The Global Wealth and Inequality
According to the UBS Global Wealth Report, in 2023 the world’s richest 1 per cent, those with more than $1 million, owned 47.5 per cent of all the world’s wealth – equivalent to roughly $214 trillion.
The richest people who were born poor had to go through troubles of different nature, some had to migrate from their homeland due to wars or economic uncertainties, while others came from poor rural areas. Global wealth inequality has significantly increased over the past few years. According to the 2024 World Inequality Report by Oxfam, almost five billion people globally have become poorer since 2020, while the richest five men in the world have doubled their fortunes during the same period. Global poverty will potentially increase considering the hike in ongoing conflicts in the Middle East and Eastern Europe. It could take up to 230 years to end poverty, but we could have our first trillionaire in 10 years, as per the Oxfam report.
The world’s billionaires have increased their wealth by more than $3 trillion in the last three years, while poor people around the world live in dire poverty, without access to clean water, adequate healthcare, decent housing, or education for their kids. In the US, over 60% of workers live paycheck to paycheck despite notable improvements in employee productivity and technology. The real weekly wages for the average US worker are lower today than they were 50 years ago. Poverty is not just an American issue, almost five billion people globally have become poorer since 2020, while the five richest men in the world have become twice as wealthy and are worth more than $1 trillion, as of September 25.
According to Credit Suisse’s Global Wealth Report 2024, approximately $83.5 trillion of wealth will be shifted to the next generation within the next 20 to 25 years. Around $9 trillion of this wealth will be transferred horizontally between spouses, the majority in the Americas. Over 10% of the total wealth shift is likely to be made by women to the next generation. The richest people in the world who came from poor families are the most influential entrepreneurs today; many live like regular people.
The millionaire population is increasing and by 2028, the number of adults with wealth of more than $1 million will rise from 52 countries to 56. Taiwan is expected to have the highest millionaire growth by 2028, growing by almost 50%.
Billionaires who come from poor families today have some of the biggest companies in the world. One such billionaire is Sergey Brin, who migrated from Russia to the US at a young age with his parents, suffering from antisemitic discrimination back in the 1970s. Sergey Brin is one of the richest billionaires in the technology industry.
In the next article, we will look at 40 richest people in the world who came from poor families. If you want to skip our detailed analysis, you can directly check out 5 Richest People in the World Who Came From Poor Families.
