Millennials Fall Far Behind as World's Richest 1% Hoard Half of Global Wealth

Anti-poverty advocates on Tuesday implored world leaders to combat the massive wealth gap described in the annual Global Wealth Report released by Credit Suisse, which showed that the world’s richest one percent own just over half of the global wealth.

“This report highlights the huge gulf between the haves and the have nots—the world’s richest one percent own more than everyone else combined while the poorest half of the population share less than a penny of every pound of wealth,” said Katy Chakrabortty, head of advocacy for Oxfam, in a statement.

At the height of the global financial meltdown in 2008, the world’s richest people held 42.5 percent of the global wealth, compared with 50.1 percent today. Thirty-six million people with over a million dollars make up just 0.7 percent of the global population, but control 46 percent of the world’s $280 trillion dollars.

Meanwhile, 3.5 billion people who make up the world’s least wealthy adults each have assets of less than $10,000. These adults account for 70 percent of people who are of working age.

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The group is disproportionately represented in developing countries. “In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100 percent,” according to Credit Suisse’s report.