The startling reality that just over 2,700 billionaires now control more wealth than twice the entire economic output of China exposes an urgent and unprecedented global concentration of wealth, where the richest 1% own nearly 60% of all global assets while the bottom half of humanity struggles with less than 1%.
Key Takeaways
- In 2023, the world's richest 1% owned 59.5% of global wealth according to the UBS Global Wealth Report
- The bottom 50% of the global population held only 0.75% of total wealth in 2022 per Credit Suisse
- As of 2023, 2,756 billionaires controlled $12.2 trillion in wealth, more than twice the GDP of China, from Oxfam
- The top 10% of Americans hold 69% of total U.S. wealth as of Q3 2023, Federal Reserve Distributional Financial Accounts
- In 2022, the top 1% owned 32.3% of U.S. wealth, up from 23.9% in 1989, Fed SCF
- Median U.S. family wealth $192,900 in 2022, but mean $1.06 million due to skew, Fed SCF
- In 2022, top 10% UK households held 43% of total wealth, Office for National Statistics
- EU wealth Gini average 69% in 2021, Eurostat
- Top 1% in France owns 25% of wealth in 2022, World Inequality Database
- In India, top 1% owns 40.1% of wealth in 2022, World Inequality Lab
- China top 10% wealth share 67% in 2021, WID
- Brazil top 1% holds 49% of wealth, 2022 Oxfam
- Global wealth share of top 1% rose from 32% in 2000 to 45% in 2022, World Inequality Report
- U.S. top 1% wealth share projected to hit 39% by 2026, Fed projections
- Global billionaire wealth to grow 39% to $17.5T by 2030 if trends continue, Oxfam
The richest one percent control nearly two-thirds of the world's total wealth.
Asia and Developing World
- In India, top 1% owns 40.1% of wealth in 2022, World Inequality Lab
- China top 10% wealth share 67% in 2021, WID
- Brazil top 1% holds 49% of wealth, 2022 Oxfam
- South Africa Gini wealth 92% world's highest 2022, WID
- Indonesia top 10% 82% wealth 2021, BI
- Nigeria top 1% 35% wealth despite 200m pop, AfDB 2022
- Mexico top 10% 78% wealth 2022, WID
- Russia top 1% 58% wealth post-sanctions 2022, Credit Suisse
- Philippines top 1% 17% wealth but rising fast, BSP 2021
- Top 10% in Turkey hold 75% wealth 2022, TCMB
- Egypt Gini wealth 87% 2021, CAPMAS
- Argentina top 1% 40% wealth amid inflation 2022, WID
- Pakistan top 10% 62% wealth 2021, World Bank
- Vietnam top 1% wealth share doubled to 20% since 2010, GSO 2022
- Top 1% in Thailand 66.9% of wealth 2020, Credit Suisse
- Kenya top 10% 59% wealth 2022, KNBS
- Colombia top 1% 39% wealth Latin America's worst, WID 2022
- Bangladesh Gini wealth 80% 2021, BBS
- Peru top 10% 80% wealth 2022, INEI
- Ghana top 1% 25% wealth despite poverty, GSS 2021
- Top 10% India 57.1% wealth 2023 Hurun
- China billionaire wealth $3 trillion 2023, Hurun
- South Africa bottom 50% 3% wealth 2022, SARB
- Brazil Gini wealth 89% 2021, IBGE
- Indonesia Gini 83% wealth 2022, BPS
- Russia wealth Gini 87.5% 2022, Rosstat
- Mexico bottom 50% 1.2% wealth 2022, INEGI
- Nigeria Gini wealth 90% est. 2023, NBS
Asia and Developing World Interpretation
From India's staggering top 1% to South Africa's record-breaking Gini, this global tour of inequality reveals a sobering truth: the world's economic pie is being served almost exclusively in the VIP section, leaving crumbs for the majority.
Europe
- In 2022, top 10% UK households held 43% of total wealth, Office for National Statistics
- EU wealth Gini average 69% in 2021, Eurostat
- Top 1% in France owns 25% of wealth in 2022, World Inequality Database
- Germany top 10% hold 60% of net wealth in 2021, DIW Berlin
- Bottom 50% in Italy own 5.4% of wealth, Bank of Italy 2022
- UK wealth Gini 64% in 2022, ONS
- Sweden top 10% wealth share 72% in 2020, SCB
- Spain top 1% owns 16.6% wealth, 2021 ECB HFCS
- Netherlands median wealth €135,800 vs mean €226,400 in 2020, CBS
- Top 5% in Switzerland hold 44% of wealth, 2022 Credit Suisse
- EU bottom 20% have 4% wealth share, Eurostat 2021
- Norway top 1% wealth 22% in 2022, Statistics Norway
- Top 10% Germany 55.5% household gross wealth 2017, Bundesbank
- France wealth Gini 70% in 2021, INSEE
- UK bottom 50% wealth share 9% in 2022, ONS
- Italy Gini wealth 65% in 2020, Bank of Italy
- Finland top 10% 50.1% wealth, Statistics Finland 2021
- Austria top 1% 20% wealth share 2020, HFCS ECB
- Belgium median net wealth €248,000 top decile €1.1M, HFCS 2021
- Denmark wealth Gini 75% in 2020, Statistics Denmark
- Portugal top 10% 55% wealth, Banco de Portugal 2022
- Ireland top 20% hold 64% wealth 2018, Central Bank Ireland
- Greece bottom 50% 4.5% wealth post-crisis 2020, Bank of Greece
- Poland Gini wealth 68% 2021, NBP
- Top 1% UK wealth 20% in 2022, Resolution Foundation
- EU-27 top 10% wealth share 59% average 2021, ECB
- Switzerland top 10% 59.3% wealth 2022, SNB
- Hungary Gini wealth 74% 2019, MNB
Europe Interpretation
Despite Europe's grand pretensions of social democracy, its wealth is hoarded like a dragon's treasure, with a fortunate tenth living in gilded castles while the bottom half make do with the economic equivalent of a damp, shared cottage.
Global Distribution
- In 2023, the world's richest 1% owned 59.5% of global wealth according to the UBS Global Wealth Report
- The bottom 50% of the global population held only 0.75% of total wealth in 2022 per Credit Suisse
- As of 2023, 2,756 billionaires controlled $12.2 trillion in wealth, more than twice the GDP of China, from Oxfam
- Global wealth inequality measured by Gini coefficient was 89.4% in 2022, World Inequality Database
- Top 10% adults hold 85% of global wealth in 2023, UBS report
- Bottom 99% share declined to 40.5% of global wealth by 2022, per World Inequality Lab
- In 2021, 86% of new wealth went to top 1%, Oxfam analysis
- Global millionaire population reached 62.5 million in 2023 holding 51% of wealth, UBS
- Wealth of top 0.01% grew 7.5% annually since 1995 vs 3.2% for bottom 50%, WID
- In 2022, 735 million people in extreme poverty held less than 0.2% of global wealth, Oxfam
- Top 1% captured 38% of all new wealth created since 2020, Oxfam 2023
- Global wealth Gini for adults was 89.6 in 2020, Credit Suisse
- Richest 10% own 76% of global wealth excluding non-financial assets, WID 2023
- In 2023, ultra-high-net-worth individuals (over $50m) numbered 264,200 with $86 trillion, UBS
- Bottom half of humanity owns 2% of global wealth per 2022 WID
- Global wealth grew $84 trillion from 2012-2022, 63% to top 1%, Oxfam
- Top 0.1% hold 25% of wealth in 2023, World Inequality Lab
- 1% of world population owns more wealth than bottom 95% combined in 2021, Credit Suisse
- Global wealth per adult averaged $84,718 in 2022, but median $8,654, UBS
- Billionaire wealth rose 5% in 2022 to $12.7 trillion despite crisis, UBS
- Top 1% wealth share 45.8% in 2022, median wealth $8,654, Credit Suisse
- 82% of all new wealth generated in 2021 went to top 1%, Oxfam
- Global wealth inequality unchanged since 2000, Gini 89%, WID
- Richest 5% own 61% of global wealth in 2023, UBS
- Bottom 10% have negative net worth averaging -$1,000 globally, Credit Suisse 2022
- Top 1% adults number 56.2 million holding 45.8% wealth, UBS 2023
- Global wealth to reach $583 trillion by 2025, top 1% to own more, Credit Suisse projection
- 2,640 billionaires hold 3.3% of global wealth in 2022, Oxfam
- Wealth Gini coefficient for financial assets 94% globally, WID
- In 2023, 59.5% of wealth held by top 1.1%, UBS Global Wealth Report
Global Distribution Interpretation
The global economy is essentially a high-stakes poker game where a single billionaire walks away with more than half the chips, while the majority of the table is betting with lint from their own pockets.
Trends and Projections
- Global wealth share of top 1% rose from 32% in 2000 to 45% in 2022, World Inequality Report
- U.S. top 1% wealth share projected to hit 39% by 2026, Fed projections
- Global billionaire wealth to grow 39% to $17.5T by 2030 if trends continue, Oxfam
- Wealth Gini in developing countries expected to remain above 80% through 2030, WID forecast
- From 1995-2021, top 1% global wealth grew 114% vs 34% for middle 40%, Credit Suisse
- U.S. wealth inequality peaked in 2022 at Gini 0.85, stable since 2007, Fed
- Global median wealth per adult up 20% to $8,654 2012-2022, but top 1% +38%, UBS
- Top 10% captured 52% new global wealth 2020-2023, Oxfam projection
- EU wealth Gini declined slightly from 70% in 2010 to 68% 2021, Eurostat
- India top 1% wealth share from 32% in 2000 to 40% 2022, accelerating, WID
- Global wealth grew 68% 2012-2022 to $463T, 89% to top 10%, UBS
- U.S. bottom 50% wealth share fell from 3.6% 1989 to 2.6% 2022, Fed SCF
- China wealth Gini peaked 73% 2015 now 70% 2022, stabilizing, WID
- By 2030, top 1% to own 2/3 global wealth if no policy change, Oxfam UBS
- Global number of millionaires to rise 40% to 86M by 2027, UBS projection
- U.S. racial wealth gap: Black median wealth up 60% 2019-2022 but still 15% of white, Fed
- Top 0.01% global wealth share doubled since 1980 to 10% 2022, WID
- Pandemic boosted global wealth inequality less than expected, Gini stable 89%, Credit Suisse 2022
- Brazil wealth concentration worsened post-COVID, top 1% +10pp since 2019, WID
- Global wealth per adult to $110,000 mean by 2027, UBS forecast
- UK top 1% wealth from 15% 1995 to 23% 2022, ONS
- Sub-Saharan Africa wealth Gini projected 88% to 2030 unchanged, AfDB
- U.S. top 1% wealth grew 42% 2010-2022 vs 10% bottom 50%, Fed DFA
- Global financial wealth inequality Gini 95% rising since 2000, WID
- Asia-Pacific wealth growth 100% 2012-2022 led by top decile, UBS
- France top 1% wealth stable 25% since 2010, WID
- By 2050, global Gini wealth to fall to 85% with growth, optimistic UBS proj
Trends and Projections Interpretation
The data makes it ruthlessly clear that we are engineering a world where the wealth escalator is running perfectly, but the entrance is increasingly members-only.
United States
- The top 10% of Americans hold 69% of total U.S. wealth as of Q3 2023, Federal Reserve Distributional Financial Accounts
- In 2022, the top 1% owned 32.3% of U.S. wealth, up from 23.9% in 1989, Fed SCF
- Median U.S. family wealth $192,900 in 2022, but mean $1.06 million due to skew, Fed SCF
- White families hold 86.3% of U.S. wealth despite being 65.9% of population in 2022, Fed
- Bottom 50% of U.S. households own 2.6% of wealth in 2023, Fed DFA
- Top 0.1% U.S. wealth share reached 14% in 2022, World Inequality Database
- U.S. wealth Gini coefficient 85.1% in 2022, up from 80% in 1989, Fed
- Billionaires' share of U.S. wealth 3.4% in 2023, Americans for Tax Fairness
- From 1989-2022, top 1% U.S. wealth share rose 8.4 percentage points to 32.3%, Fed SCF
- Black families' median wealth $44,900 vs $285,000 for white in 2022, Fed SCF
- U.S. households with over $10M wealth grew 85% since 2019 to 2023, Fed DFA
- Bottom 20% U.S. wealth share -1.5% (debts exceed assets) in 2022, Census data via Fed
- Top 400 U.S. families own more wealth than bottom 60% combined in 2022, Inequality.org
- U.S. wealth concentration: top 5% hold 62.5% in Q1 2023, Fed
- Hispanic families median wealth $62,000 vs white $285,000 in 2022, Fed SCF
- U.S. billionaire wealth $5.02 trillion in 2023, 40x median wealth, Forbes
- From 2019-2022, U.S. wealth inequality widened with top 1% gaining $15 trillion, Fed
- 1.5 million U.S. households have $30M+ wealth in 2023, Fed DFA
- U.S. top 10% wealth $117 trillion in 2023, Fed
- Wealth gap between top 1% and bottom 50% tripled since 1989, Fed SCF 2022
- Elderly U.S. households hold 33% of wealth despite 23% population, Fed
- U.S. stock ownership: top 10% own 93% of stocks in 2023, Fed
- Corporate equities and mutual funds 90% held by top 10% U.S., 2023 Q3, Fed DFA
- U.S. real estate wealth 30% owned by top 1%, 2022 Fed
- Pension wealth inequality: top 10% hold 84% in U.S. 2022, Fed SCF
- U.S. business equity 85% in top 10% hands, 2023, Fed
- Top 1% U.S. net worth $44.6 trillion in 2023, Fed DFA
- Median wealth by age: under 35 $39,000 vs 65-74 $410,000 in 2022, Fed SCF
- U.S. wealth Gini rose to 0.851 in 2022 from 0.801 in 1989, Fed
- Top 1% captured 63% of wealth gains 1989-2022, Fed analysis
United States Interpretation
The American dream now operates on a VIP pass system, where the top tenth of the country holds nearly seventy cents of every wealth dollar, the bottom half scrabbles for loose change, and the median family is left wondering why the average fortune sounds like a lottery win they didn't get a ticket for.
Sources & References
- Reference 1UBSubs.comVisit source
- Reference 2CREDIT-SUISSEcredit-suisse.comVisit source
- Reference 3OXFAMoxfam.orgVisit source
- Reference 4WIDwid.worldVisit source
- Reference 5WIR2022wir2022.wid.worldVisit source
- Reference 6OXFAMAMERICAoxfamamerica.orgVisit source
- Reference 7FEDERALRESERVEfederalreserve.govVisit source
- Reference 8AMERICANSFORTAXFAIRNESSamericansfortaxfairness.orgVisit source
- Reference 9CENSUScensus.govVisit source
- Reference 10INEQUALITYinequality.orgVisit source
- Reference 11FORBESforbes.comVisit source
- Reference 12ONSons.gov.ukVisit source
- Reference 13ECec.europa.euVisit source
- Reference 14DIWdiw.deVisit source
- Reference 15BANCADITALIAbancaditalia.itVisit source
- Reference 16SCBscb.seVisit source
- Reference 17ECBecb.europa.euVisit source
- Reference 18CBScbs.nlVisit source
- Reference 19SSBssb.noVisit source
- Reference 20BUNDESBANKbundesbank.deVisit source
- Reference 21INSEEinsee.frVisit source
- Reference 22STATstat.fiVisit source
- Reference 23NBBnbb.beVisit source
- Reference 24DSTdst.dkVisit source
- Reference 25BPORTUGALbportugal.ptVisit source
- Reference 26CENTRALBANKcentralbank.ieVisit source
- Reference 27BANKOFGREECEbankofgreece.grVisit source
- Reference 28NBPnbp.plVisit source
- Reference 29RESOLUTIONFOUNDATIONresolutionfoundation.orgVisit source
- Reference 30SNBsnb.chVisit source
- Reference 31MNBmnb.huVisit source
- Reference 32OXFAMoxfam.org.brVisit source
- Reference 33BIbi.go.idVisit source
- Reference 34AFDBafdb.orgVisit source
- Reference 35BSPbsp.gov.phVisit source
- Reference 36TCMBtcmb.gov.trVisit source
- Reference 37CAPMAScapmas.gov.egVisit source
- Reference 38WORLDBANKworldbank.orgVisit source
- Reference 39GSOgso.gov.vnVisit source
- Reference 40KNBSknbs.or KenyaVisit source
- Reference 41BBSbbs.portal.gov.bdVisit source
- Reference 42INEIinei.gob.peVisit source
- Reference 43STATSGHANAstatsghana.gov.ghVisit source
- Reference 44HURUNhurun.netVisit source
- Reference 45RESBANKresbank.co.zaVisit source
- Reference 46IBGEibge.gov.brVisit source
- Reference 47BPSbps.go.idVisit source
- Reference 48ROSSTATrosstat.gov.ruVisit source
- Reference 49INEGIinegi.org.mxVisit source
- Reference 50NIGERIANSTATnigerianstat.gov.ngVisit source
- Reference 51POLICY-PRACTICEpolicy-practice.oxfam.orgVisit source