January 18, 2021

The 10% of the population with the most money and property has 85% of the global wealth | Economy

The 10% of the population with the most money and property has 85% of the global wealth | Economy

The 10% of people that have more owns 85% of the global wealth of the homes once the debt is discounted, according to the estimations of the Swiss bank Credit Suisse published this Thursday. The richest 1% holds 47% of the estate. And the bottom half only has 1% of the existing wealth in the world.

According to the report of the Swiss entity, the weight of the most affluent was significantly reduced between 2000 and 2008. In the group of the richest 1%, their share fell from 47% to 43% of the world cake. However, this trend was reversed with the crisis: the 10% collective has stayed the same. But the 1% has even recovered previous levels. The improvement of this better-off 1% is due to the better behavior of the financial markets after the crisis, supported by the extraordinary measures of the central banks.

In mid-2018 the world accumulates more money and property than twelve months before, the document said. Total equity grew by 14 trillion dollars to 317 trillion, which represents an annual advance rate of 4.6%. In per capita terms, wealth per adult increased by 3.2%. And the global average per individual is at $ 63,100, a new historical maximum.

Three quarters of this improvement is due to non-financial assets that belong mostly to the middle class, says Credit Suisse. The United States is the country that contributes most to the world's wealth with a patrimony of 98 trillion dollars. In China it is where most has grown in the last year. To the point that it is consolidated as the second richest country with a 16% share after having overtaken Japan. And "Spain has experienced a substantial improvement", he points out.

2,085 ultrarricos in Spain

Spain occupies the position 14 in the ranking of countries with more people with a wealth of more than 50 million dollars, a level that Credit Suisse qualifies as "ultra-rich". According to these estimates made from data from the Bank of Spain, 2,086 people in Spain show this condition of ultra-rich. Of them, 1,367 have a fortune between 50 and 100 million; 658 between 100 and 500 million, and 61 with more than 500 million.

Credit Suisse accounts for 852,000 individuals in Spainin a wealth of more than one million dollars. Between one and five million dollars are 779,785 people. Between five and ten million the number reaches 47,048 individuals. And between 10 and 50 million euros the report places 22,658 Spaniards.

The Credit Suisse study pulls the Financial Survey of Families prepared by the Bank of Spain. Y as already collected in this, the richest 1% it has gone from counting in 2008 with 16.5% of all wealth to accumulate 20.2% in 2014. And the 10% that has more has gained in that period until hoarding in 2014 52.7% of wealth national, compared to the 45% it had in 2008. In the United States, the wealthiest 1% was made with 38.6% of wealth in 2016. And the top 10%, with 77.1%.

On the other hand, in Spain, the poorest half had 12% of the country's wealth in 2008. In 2014 this figure fell to 7.7%. In the United States, that 50% of the population only covered 1.2% of total assets in 2016.

Women lose

Although during the 20th century women substantially improved their levels of wealth, this growth may have stagnated since 2000, the report notes. Despite the fact that women are obtaining better professional qualifications, the patrimony of divorcees tends to fall with respect to that of their partners. "The increase in divorce rates may, therefore, tend to reduce women's participation in wealth," says the study. He adds: "With the injustice of the gender wage gap, young single women, whose numbers have been increasing, can accumulate less wealth than their male counterparts." The entity also suggests that there are indications that women are more risk averse.

Between 2001 and 2013, women's wealth gained some ground in France, evolved flat in the UK and worsened in Germany and Spain. In the US, its participation in the equity improved until 2007, but then it collapsed from that year until 2013.


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