BBC News – Where do the wealthiest 1% live?

By Keith Moore BBC News

In today’s Magazine

As the business and political elite met at the World Economic Forum in Davos this week, there was much talk of rising inequality, and many references to the “wealthiest 1%”. The phrase conjures up images of billionaires living on private islands – but is that really who the 1% really are?

A report by the charity Oxfam released to coincide with the Davos gathering caused a stir by predicting that the wealthiest 1% will soon own more than the rest of the world’s population.

It drew on research from the bank Credit Suisse, which estimated total global household wealth in 2014 at $263tn (£175tn).

That’s wealth, not income. It is calculated as assets minus debt.

Obviously billionaires like Bill Gates, Warren Buffett and Mark Zuckerberg are part of the 1%. But who else is? According to Credit Suisse, another 47m people – everyone with wealth of $798,000 (£530,000) or more.

…(read more).

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