Global wealth keeps growing. But wealth inequality is still high – both within and between countries. However, as noted in our latest Global Wealth Report, global wealth gaps have narrowed since the turn of the century: The share of wealth held by the bottom 90% of the population has risen by seven percentage points since 2000.

Economic progress narrows global wealth gaps

While China and other emerging markets grew at a fast pace in the early years of this century, they did so from a low base. As a result, their contribution to global wealth growth was quite modest until 2007. This changed around the time of the global financial crisis: Since 2008, emerging economies including China have accounted for two-thirds of the real wealth gain. The robust growth by low-wealth nations narrowed the gap in average wealth between countries.

Emerging societies await further economic changes

According to our recent Progress Barometer, emerging economies – particularly China and Brazil – are the strongest proponents of accelerating economic progress further. Both countries would welcome an expansion of free trade and foreign investment. Renowned economist Jagdish Bhagwati echoes this: “In the developing countries, there is widespread support for free trade as an engine of growth, and hence as a powerful instrument of poverty elimination.”

It should not come as a surprise that those who are hungriest for progress are emerging societies, as they are the ones that are looking to catch up.