The Global Wealth Report also presents a dire outlook for the world’s young adults, referred to in the document as “unlucky millennials.” Adults between the ages of 20 and 29 especially “faced the rigors of the financial crisis and the high unemployment that followed in many countries, and have also been widely hammered by high housing prices, rising student debt, and increasing inequality,” according to the report.

Despite being better educated than their parents’ generation, “millennials are not only likely to experience greater challenges in building their wealth over time, but also greater wealth inequality than previous generations.”

“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’,” said Urs Rohner, Credit Suisse’s chairman, in an interview with the Guardian.

Oxfam noted that the report is just the latest sign that the world’s poorest have the deck stacked against them, recalling the recent release of the Paradise Papers, which showed how the rich hide their wealth in order to avoid paying the taxes that stand to shore up public services that, when well-funded, benefit the whole population.

“The recent Paradise Papers revelations laid bare one of the main drivers of inequality—tax dodging by rich individuals and multinationals,” said Chakrabortty. “Governments should act to tackle extreme inequality that is undermining economies around the world, dividing societies, and making it harder than ever for the poorest to improve their lives.”

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