The wealthiest 10% of adults own 82% of the world's wealth. The bottom 50% account for less than 1%
BEFORE BORIS JOHNSON was counting Brexit votes as Britain’s prime minister, he was boasting about another number as mayor of London. “We have now in London 72 billionaires, which is more than New York,” he said in an interview in 2014. “London is to the billionaire as the jungles of Sumatra are to the orangutan.” Although the city now claims some 95 billionaires, their millionaire cousins may be faring less well.
Elsewhere their numbers are growing. There are now 46.8m dollar millionaires worldwide, according to this year’s “Global wealth report” by the Credit Suisse Research Institute, an increase of 1.1m from mid-2018. Their ranks include more than 4m Chinese, 3m Japanese and 2m Germans. Yet no country has deeper pockets than America, which claims nearly 19m millionaires , and accounts for more than half of this year’s increase.
This is unlikely to tame attacks on “millionaires and billionaires” during election campaigns. Elizabeth Warren, a senator from Massachusetts and a leading candidate for America’s Democratic presidential nomination, has called for an annual levy of 2% on wealth above $50m and of 3% on wealth above $1bn. Bernie Sanders, another prominent Democratic contender, plans to tax fortunes of $32m at 1%, and those larger than $10bn at 8%.
On current trends there may be lots more rich Americans to tax. In five years, the authors predict, the global population of millionaires will hit nearly 63m—23m in America alone. There are already some 80,000 people in America worth more than $50m. Their number is set to keep rising.
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