PARIS: Move away, American millionaires, your Asian counterparts are now wealthier than you.
Asian millionaires now control more wealth than their peers in North America, Europe and other regions, according to a new World Wealth Report from Capgemini, a consulting group.
Asian millionaires saw their wealth jump by 9.9% in 2015, while poor performance in the equity markets in the US and Canada slowed growth in North America to a sluggish 2.3% last year.
Latin American millionaires, meanwhile, suffered a decline in net worth of 3.7%, driven by political volatility and a turbulent stock market in Brazil. Europe's growth was steady, with a 4.8% increase led by Spain and the Netherlands.
Asians' net worth has soared over the past several years. The total wealth of Asia's richest residents totaled $17.4 trillion in 2015, up from $8.4 trillion in 2006. North America's wealthy have $16.6 trillion socked away, up from $11.2 trillion in 2006.
Asia also surpassed North America in terms of the number of millionaires in 2014. And their ranks grew even more last year, soaring 9.4%.
Of the 5.1 million Asian millionaires in 2015, 2.7 million came from Japan and 1 million were from China. There were 4.5 million US millionaires.
Capgemini found the growth in Asia was driven mainly by financial services, technology and health care industries.
"If past growth rates hold, Asia-Pacific is likely to continue to be a dominant force over the next decade, representing two-fifths of the world's HNWI wealth, more than that of Europe, Latin America, and the Middle East and Africa combined," Capgemini said.
Earlier this year, Oxfam found that the richest 1% now have as much wealth as the rest of the world combined.
Millionaires in Asia beat peers in rest of the world
Millionaires in Asia beat peers in rest of the world
Saudi officials meet Egyptian, Greek ambassadors in Riyadh
RIYADH: Riyadh Gov. Prince Faisal bin Bandar received Egyptian Ambassador Ahmed Farouk Tawfik in Riyadh on Wednesday.
The meeting marked the conclusion of Tawfik’s tenure as ambassador to Saudi Arabia, reported the Saudi Press Agency.
Prince Faisal expressed his gratitude for the ambassador’s efforts during his service and wished him success in his future endeavors.
Meanwhile, Saudi Deputy Minister for Political Affairs Saud Al-Sati met with Greek Ambassador Alexis Konstantopoulos in Riyadh. The two men discussed bilateral relations and topics of common concern, said the Foreign Ministry on X.
Saudi crown prince receives call from Ukraine’s Zelensky
- Two leaders discussed the latest developments in the Ukrainian-Russian crisis and efforts made to resolve it
RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call from Ukrainian President Volodymyr Zelensky, Saudi Press Agency reported on Wednesday.
During the call, the two leaders discussed the latest developments in the Ukrainian-Russian crisis and efforts made to resolve it.
They also reviewed Saudi-Ukrainian relations and discussed issues of common interest. Regional and international developments were also discussed.
Islamic Arts Biennale 2025 features first display of Holy Kaaba’s Kiswah outside Makkah
- Exhibition will highlight Saudi Arabia’s key role in serving Islam and Muslims
- Kiswah of the Holy Kaaba is “considered the highest form of creative production in Islamic arts”
JEDDAH: Saudi Arabia’s Islamic Arts Biennale 2025 will feature, from Jan. 25 to May 25, the first public display outside Makkah of the whole Kiswah of the Holy Kaaba.
The Diriyah Biennale Foundation is hosting the unprecedented event at the Western Hajj Terminal of King Abdulaziz International Airport in Jeddah, titled “And All That Is In Between.”
Visitors can admire the intricate weaving and embroidery of the Kiswah, the cloth that adorns the Holy Kaaba in the Grand Mosque in Makkah, featuring silk, gold and silver threads.
Since 1927, the King Abdulaziz Complex for Holy Kaaba Kiswa has been producing decorative embroidered clothes for the Holy Kaaba, which is replaced annually.
The Diriyah Biennale Foundation said that the Kiswah of the Holy Kaaba, with its distinctive inscriptions and ornamentations, is “considered the highest form of creative production in Islamic arts” and holds significance in the lives of Muslims worldwide.
The exhibition will highlight Saudi Arabia’s key role in serving Islam and Muslims over the decades and showcase the exceptional skills and craftsmanship of the Kiswah Factory of the Holy Kaaba.
Alongside the Kiswah display, the Islamic Arts Biennale 2025 will exhibit a collection of historical Islamic artifacts and contemporary artworks. The organizers aim to surpass the 600,000 visitors who attended the 2023 event.
The event also aims to enhance pilgrims’ religious and cultural experiences while preserving the Kingdom’s Islamic heritage as part of Saudi Arabia’s Vision 2030.
Deal to enhance heritage conservation in AlUla, China
- Agreement unites expertise in cultural preservation and tourism growth
RIYADH: The Royal Commission for AlUla and Dunhuang Academy have signed a strategic partnership to enhance cultural, tourism and heritage collaborations between Saudi Arabia and China.
This partnership marks a key milestone in Saudi Arabia-China relations, combining the academy’s 80 years of expertise in heritage research and cultural conservation with the commission’s dedication to preserving AlUla’s cultural heritage.
The academy manages the Magao Grottoes, a UNESCO World Heritage Site with 735 Buddhist caves in Gansu province, famous for their murals and sculptures that reflect Silk Road cultural influences.
The agreement unites the organizations as guardians of unique heritage, history and traditions, according to a recent press release.
The academy’s successful preservation of the Magao Grottoes has earned praise from UNESCO, the World Bank, and the Chinese government.
Both entities will collaborate on a conservation program for historic sites and artifacts in AlUla and western China. They will also organize academic exhibitions and exchange programs for staff and scholars.
Silvia Barbone, vice president of strategic partnerships at the commission, said that China and Saudi Arabia share a rich legacy that has connected people and places across vast distances and centuries.
“Today, our work in global heritage is strengthened by successful collaborations with leading institutions and destinations.”
Barbone added that the academy joins the commission in “our goal to establish northwest Arabia as a hub for research, exploration, and discovery in culture, heritage, tourism, and more, as we drive the regeneration of AlUla.”
The partnership follows the Saudi Travel Expo, organized by the Saudi Tourism Authority, where AlUla was prominently featured. The event, held in Beijing’s Tian Tan Garden in October 2024, highlighted AlUla’s natural and cultural heritage.
Su Bomin, director of Dunhuang Academy, said this collaboration was a significant step in “bridging our cultural histories and advancing heritage conservation efforts.
“By sharing our expertise and resources, we aim to foster cultural exchange, deepen mutual understanding, and create innovative programs that will benefit communities in both China and Saudi Arabia.”
In January 2024, the “AlUla, Wonder of Arabia” exhibition, featuring artifacts from the commission’s archaeological collection on public display for the first time, was hosted at Beijing’s Forbidden City UNESCO World Heritage Site.
Attracting over 220,000 visitors, the exhibition followed the signing of a partnership agreement between the commission and the Cultural Heritage Administration of China’s Henan province.
Saudi FM discusses Middle East issues with Spanish, British counterparts, UNRWA chief
- Prince Faisal meets Philippe Lazzarini in Riyadh
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan received separate phone calls from Spanish Foreign Minister Jose Manuel Albares and UK Foreign Secretary David Lammy on Wednesday.
He discussed recent developments in the Middle East with his Spanish and British counterparts, and efforts to address them.
The Saudi foreign minister also met the chief of the UN Relief and Works Agency for Palestine Refugees in the Near East, Philippe Lazzarini, in Riyadh. They discussed Saudi Arabia’s efforts to cooperate with UNRWA on projects benefiting the Palestinian people.
