NY state regulator fines Credit Suisse $135 mln over forex practices

Report Swiss are richer than ever but wealth inequality persists

NY state regulator fines Credit Suisse $135 mln over forex practices

The total wealth in the world grew by six percent over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse.

The number of millionaires in the US just hit an all-time high, a new banking report finds. "Global wealth inequality has certainly been high and rising in the post-crisis period".

The world's richest 1% owns more than half of the globe's wealth, according to a financial report.

NY regulators have slapped Swiss bank Credit Suisse with a $135m (£103m) fine after finding it engaged in misconduct in its foreign exchange trading business.

"Looking ahead, however, high market valuations and property prices may curb the pace of growth in future years".

According to the Credit Suisse Global Wealth Report, the top 1 per cent are now worth a total of £106 trillion - around eight times more than the size of the USA economy.

According to the report, growth in Europe was the second highest of all regions, but the United Kingdom was singled out as having an "uncertain" outlook because of Brexit. The Millennial group as a whole may face some ongoing challenges that prior generations have not faced.

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Not everyone expects to acquire such wealth, however, especially millennials.

The wealthiest 10 per cent of people, meanwhile, own 87.8 per cent of global wealth. High student debt in some countries was also referenced.

Americans now account for 43 percent of the world's millionaires.

The shares of the top 5 percent and top 10 percent wealth holders show a similar pattern."The share of the top 5 percent overtook its 2000 level in 2013 and now stands at 76.4 percent". That brings the total number of millionaires in the USA up to approximately 15,356,000, or about one in every 20 Americans.

Credit Suisse is even forecasting that the number of ultra-high net worth individuals will likely increase by 45,000 to a level of 193,000 individuals by 2022.

This report was the eighth such annual report out of Credit Suisse, and the firm measures roughly 4.8 billion adults over approximately 200 countries for its data.

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