Richest 1 per cent own half of world's wealth

Report Swiss are richer than ever but wealth inequality persists

And between mid-2016 and mid-2017, global wealth grew by 6.4 percent - its fastest pace in five years - allowing the mean wealth per adult to reach a record high, the study showed.

"The share of the top 1 per cent has been on an upward path ever since [the crisis], passing the 2000 level in 2013 and achieving new peaks every year thereafter", the annual report said.

Credit Suisse is one of the top 12 global systemically important banks, according to the Bank for International Settlements, with assets of $792bn globally and more than 46,000 employees.

The economic gap between the world's super-rich and everyone else is growing yet again, according to Credit Suisse's 2017 global wealth report.

The department's superintendent Maria Vullo said certain bank executives "deliberately fostered a corrupt culture" which permitted repeated violations of the law and of client trust. Today, less than 10 percent of the global population owns 86 percent of the global wealth. Altogether, these 3.5 billion working class people hold just 2.7 percent of global wealth.

The world's poorest are mostly found in developing countries, with more than 90 per cent of adults in Africa and India having less than $14,547 to their name.

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Geographically, the United States raked in most of the global wealth gains. "For many residents of low-income countries, life membership of the base tier is the norm rather than the exception".

Maybe there is never a bad time to be a millionaire.

The rise in the stock market is the biggest reason for the gains, which in turn were driven by both stronger underlying economic conditions and the prospect of lower taxes and deregulation, Credit Suisse reported. That brings the total number of millionaires in the US up to approximately 15,356,000, or about one in every 20 Americans. Millennials are also expected to continue facing greater wealth inequality than previous generations.

With limiting factors such as high unemployment, increased income inequality and reduced pensions, millennials are having a tougher time than their parents at their age when it comes to income, homeownership and other indicators of wealth, Rohner said.

The study also found that young people are struggling to earn more money and find better jobs than their parents, despite being more highly trained.

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