Anti-poverty advocates on Tuesday implored world leaders to combat the massive wealth gap described in the annual Global Wealth Report released by Credit Suisse, which showed that the world's richest one percent own just over half of the global wealth. JFS Wealth Advisors LLC now owns 7,036 shares of the financial services provider's stock worth $103,000 after purchasing an additional 338 shares in the last quarter.
Presenting the bank's findings in Zurich on Tuesday, Credit Suisse research chief Nannette Hechler-Fayd'herbe said the problem applied to millennials not only in the U.S., but also to those in Europe.
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Despite being better educated than their parents' generation, "millennials are not only likely to experience greater challenges in building their wealth over time, but also greater wealth inequality than previous generations".
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.
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According to the eighth edition of the Global Wealth Report, in the year to mid-2017, total global wealth rose at a rate of 6.4 percent, the fastest pace since 2012 and reached $280 trillion, a gain of $16.7 trillion. The rise in global wealth reflected widespread gains in equity markets and similar rises in non-financial assets. Similarly, Africa is highly concentrated at the bottom of the distribution: "More than 40 percent of African adults belong to the lowest two global wealth deciles". Wealth in the Asia-Pacific grew by 3 percent to $89 trillion, putting the region ahead of Europe on $80 trillion and behind the US on $93.6 trillion. And since the year 2000, the number of millionaires globally has increased 170 percent, while the number of people with more than $30 million (€25.5 million) to their name has ballooned five-fold to around 45,000 worldwide. United States households alone added around $8.5 trillion to their combined coffers, half of the total world gain over the past 12 months.
"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", said Urs Rohner, Credit Suisse's chairman, in an interview with the Guardian.
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