Richest 1 per cent own half of world's wealth

Microsoft co-founder Bill Gates is the richest man in the world. Photo / AP

Half of the world's wealth belongs to the world's richest one per cent as inequality between the wealthy and poor continues to grow, a study has revealed.

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.

Their combined wealth has increased from 42.5 per cent at the height of the 2008 global crisis, according to Credit Suisse's global wealth report published on Tuesday.

Among the world's richest are Microsoft's Bill Gates, businessman Warren Buffett and Amazon's Jeff Bezos.

Meanwhile, 70 per cent of adults - 3.5 billion people - own less than $14,547 in assets and account for 2.7 per cent of wealth.

"The share of the top 1 per cent has been on an upward path ever since [the crisis], passing the 2000 level in 2013 and achieving new peaks every year thereafter," the annual report said.

The bank said "global wealth inequality has certainly been high and rising in the post-crisis period".

Overall, Credit Suisse found global wealth at mid-2017 totalled $407 trillion, up 6.4 percent year-on-year, the fastest pace of growth since 2012 thanks to surging equity markets and more valuable non-financial assets such as property.

However, the wealth is heavily concentrated among millionaires.

More than two-fifths of the world's millionaires live in the United States, while seven per cent live in Japan and six per cent live in the UK, according to The Guardian.

The global population of millionaires has grown considerable over recent years, and the population of those with net worths of more than US$50 million has increased even more quickly.

"The number of millionaires has increased by 170 per cent [since 2000], while the number of UHNWIs [ultra-high net worth individuals] has risen five-fold, making them by far the fastest-growing group of wealth-holders," the report said.

The world's poorest are mostly found in developing countries, with more than 90 per cent of adults in Africa and India having less than $14,547 to their name.

"In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100 per cent," the report said.

"For many residents of low-income countries, life membership of the base tier is the norm rather than the exception."

The study also found that young people are struggling to earn more money and find better jobs than their parents, despite being more highly trained.

Defined by the US Census Bureau as being those born between 1982 and 2000 - so between 35 and 17, now - millennials face tougher borrowing rules, rising home prices, and lower income mobility, the study said.

'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.

As a result only high achievers and those in lucrative areas like technology and finance have better prospects than their parents.

Overall, Credit Suisse found global wealth at mid-2017 totalled $407 trillion, up 6.4 percent year-on-year, the fastest pace of growth since 2012 thanks to surging equity markets and more valuable non-financial assets such as property.