The Global Wealth report by Credit Suisse was released. The good news first:
Although the global economic environment has remained challenging, total global wealth has grown to a new record, rising by USD 20.1 trillion between mid-2013 and mid-2014, an increase of 8.3%, to reach USD 263 trillion – more than twice the USD 117 trillion recorded for the year 2000. With an 11.4% year-on-year increase, wealth creation was particularly strong in North America, where it now stands at USD 91 trillion, or 34.7% of total wealth. Europe made the second largest contribution, with wealth increasing 10.6% to USD 85.2 trillion. In both regions, capital markets were a key source of wealth growth: equity market capitalization grew by 22.6% in the United States, while Canada, France and Germany all recorded gains close to 30%.
Yeehaww! We're number 1! Queue record scratch (for those of you born before 1995).
And now the terrible news. Credit Suisse also found that despite the increase in wealth, when the debt was subtracted:
...bottom half of the global population own less than 1% of total wealth. In sharp contrast, the richest decile hold 87% of the world’s wealth, and the top percentile alone account for 48.2% of global assets.
[sad horn sound]
Let's be frank, it isn't a surprise. However, it is the confirmation of the worst trends we are seeing in the financial pyramid of society.