Credit Suisse fined $135m for NY forex investigation

Credit Suisse Fined $135 Million by New York Watchdog for Rigging FX Market

Credit Suisse Fined $135 Million by New York Watchdog for Rigging FX Market

Only China has reached a new median wealth high.

Comparing wealth gains across countries, the United States is an unquestionable leader. In the 10 years since the peak of the financial crisis, it turns out that global wealth has grown by 27%.

That is broken down by the top 1% accounting for half of all global assets and the entire bottom half of the world owning less than 1% of the global wealth.

Credit Suisse has been slapped with a $135 million fine by the top financial regulator in NY, which found a long pattern of unsafe and unsound practices in the bank's foreign exchange (FX) business from at least 2008 to 2015.

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

"The share of the top 1% in the household portfolio, which fell during 2000- 2008 and then began to rise after 2008, raising the wealth of numerous richest countries, and of numerous richest people", the reports says.

Not only has the global number of millionaires risen significantly, but the amount of ultra-high net worth individuals, or UHNWIs, has increased five times over, making them the fastest-growing group of wealth-holders.


Not everyone expects to acquire such wealth, however, especially millennials.

Millionaires now comprise 0.7 percent of the world's adult population. "But we find that millennials face particularly challenging circumstances".

The study also found that young people are struggling to earn more money and find better jobs than their parents, despite being more highly trained.

The chart shows India's wealth pyramid.

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

It said global wealth should continue to grow at a similar pace to the last half a decade (3.9 percent expected and 3.8 percent recorded over last five years), albeit at a slower rate than the previously estimated 5.4 percent.

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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