The assets of the world’s richest people grew by 5.2 percent from 2015 to 2016, according to an annual report from the Boston Consulting Group released this month.
The richest people in the world saw their assets grow to an astounding $US168 trillion. The report categorized four type of private wealth holdings. “Ultra-high net worth,” was the highest earning category for those with more than US$100 million. These “ultra-high” individuals reportedly held 18 percent of the world’s total wealth and were the fastest growing wealth category.The "Affluent" category of people worth between US$250,000 to US$1 million, was the lowest category of the world’s rich. “These clients make up the heavy middle part of the wealth pyramid holding 30 percent of global wealth and representing 6 percent of households,” the report read.
The report estimated that half of the world’s private wealth will be held by millionaires by the year 2020. Millionaire households grew by 6 percent from 2015. There were significant increases in the number of millionaire households in China and India.
“For all the moral angst being expressed by business leaders and politicians about growing wealth inequality, very little is being done to change the status quo,” Paul Nowak from Britain's Trade Union Congress was qouted by the Guardian. “Unless companies here and across the globe reign in executive salaries, pay their fair share of taxes and invest in decent jobs the yawning gap between the haves and have-nots will continue to grow.”
The annual wealth report measures private wealth by cash, deposits and assets such as shares and bonds, but excludes property.