"With the baby boomers occupying most of the top jobs and much of the housing, millennials are doing less well than their parents at the same age, especially in relation to income, home ownership and other dimensions of wellbeing", the Swiss bank wrote in its annual Global Wealth report, published on Tuesday. That is broken down by the top 1% accounting for half of all global assets and the entire bottom half of the world owning less than 1% of the global wealth. There are 1,820 adult Indians who have wealth over $50 million, and, at the very apex, 760 have more than $100 million.
Oxfam noted that the report is just the latest sign that the world's poorest have the deck stacked against them, recalling the recent release of the Paradise Papers, which showed how the rich hide their wealth in order to avoid paying the taxes that stand to shore up public services that, when well-funded, benefit the whole population.
Measured overall, Credit Suisse found total global wealth rose 6.4% in the year between mid-2016 and mid-2017 to $280.3 trillion.
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"While wealth has been rising in India, not everyone has shared in this growth". However, given India's large population, this translates into 4.2 million people.
For example, it found, "Most Chinese adults are found in the upper middle section of global wealth distribution", with the country accounting for 9 percent of the top tenth of the global population by wealth.
Based on this updated forecast, global wealth is anticipated to reach 341 trillion USA dollars by 2022.
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According to the report, personal wealth in India is dominated by property and other real assets, which make up 86 per cent of estimated household assets. Driving the increases are widespread gains in equity markets, as well as gains in nonfinancial assets.
"The downward trend reversed after 2008 and the share of the top 1 per cent has been on an upward path ever since, passing the 2000 level in 2013 and achieving new peaks every year thereafter", the report says.
Globally, Switzerland remains the richest nation in the world in terms of wealth per adult with $ 537,600 in 2017, followed by Australia ($ 402,600) and United States ($ 388,000) in the second and third place respectively, the report said.
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