NY state regulator fines Credit Suisse $135 mln over forex practices

In the 10 years since the peak of the financial crisis, it turns out that global wealth has grown by 27%.

The total wealth in the world grew by six percent over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse. 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.

'With the baby boomers occupying most of the top jobs and much of the housing, millennials are doing less well than their parents at the same age, especially in relation to income, home ownership and other dimensions of wellbeing, ' the Swiss bank wrote in its annual Global Wealth report. And in every region of the world except for China, they say, median wealth has actually declined. It pointed to "widespread gains in equity markets", at the same time as non-financial assets like real-estate for the first time passed the level they were at when the global financial crisis struck in 2007.

"Credit Suisse is pleased to have reached a settlement with the DFS that allows the bank to put this matter behind it", it said. Issues hurting Millennials were tighter mortgage rules, growing house prices, increased income inequality and lower income mobility, all adding up to holding back wealth accumulation by young workers and savers in many countries.

And since year 2000, the number of millionaires globally has increased 170 percent, while the number of people with more than $30 million to their name has ballooned five-fold to around 45,000 worldwide, the study showed.

Global millionaires who make up just one per cent of the adult population own 50.1 per cent of of the world's wealth, or $202 trillion, according to the Daily Mail.

Credit Suisse earlier this month announced that quarterly profits had soared nearly six fold to $244 million as the company proceeds with restructuring and cost cutting.

Comparing wealth gains across countries, the United States is an unquestionable leader. Norway, Denmark, Belgium, Britain and France, also figure among the top countries in terms of wealth per adult.

Vanessa Coleman

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