It is official, the richest one per cent now owns half of all the wealth in the world, and unfortunately it also looks as though the global middle class is shrinking as this happens, according to a new study.
Credit Suisse recently released its annual report on global wealth, and according to the CBC, this marks the first time that the world’s richest group has amassed enough wealth to cross that line.
The report also found that from 2008 on wealth gains have been shifting away from the middle class in favour of those at higher wealth levels. This has created a decline in the middle class wealth in ‘every region since 2001 and a decline in all regions except for China for the entire 2000 – 2015 period.’
Also troubling is that 3.4 billion adults – 71 per cent of the world’s population
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