With the global population set to reach 9 billion by 2050, the global financial crisis and the ensuing financial meltdown have hit the global economy hard, as well as the financial system itself.
The richest 1 percent of the population will see their net worth rise by more than $300 billion by 2036, according to a new report.
While the top 10 richest people in the world will see that amount rise by almost $1 trillion, the richest 10 percent of those same people will have their net assets fall by more $1.5 trillion, according the report, called The Wealthiest 10 Percent of the World.
“The rise of the richest 1% has been particularly devastating for countries in Latin America and sub-Saharan Africa,” said Jérôme Fournier, the co-author of the report.
“In these regions, where people have not had access to banking or credit, the growth in wealth is often accompanied by mass migration, leading to a loss of jobs, and further displacement of the people who once lived there.”
Read more at Mashable The Wealthy 10 Percent report: The richest 10 Percent, compiled by the Wealth of Nations Foundation, also found that in Africa, wealth in the top 0.01 percent is now greater than that of the bottom 90 percent of people.
That’s up from just over 1 percent in the 1950s.
In China, the top 1 percent will see a total net worth of more than three times that of all of the world’s poor.
But the same people who will be living in that situation will be also seeing their own fortunes grow by a significant amount.
In 2022, the bottom 99 percent of China’s population will have an average net worth equal to $7,400, according a report by the China Daily newspaper.
In India, the poorest 1 percent is expected to see a net worth greater than $30,000 in 2022, according figures compiled by Oxfam.
The middle class is expected in the region to see their wealth increase by almost 30 percent.
“There are many signs that inequality is reaching new heights in emerging economies,” Fourner said.
“Websites and services are increasingly monopolized by a few, with the impact of rising prices on consumers, businesses and governments.”
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