By Tyler Durden
As part of the annual Credit Suisse Global Wealth Report, which as discussed earlier found that for the first time ever, the “Top 1%” owns a majority, or 50.1%, of the world’s wealth…
… the millionaire bankers behind the firm’s (Ultra) High Net Worth client division decided to also shed some tears for the world’s Millennials, whom they dubbed with one word: “unlucky”… a term which members of said generation will likely wear as a badge of honor (if only to justify their plight in life), while other generations will be eager to promptly mock.
While both sides have valid justifications for their perspective, here is why the Swiss bank has almost given up on an entire generation as a potential client:
“The “Millennials” – people who came of age after the turn of the century – have had a run of bad luck, most clearly in developed markets. Capital losses in the global financial crisis of 2008-2009 and high subsequent unemployment have dealt serious blows to young workers and savers. Add rising student debt in several developed countries, tighter mortgage rules after 2008, higher house prices, increased income inequality, less access to pensions and lower income mobility and …read more