The global wealth inequality is still on the rise. This was one of the conclusions of Credit Suisse’s 2014 Global Wealth report. According to the research, between the period 2000-2007, a decline in wealth inequality was registered in about 74% of the countries in the world. In comparison, during the period 2007-2014, inequality levels increased in 765 of the countries.
Moreover, the study discovered that around 10% of the entire population of the planet has control over nearly 90% of the world’s wealth. The most dramatic jump in wealth inequality rates were witnessed by Egypt, China and Hong Kong. Inequality in these three countries was almost constantly on the rise during the last decade and a half.
Saudi Arabia and Poland among the few exceptions where wealth inequality or, in other worlds, the gap between poor and rich, has saw a decrease between 2000 and 2014.
The report has also estimated the number of ultra-high net worth individuals in the world. Those are people who have a net worth of at least $50 million. According to Credit Suisse, they have reached 128,200 in 2014. In contrast, last year, they amounted to 98,700 people. This means that in just one year the number on UHNWs has increased by nearly 30,000.
Countries with the most ultra-high net individuals in 2014:
- United States
- United Kingdom
- Wealth Trends in the UAE
This year, the number of millionaires in the UAE is estimated at 46,000. By 2019, they are expected to continue to increase and reach 58,000. Together with Taiwan and Korea, the United Arab Emirates has the highest proportion of wealth per adult from all other emerging markets.
Wealth inequality rates in the United Arab Emirates is measured at under 50%, which means that its rate is moderate. Interestingly, the UAE is the only emerging market in the category. All other countries with modest inequality are developed economies, like Australia, the United Kingdom, Singapore, France, New Zealand and Canada.
Belgium and Japan are the only two countries where inequality levels are low. In contrast, the list of economies that witness very high wealth inequality today is much longer and features countries like the United States, Brazil, Russia, India and Turkey.