1% owns 40%

The study found that the world's richest 1 per cent owned 40 per cent of its wealth, while half the world's adult population together owned barely 1 per cent of global wealth. (How to squeeze into this 1%?)

Extracted from:
Hong Kong tops survey of world's richest
http://hongkong.scmp.com/hknews/ZZZCKVHEBVE.html

DENNIS ENG

Hong Kong people have the highest individual net worth in the world - US$202,000 - the largest study yet of wealth distribution shows.

Japan ranked ninth, with per capita wealth of US$124,858, and Singapore was ranked 12th on US$113,631.

The figures, from 2000, are expressed on a purchasing power parity basis, which takes into account exchange rate fluctuations.

The global study - from the UN's World Institute for Development Economics Research - is the first to chart wealth distribution in every country as opposed to just income. It includes significant components of wealth, including financial assets and debts, land, buildings and other tangible property.

Blair Pickerell, Asia-Pacific chief executive of HSBC Investments (Hong Kong), said he was not surprised by the result given the city's relatively high savings rates and penchant for property investment.

Hong Kong General Chamber of Commerce chief economist David O'Rear warned against reading too much into the data.

"We don't have very good information about people's wealth in Hong Kong because we don't tax it," he said. "If you're retired and own your own house, you fall outside of the tax system. We have no idea about how much people have."

The study found that the world's richest 1 per cent owned 40 per cent of its wealth, while half the world's adult population together owned barely 1 per cent of global wealth.