Credit Suisse fined $135 million by U.S. for malpractices

Credit Suisse fined $135 million by U.S. for malpractices

The Millennial group as a whole may face some ongoing challenges that prior generations have not faced.

The total wealth in the world grew by six percent over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse. Driving the increases are widespread gains in equity markets, as well as gains in nonfinancial assets.

Their combined wealth has increased from 42.5 per cent at the height of the 2008 global crisis, according to Credit Suisse's global wealth report published on Tuesday. And the wealth outpaced population growth to a record high of $56,540 per adult. "There is some uncertainty about future interest rates and stock market prospects, but otherwise the signs are mostly positive for household wealth". Issues hurting Millennials were tighter mortgage rules, growing house prices, increased income inequality and lower income mobility, all adding up to holding back wealth accumulation by young workers and savers in many countries. 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".

Millionaires now comprise 0.7 percent of the world's adult population. The state said Credit Suisse predicted that the algorithm would generate about $2 million in profits in 2013. That brings the total number of millionaires in the US up to approximately 15,356,000, or about one in every 20 Americans. Credit Suisse went on to show that the wealthiest 10% own 88% of the world's wealth.

The department's superintendent Maria Vullo said certain bank executives "deliberately fostered a corrupt culture" which permitted repeated violations of the law and of client trust.

Early this year, USA authorities announced a $5.28 billion settlement with Credit Suisse over its role in the sale of the kind of toxic securities that led to the global financial crisis of 2008.

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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