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Oct 16, 2014
According to Credit Suisse’s latest Global Wealth Report, released Tuesday, the richest 1% of people own nearly half the world’s wealth. The report explains that world wealth has reached a record $263 trillion in mid-2014, $20.1 trillion more, and an 8.3 percent increase, over mid-2013.
Although there is a plethora of wealth, however, this wealth is concentrated in very few hands. As a result, the report warned that the “abnormally high wealth income ratios” may spark a recession. High income disparity is likely to cause economic friction, as...