NY state regulator fines Credit Suisse $135 mln over forex practices

NY state regulator fines Credit Suisse $135 mln over forex practices

"So far, the Trump Presidency has seen businesses flourish and employment grow, though the ongoing supportive role played by the Federal Reserve has undoubtedly played a part here as well, and wealth inequality remains a prominent issue", commented Michael O'Sullivan, CIO for International Wealth Management at Credit Suisse.

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 previous year than at any time since 2010, reaching a total of $280 trillion.

"Looking at the bottom of the wealth distribution, 3.5 billion people - corresponding to 70 percent of all adults in the world - own less than 10,000 US dollars", said the report.

The share of the top 1 percent wealth holders has been on an upward path since the 2008 crisis, passing the 2000 level in 2013 and achieving new peaks every year after, according to the report.

"Wealth per adult has now fully recovered [from financial crisis lows], and is 30% above the 2006 level", the bank says.

More news: Technology company bringing 2000 jobs to New Orleans

The study also found that millennials face a significant disadvantage compared to older generations. Altogether, these 3.5 billion working class people hold just 2.7 percent of global wealth.

The UK will lose 63,000 dollar millionaires over the next five years as a result of Brexit, while the rest of the world creates eight million more, according to a survey of global wealth. Issues hurting Millennials were tighter mortgage rules, growing house prices, increased income inequality and lower income mobility, all adding up to holding back wealth accumulation by young workers and savers in many countries.

Earlier this year, French bank BNP Paribas agreed to pay NY $350 million to settle similar claims, and Barclays paid $635 million in 2015.

Millionaires now comprise 0.7 percent of the world's adult population.

"The share of the top 1% in the household portfolio, which fell during 2000- 2008 and then began to rise after 2008, raising the wealth of numerous richest countries, and of numerous richest people", the reports says.

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