By Ali Al-HusseinA report from The Jerusalem Times and The Associated Press on Friday shows that Israel’s top 1% held nearly $2.8 trillion in wealth and that nearly half of it was held by Israelis.
The wealth gap between Israelis and Palestinians was the largest in the world, surpassing countries such as Saudi Arabia and the United Arab Emirates.
The gap was the highest in the developed world, according to the World Bank, which counts wealth among its main measures.
According to the report, the top 1 percent owned $1.6 trillion in assets, while the bottom 50 percent owned only $637 billion.
The report says Israel’s richest 5 percent of the population owned less than $30,000, while those with incomes of $100,000 or more owned nearly $1 trillion.
The top 5 percent owned more than 60 percent of all foreign investments in Israel, according the report.
The report shows that the wealthiest 1 percent, which includes Israel’s two richest men, had an annual income of $2 billion and earned more than $2,000 in salaries.
This meant that nearly 40 percent of Israel’s foreign assets were owned by them.
The Israeli government does not release figures on the size of its gross domestic product, but a government report last year showed that the economy grew at 7.6 percent in the first quarter, below forecasts of 9 percent.
The economy grew by 2.6 percentage points in the second quarter, which was below forecasts.
The Palestinian Authority, which controls the West Bank, also does not publish statistics on its economic output, but its data shows that it was the second-largest economy in the Middle East.
The UN Development Programme says the Palestinian Authority has one of the poorest per capita incomes in the region.
In 2015, it was ranked 122 out of 187 countries in the Human Development Index.