Credit Suisse fined $135m for NY forex investigation


Credit Suisse fined $135m for NY forex investigation

"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.

A decade on from the onset of the global financial crisis, global wealth has grown by 27 percent, this according to Credit Suisse Research Institute's 2017 Global Wealth Report.

Credit Suisse says emerging economies are expected to generate wealth at a faster pace than their developed counterparts and are likely to achieve a 22 percent share in global wealth at the end of the next five-year period.

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

"According to our latest estimates, the top 1 percent own 50.1 percent of all household wealth in the world", said the report.

However, the wealth is heavily concentrated among millionaires.

The report showed that there are now more than 36 million global millionaires in dollar terms. In contrast, the world's poor are mostly found in developing nations like India and Africa for example, where a large majority of adults - over 90 percent to be exact - are living on less than $10,000.

"In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100 per cent", the report said.

According to the report, growth in Europe was the second highest of all regions, but the United Kingdom was singled out as having an "uncertain" outlook because of Brexit. "For many residents of low-income countries, life membership of the base tier is the norm rather than the exception". High student debt in some countries was also referenced.

"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.

As a result only high achievers and those in lucrative areas like technology and finance have better prospects than their parents.