Global wealth surges in 2017 - Credit Suisse report

Credit Suisse fined $135 million by US for malpractices

Half of the world's wealth belongs to the world's richest one per cent as inequality between the wealthy and poor continues to grow, a study has revealed. The Millennial group as a whole may face some ongoing challenges that prior generations have not faced. And in every region of the world except for China, they say, median wealth has actually declined. "There is some uncertainty about future interest rates and stock market prospects, but otherwise the signs are mostly positive for household wealth".

Not everyone expects to acquire such wealth, however, especially millennials.

Global millionaires who make up just one per cent of the adult population own 50.1 per cent of of the world's wealth, or $202 trillion, according to the Daily Mail.

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They have been hit with direct losses from the global financial crisis, but also "faced first-hand the subsequent unemployment, increased income inequality, as well as higher property prices, tighter mortgage rules, and in some countries, a considerable rise in student debt", the study said. Millennials may also be more educated than their parents, but the chairman noted that "We expect only a minority of high achievers and those in high demand sectors such as technology or finance to effectively overcome the "millennial disadvantage".

The report showed that there are now more than 36 million global millionaires in dollar terms. And in 2014, in a landmark case, Credit Suisse pleaded guilty to similar criminal charges, agreeing to pay a fine of $2.5 billion to United States authorities. That brings the total number of millionaires in the USA up to approximately 15,356,000, or about one in every 20 Americans.

Meanwhile, 70 per cent of adults - 3.5 billion people - own less than $14,547 in assets and account for 2.7 per cent of wealth.

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Earlier this year, French bank BNP Paribas agreed to pay NY $350 million to settle similar claims, and Barclays paid $635 million in 2015.

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. The practices of the bank were "illegal, unsafe, and not solid" during at least the period from 2008 to 2015, DFS said.

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