Which one is the life of the rich?
With the recession over, the rich are finally starting to see their fortunes shrink.
A new report by the Credit Suisse Group says they have been “deteriorating at a rate that would make the Great Depression look like a blip” since the global financial crisis.
The global wealth of the top 1% has declined by a staggering $14 trillion since the end of 2008.
The report, titled “The Rise of the Rich”, reveals the true story of how the global economy has changed over the past 40 years and shows that while the rich might be in relative peace, the middle class has been left behind.
“In the United States, for example, the top one percent of households own as much wealth as the bottom 90 percent combined,” the report states.
“This means that in the United State, the share of total wealth held by the top 10 percent has grown by nearly a quarter since the financial crisis, and that is far more than in any other developed country.”
In Canada, the richest one per cent own more than half the wealth.
And while the top income tax rate in the U.S. is 35%, it is only slightly lower than in Canada.
In Australia, the wealthiest 1 per cent in Australia have captured more than 40 per cent of total household wealth, and have nearly quadrupled their share of the country’s economic pie since the start of the financial meltdown.
These figures aren’t just the result of the U