American flag over US money

The US has the highest number of individuals with worth more than $50 million, according to a new global wealth report.
The US is also home to the majority of people with more than $100 million in wealth.
The median wealth per adult in the US was a little more than $93,000, the report found.

Back in 1821, the British poet Percy Bysshe Shelley made a prescient observation.

“The rich get richer,” Shelley wrote. He noticed those who already had wealth continued to accrue more at the expense of those poorer than them. 

Exactly two centuries later, Shelley’s words still largely ring true. The rich are still getting richer, according to a new report on global wealth from investment bank Credit Suisse.

Credit Suisse’s report found that over the past two years, the number of “ultra high net worth individuals” — those with more than $50 million in assets — in the world has grown by 50%. 

The report noted that the ultra high net worth class only makes up about 9% of the world’s population of millionaires, but more than half of them live in the US. 

The US also saw an additional 30,000 people swell the ranks of its ultra wealthy in 2021.

America now harbors more multimillionaires than any other country in the world by a long shot. China, which ranks second for the number of ultra high net worth individuals, only claims 12% of the world’s share. 

Part of the reason the rich are continuing to grow their coffers is due to rising stock prices. 

The report noted that since the 2008 recession, “stock prices have risen more than house prices in the United States, raising the shares of top wealth groups.” 

And as the poet laureate warned, they’re growing at the expense of less endowed classes.

In 2000, the country’s richest …read more

Source:: Business Insider

      

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