World's wealth gap grows; poorest half has 1% of assets

15 December 2006 |

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World's wealth gap grows; poorest half has 1% of assets

Also see this article: US income figures show staggering rise in social inequality - 60 million Americans living on less than $7 a day.
And this article: America's Young Adults Face Serious Economic Challenges- 18-34 Year Olds Confronted with New Financial Obstacles Not Experienced by Previous Generation.
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London - The richest 2 percent of adults still own more than half of the world's household wealth, perpetuating a yawning global gap between rich and poor, according to research published Tuesday.

The report from the Helsinki-based World Institute for Development Economics Research shows that in 2000 the richest 1 percent of adults - most of whom live in Europe or the United States - owned 40 percent of global assets.

The richest 10 percent of adults accounted for 85 percent of assets, the report said.

By contrast, the bottom 50 percent of the world's adult population owned barely 1 percent of the world's wealth.

"Income inequality has been rising for the past 20 to 25 years, and we think that is true for inequality in the distribution of wealth," said James Davies, a professor of economics at the University of Western Ontario, one of the report's authors.

But Davies said there are some hopeful signs: China and India, which are developing rapidly, are gaining wealth, and in countries such as Bangladesh, the spread of microcredit institutions is helping people increase their personal wealth, he said.

In other countries, land-registration programs allow the poor to own land for the first time, he said.

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