11, revealed that the world's richest people have seen their share of the globe's total wealth jump from almost 43 percent at the peak of the 2008 economic crisis, to 50 percent in 2017. The practices of the bank were "illegal, unsafe, and not solid" during at least the period from 2008 to 2015, DFS said.
U.S. regulators hit banking giant Credit Suisse (IOB: 0QP5.IL - news) with a $135 million fine to resolve allegations its traders manipulated foreign exchange prices, NY officials announced Monday. Altogether, these 3.5 billion working class people hold just 2.7 percent of global wealth.
At the other extreme, the poorest half of the world's population - 3.5 billion people - own just 2.7 per cent of global wealth, which grew faster in the a year ago than at any time since 2010, reaching a total of $280 trillion. Despite its plurality of millionaires, the U.S.'s median wealth of $55,876 puts it 21st place in the world, alongside Austria and Greece.
"The recent Paradise Papers revelations laid bare one of the main drivers of inequality - tax-dodging by rich individuals and multinationals".
So where are most of the world's millionaires living?
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The gaping inequality has resulted in a huge rise in the number of millionaires and ultra-high net worth individuals (those worth more than $30m).
The world's poorest are mostly found in developing countries, with more than 90 per cent of adults in Africa and India having less than $14,547 to their name.
Comparing wealth gains across countries, the United States is an unquestionable leader. "For many residents of low-income countries, life membership of the base tier is the norm rather than the exception". "But we find that millennials face particularly challenging circumstances".
Not everyone expects to acquire such wealth, however, especially millennials.
The study also found that young people are struggling to earn more money and find better jobs than their parents, despite being more highly trained.