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Wealth Gap (Poorer (More than 70 percent of the world’s millionaires…
Wealth Gap
Poorer
The report said the poor are mostly found in developing countries, with more than 90% of adults in India and Africa having less than $10,000.
More than 70 percent of the world’s millionaires reside in Europe or North America, with 43 percent of these millionaires calling the United State home.
The only non-Western nations with a significant share of millionaires: the industrial powerhouses Japan, China, and Korea.
More than 70 percent of the world’s adults own under $10,000 in wealth
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“In some low-income countries in Africa, the percentage of the population having less than 10000 in this wealth group is close to 100%.
Over the past quarter of a century, only America’s most affluent (richest) families have added to their net worth.
Richer
In 2016, rich Americans needed net worth of $1.7 billion to enter the Forbes 400, over 10 times the 1982 average after adjusting for inflation.
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“The number of millionaires, which fell in 2008, recovered fast after the financial crisis, and is now nearly three times the 2000 figure,” Credit Suisse said.
The increase in wealth among the already very rich led to the creation of 2.3 million new dollar millionaires over the past year, taking the total to 36 million.
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