A BARE 0.004 percent of the world’s adult population controls nearly $30 trillion (R328 trillion) in assets, 13 percent of the world’s total wealth, according to a new study released on Thursday. And perhaps unsurprisingly, the study by Swiss bank UBS and luxury industry consultant Wealth-X says the concentration of money in the hands of the ultra-rich is growing.
The report said 211 275 people qualify as “ultra-high net worth” (UHNW) – those with assets above $30m. Of them, 2 325 have more than $1bn. Their numbers grew 6 percent over the past year, but their wealth grew 7 percent, as asset markets like stocks and property soared in many places around the world.
Of the nearly $30 trillion this elite group controls, just over one-third is in the hands of tycoons in North America, more than one quarter in Europe and 23 percent in Asia. Of them, 87 percent are men, of the average age of 59, and nearly one quarter of them were in banking. Of them, 68 percent were “self-made” rich, 13 percent rich by inheritance, and the rest a combination of the two.
The average ultra-rich woman was 57, and more likely to be involved in non-profit and social organisations (19 percent) than any other sector. Nearly half became wealthy through inheritance, while one-third were self-made wealthy.
– Sapa-AFP