World could have 11 trillionaires this century
A new report shows that 0.7% of the world's population holds 41% of its household wealth.
This post is by Ben Eisen of MarketWatch.
In the past year, aggregate global household wealth increased by 4.9% to reach $241 trillion, a sign that even as the tepid economic recovery plays out, households are still accumulating wealth. And that number is poised to grow over the next five years by 40%, reaching $334 trillion, according to Credit Suisse’s annual Global Wealth Report, out this week.
It’s pretty disconcerting to see over two-thirds of the world’s adults have wealth of less than $10,000, while the wealthiest 0.7% hold 41% of the world’s wealth.
But there are some heartening signs in the report. One suggests that some measures of mobility are high. Future projections of growth rates based on historical averages show that the fraction in the bottom category of wealth will fall steadily over a 60-year time-frame. After the first 30 years, the number of people currently at the bottom will be cut nearly in half. The authors write:
“Two generations ahead, future extrapolation of current wealth growth rates yields almost a billion millionaires, equivalent to 20% of the total adult population. If this scenario unfolds, then billionaires will be commonplace, and there is likely to be a few trillionaires too – 11, according to our best estimate.”
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This tweet from Amenhotep: " Now a Trillionaire and enjoying all the comforts
of the Afterlife where - in a strange turnabout of events- one does not need money,
only an accumulation of good deeds."
Whats in Your Wallet?
At the rate of inflation, I should be a millionaire with $10,000 in a few years with a gallon of milk at $50.
In order to create one trillionaire millions have subsist in total poverty
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