Economic inequality continues to rise, with the wealthiest 1% of the world’s adults now owning more than half of all global assets. The Global Wealth Report 2016, published by financial services company Credit Suisse on Tuesday, finds that the poorest half of the world collectively own less than 1% of total wealth. Meanwhile, the richest 10% now control 89% of all global assets. The top 1 percent owned 50.8 percent of global household assets, up from 45.4 percent in 2009. “The Credit Suisse Global Wealth Report shows once again that economic inequality remains at shockingly high levels,“ said Max Lawson, Head of Inequality policy at the anti-poverty organisation Oxfam. „This huge gap between rich and poor is undermining economies, destabilizing societies and holding back the fight against poverty,“ he added. In September 2015, world leaders pledged to win this fight against poverty and agreed on a set of sustainable development goals (SDGs). These goals aim at eradicating extreme poverty for all people everywhere by 2030, ending hunger and all forms of malnutrition and reducing inequalities within and among countries, among other objectives. However, Lawson warns that “political concerns about inequality are not being translated into the action needed to give hope and opportunities to the millions who have been left behind“. He said that „governments must act now by cracking down on tax dodging, increasing investment in public services and boosting the income of the lowest paid.” The Global Wealth report also looks at the poorer half of the world population, giving particular attention to those in the bottom 20%, who currently number around one billion adults. It won’t come as a surprise that members of the bottom billion are predominantly poor people in developing countries, including millions of small-scale farmers and food-insecure people. According to the report, half of all adults in the world own less than $2,222, and the bottom 20% of adults own no more than $248. The richest nations, with wealth per adult over $100,000, are found in North America, Western Europe, and among the rich Asia-Pacific and Middle Eastern countries. Switzerland ranks first, with global average wealth per adult of $562,000, followed by Australia, the United States and Norway. Those countries with wealth below $5,000 are heavily concentrated in central Africa and south Asia. The report reads: “This group encompasses all of central Africa apart from Angola, Equatorial Guinea, and Gabon. India is the most notable member of the Asian contingent, which also includes Bangladesh, Cambodia, Nepal, Pakistan, and Sri Lanka.” (ab)