Credit Suisse Group (NYSE:CS) is to pay US$135mln to settle an investigation by NY regulators into claims of misconduct in its foreign exchange trading business.
Overall, Credit Suisse found global wealth at mid-2017 totalled $407 trillion, up 6.4 percent year-on-year, the fastest pace of growth since 2012 thanks to surging equity markets and more valuable non-financial assets such as property.
11, revealed that the world's richest people have seen their share of the globe's total wealth jump from almost 43 percent at the peak of the 2008 economic crisis, to 50 percent in 2017.
The country has a share of 0.7% of the global top 1% by wealth.
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.
Millionaires Urge Congress to Raise Their Taxes
Meanwhile, the Treasury would be short some $3.4 trillion in the first 10 years, and $5.9 trillion the decade after. The GOP is "saying we can't afford to spend money, but we can afford to give rich people a huge tax break".
"According to our latest estimates, the top 1 percent own 50.1 percent of all household wealth in the world", said the report.
"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. The Millennial group as a whole may face some ongoing challenges that prior generations have not faced. Altogether, these 3.5 billion working class people hold just 2.7 percent of global wealth. Millennials may also be more educated than their parents, but the chairman noted that "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".
The gaping inequality has resulted in a huge rise in the number of millionaires and ultra-high net worth individuals (those worth more than $30m).
More than two-fifths of the world's millionaires live in the United States, while seven per cent live in Japan and six per cent live in the UK, according to The Guardian. Emerging economies are expected to generate wealth at a faster pace than their developed peers and are likely to achieve a 22% share in global wealth at the end of the five-year period.