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NY fines Credit Suisse $135 mn over forex manipulation

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Credit Suisse Fined $135 Million by New York Watchdog for Rigging FX Market

"Looking at the bottom of the wealth distribution, 3.5 billion people - corresponding to 70 percent of all adults in the world - own less than 10,000 US dollars", said the report. These individuals have a net worth of $50m or more and are mostly created in the U.S. Altogether, these 3.5 billion working class people hold just 2.7 percent of global wealth.

The share of the top 1 percent wealth holders has been on an upward path since the 2008 crisis, passing the 2000 level in 2013 and achieving new peaks every year after, according to the report.

The number of millionaires has increased by 170% globally since the year 2000.

Millionaires now comprise 0.7 percent of the world's adult population.

The UK has the third highest number of millionaires - 6 per cent of the total.

The total wealth in the world grew by six percent over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse.

Median wealth per adult favors countries with lower levels of wealth inequality, Credit Suisse said, and there is exceptionally high disparity between the rich and poor in the U.S.

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"The recent Paradise Papers revelations laid bare one of the main drivers of inequality - tax-dodging by rich individuals and multinationals".

"In the United Kingdom, the Chancellor should use next week's Budget to prioritise tough action to tackle tax avoidance to help provide funds to fight poverty in both the United Kingdom and developing countries".

"There is some uncertainty about future interest rates and stock market prospects, but otherwise the signs are mostly positive for household wealth".

In contrast, many European countries are growing rapidly: Germany, France, Italy and Spain accounted for a fifth of all global growth in the past year. "But we find that millennials face particularly challenging circumstances".

Credit Suisse has been slapped with a $135 million fine by the top financial regulator in NY, which found a long pattern of unsafe and unsound practices in the bank's foreign exchange (FX) business from at least 2008 to 2015.

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