says that the gap between the rich and the poor is widening.

15:55 14 October 2014

A report released by Credit Suisse claimed that the wealthiest 1per cent of the world’s population is getting even richer and their assets now account for more than 48per cent of the global wealth.

The report, which was published on Tuesday, warned that the growing inequality could trigger another recession.

“Taken together, the bottom half of the global population own less than 1% of total wealth. 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.”

“These figures give more evidence that inequality is extreme and growing, and that economic recovery following the financial crisis has been skewed in favour of the wealthiest. In poor countries, rising inequality means the difference between children getting the chance to go to school and sick people getting life saving medicines,” said Oxfam’s head of inequality Emma Seery.

“In the UK, successive governments have failed to get to grips with rising inequality. This report shows that those least able to afford it have paid the price of the financial crisis whilst more wealth has flooded into the coffers of the very richest.”