The world’s wealth is growing at an exponential rate and is poised to reach $1.1 trillion by 2030, according to new research from Bloomberg.
The report, titled Wealth of the World 2025, said that the global wealth of the 1,000 richest people will surpass $1 trillion in 2030.
“Our analysis shows that the share of the world’s global GDP going to the top 1 percent of the population has been rising at a rate of 1.2 percent a year over the past decade,” the report’s author, former Treasury Secretary Lawrence Summers, said in a statement.
“The rise of wealth in the richest one percent of people is a sign that a system of concentrated power is weakening.
The growth of the global economy and rising inequality mean that the gap between the haves and the have-nots has widened dramatically.”
Summers noted that the US had the highest rate of inequality of any developed country in the world at 45.9 percent in 2015, with the UK and France second, at 44.9 and 45.5 percent, respectively.
In 2030, the US economy will surpass the UK’s, with a GDP of $1,056 trillion, according the report.