From The Wealthy Few To The Not So Affluent Many.

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Yesterday we shared some insights as to why an increasing income gap and decrease in consumer spending will eventually impact not just the middle to lower class, but will ultimately impact the wealthy elite. A newly released Credit Suisse World Wealth Report (Oct, 2014), details this widening income inequality gap in great depth.

According to this report, the richest 1% of the world population, control 48% of the world’s wealth. In reverse, 3.2 billion people (representing approximately 70% of the world’s adult population) control just 3% of the world’s wealth, with millionaires taking the mantle of fastest growing segment of the world’s wealth.

Closer to home, Fed Chief Janet Yellen reported last week that 62 million households in America’s least affluent half averaged only $11,000 in net worth last year — 50% less than bottom-half families averaged after inflation in 1989 — citing that the increasing wealth gap is “her greatest concern.” This has tremendous impact on government at every level and the ability to provide sustainable safety nets, as well as for the businesses and brands that have historically relied on the middle class to fuel sales.

This ‘wealth pyramid’ from Credit Suisse gives a simple and graphic overview supporting their findings; importantly, factoring into account not just the wealthy few, but also the not so affluent many to create a whole picture view of the world’s wealth:

wealth pyramid

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