Millions of people around the world have amassed their fortune thanks to the financial innovations of the past decade.
Now, a new study from wealth adviser RGT Wealth Advisors has revealed that wealth growth has accelerated dramatically in the past two decades.
“The wealth effect of the financial revolution has been tremendous,” RGT managing director Michael P. Cappelli said in a press release.
So far, this year has been an exceptional one for wealth accumulation. “
With more and more people having the opportunity to accumulate wealth through their own investments, this is a good time to be investing.”
So far, this year has been an exceptional one for wealth accumulation.
Over the past 12 months, there has been a 2.8% increase in the wealth of Americans.
That equates to an additional $16.5 trillion in total wealth, an increase of $8,000 for every American.
“The wealth effects of the wealth revolution are well documented, and RGT is particularly excited about the recent surge in the amount of wealth accumulated by the world’s wealthiest 1%.
The new study, released Monday, also showed that the number one driver of wealth growth for the U.S. has been the housing market.
The country has witnessed a staggering $4 trillion in gains in real estate wealth in the first quarter of this year, and this has resulted in a huge increase in wealth inequality in the U, particularly in the top 1% of households.
This is because housing wealth has risen faster than wages in recent years, and in fact, has actually dropped, as shown by a recent report from Credit Suisse.
The report found that the median net worth for the top one percent of Americans fell from $12.9 million in 2016 to $10.3 million in 2018, with the top 0.1 percent gaining an additional 25% from $1.1 million to $1 million.
This is a very significant increase from a year ago when the top 10% saw their wealth fall by 15%.
According to RGT, this was driven by the huge gains in the housing bubble, which was built by banks that profited from lending to the super-rich.
“This was a great time for wealth creation, but now we are seeing it reversed,” he added.”
The housing bubble and subsequent recession were the first and largest forces in the economy since the Great Depression, and have had a devastating effect on millions of Americans,” said Cappellis.
“This was a great time for wealth creation, but now we are seeing it reversed,” he added.