Where the World’s Richest 1% Are Gaining Wealth the Fastest
- Rate cuts fueled wealth gains at top, Credit Suisse reports
- World’s 500 richest added $1.8 trillion to net worth in 2020
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The share of the wealth held by the richest 1% in nations including the U.S., China, Brazil and India jumped in the fallout from the pandemic, fueled by efforts to curb the effects of the virus, according to Credit Suisse Group AG.
Brazil’s rich boosted their share by 2.7% last year to make up almost 50% of the nation’s wealth, the most of 10 countries cited in the Swiss bank’s Global Wealth Report released Tuesday.
The richest 1% in eight of the 10 nations boosted their share of the wealth last year, primarily due to interest rates cuts following the Covid-19 outbreak, Credit Suisse said in a report Tuesday.