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1% of Greeks hold 56.1% of Greece’s wealth

15 October 2014 / 10:10:34  GRReporter
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Despite the crisis, or because of it, rich Greeks are becoming richer. This is the conclusion of a report of the Swiss bank Credit Suisse. According to the document, in the year 2000, 1% of Greeks held 54.1% of Greece’s wealth. In the pre-crisis 2007, that 1% of millionaires possessed 48.6% of the wealth of Greece whereas in 2014 this percentage increased to 56.1%.
     The report of the bank makes ​​it clear that a person needs only USD 3,650 a year, including in the form of shares or real estate, to become part of the richest 50% of the population on the planet. By comparison, the Hellenic Statistical Institute determines the amount of € 5,023 a year as the poverty line in Greece. This is almost twice the amount that Credit Suisse defines as sufficient in order for a man to become a part of the richer half of the population on the planet. I.e. the claims that over two million Greeks are living on the poverty line are greatly exaggerated.
     According to Credit Suisse, global wealth increased to the record amount of USD 236 trillion, rising by USD 20.1 trillion over the past year alone, which is the largest amount recorded over the past seven years.

Tags: Credit SuisseGlobal wealthRich GreeksCrisisRecessionPoverty lineSwiss bank
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