“The proportion of the world’s adults with a net worth of less than $10,000 has plunged this century, from 75% in 2000 to less than 40% in 2023. That’s according to data from the latest UBS Wealth Report.

Why it matters: The trend underscores the astonishing decline in inequality that we’ve seen over the past couple of decades.

By the numbers: The proportion of adults in the next band up, with wealth of between $10,000 and $100,000, has more than doubled, from 17% in 2000 to 43% in 2023.

An adult who was in the lowest bracket in 2000, with a net worth of less than $10,000, has a 62% chance of moving into a higher bracket by 2030, per UBS.

Never before in human history has there been any meaningful migration out of that bracket.”

From Axios.