SWISS bank UBS revealed today that just 0.004 per cent of the world’s adult population control nearly $30 trillion (£19trn) in assets — 13 per cent of the world’s total wealth.

Reprising something socialists already know, the bank, working with luxury industry consultant Wealth-X, noted that concentration of money in the hands of the ultra-rich was steadily growing.

They said that, of the world’s population of over seven billion, a mere 211,275 people qualified as ultra-high net worth (UHNW), that is to say those with assets above $30 million (£19m). 

Of them, 2,325 have more than $1 billion (£638m).

Their numbers grew 6 per cent over the past year, but their wealth grew 7 per cent, as asset markets like stocks and property soared around the world.

The fastest growth came in the “demi-billionaire” group, worth a half-billion to a billion dollars apiece.

“Even amidst geopolitical conflicts, socio-economic strife and volatile currency markets, the world’s equity markets displayed strong
performances, thereby
enabling UHNW individuals’ wealth to increase and their influence across industries
and sectors to grow,” UBS said.

Of the nearly £19trn this elite group controls, just over one-third is in the hands of tycoons in North America, more than a quarter in Europe and 23 per cent in Asia.

Of this filthy rich crew, it’s little surprise that 87 per cent are men — average age 59 — and nearly a quarter of them “work” in banking.

The average ultra-rich woman was 57. Nearly half of them became wealthy through inheritance, while one-third had self-made wealth.

On average, the super-rich each spend around $1 million (£638,000) a year on luxury goods and services.

“For example, individuals with private jets use their aircraft not only for leisure, but also for business purposes,” the Swiss bankers noted. 

On the other hand, the life of the obscenely rich is apparently not all a bed of roses.

While yachts, and particularly superyachts, are usually a non-necessity, many of these people lead very public lives and “the privacy of a family holiday on a yacht is a very special treat.”