Global Wealth Report finds millennials in financial fix

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"The downward trend reversed after 2008 and the share of the top 1 per cent has been on an upward path ever since, passing the 2000 level in 2013 and achieving new peaks every year thereafter", the report says.

The annual Global Wealth Report, published Tuesday by Credit Suisse, points out that while the top 1 percent and 10 percent of the world's richest saw their share of wealth decline between 2001 and 2008, the trend swung the other way after the financial crisis.

The number of ultra rich in the country is expected to rech 3,72,000 while the total household income is likely to grow by 7.5 percent annually to touch $7.1 trillion by 2022, the report said. JFS Wealth Advisors LLC now owns 7,036 shares of the financial services provider's stock worth $103,000 after purchasing an additional 338 shares in the last quarter. There are 1,820 adult Indians who have wealth over $50 million, and, at the very apex, 760 have more than $100 million. 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.

Young adults in China and other emerging economies had been faring relatively better than in Western countries, according to the research that is based on data about the wealth of 4.8 billion adults across some 200 countries. Similarly, Africa is highly concentrated at the bottom of the distribution: "More than 40 percent of African adults belong to the lowest two global wealth deciles".

Personal debts are estimated to be just 9 percent of gross assets, overall household debt as a proportion of assets in India is lower than in most developed countries.

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Early this year, U.S. authorities announced a $5.28 billion settlement with Credit Suisse over its role in the sale of the kind of toxic securities that led to the global financial crisis of 2008.

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.

The report noted fluctuations in asset prices and exchange rates account for much of the change in household wealth across regions and countries in the short run.

Geographically, the United States ranked in most of the global wealth gains.

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