NY fines Credit Suisse $135 mn over forex manipulation

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"Looking ahead, however, high market valuations and property prices may curb the pace of growth in future years".

"Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets", Credit Suisse chairman Urs Rohner, explained.

The world's richest people have seen their share of the globe's total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140 trillion (£106tn), according to Credit Suisse's global wealth report published on Tuesday.

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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 firm feels that a hard start and adverse market conditions in their early adult years most likely will limit their wealth acquiring prospects in future years.

Not everyone expects to acquire such wealth, however, especially millennials. Millennials may also be more educated than their parents, but the chairman noted that "We expect only a minority of high achievers and those in high demand sectors such as technology or finance to effectively overcome the "millennial disadvantage".

And when it comes to millionaires, Credit Suisse showed that millionaires (dollar-based) were up by 2.3 million through the middle of 2017, and almost half of them live in the United States. That brings the total number of millionaires in the USA up to approximately 15,356,000, or about one in every 20 Americans.

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And since year 2000, the number of millionaires globally has increased 170 percent, while the number of people with more than $30 million to their name has ballooned five-fold to around 45,000 worldwide, the study showed.

Earlier this year, French bank BNP Paribas agreed to pay NY $350 million to settle similar claims, and Barclays paid $635 million in 2015.

"Wealth per adult has now fully recovered [from financial crisis lows], and is 30% above the 2006 level", the bank says.

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This report was the eighth such annual report out of Credit Suisse, and the firm measures roughly 4.8 billion adults over approximately 200 countries for its data.

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