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
Global Harmony event concludes with celebration of Egyptian culture in Riyadh
- Saudi Arabia and Egypt continue to strengthen their political relationship through agreements in trade, tourism, energy and culture
RIYADH: The Global Harmony initiative concludes its third edition with a week-long celebration of Egyptian music, art and tradition in Suwaidi Park as part of Riyadh Season.
Running from Nov. 24-30 and organized by the Ministry of Media, the event invites visitors to experience Egypt’s rich heritage through a range of cultural activities.
Speaking to Arab News, Egyptian Ambassador to Saudi Arabia Tarek El-Meligy highlighted the deep-rooted connection between the two nations. “The Egyptian community is the most harmonious, coexistent and understanding in a positive way within Saudi society,” he said.
“If you ask any Egyptian which country they would like to live in after Egypt, they will say Saudi Arabia.”
Sarry Shaaban, an executive and consultant at the General Entertainment Authority, said: “We are talking about millions of visitors, both residents and Saudis, entering the park. Whether I’m a resident, a Saudi or from a country hosting the event, it provides an opportunity for residents to learn about your culture, colors, explore its arts, food, crafts, and traditional industries.”
Live music and dance performances displaying Egypt’s cultural traditions, with the rhythm of drums and flutes and performers in traditional costumes, have brought the life and spirit of Cairo’s streets to Riyadh.
A separate bazaar area has been set up featuring Egyptian cuisine, traditional clothing and handcrafted items.
“An event like this carries positive messages and highlights something we strive to emphasize every day, that we are one people, united by love and affection,” said El-Meligy.
Egyptian Sameh Nabil emphasized the feel of unity: “This initiative brought us closer together as Egyptians, and with Saudis here, I feel like we are brothers. I always feel like we are not expatriates.”
And visitor Khaled Zahir said: “This event reflects the love, connection and affection between Egyptians living in the Kingdom and Saudis.”
Egyptians make up 11 percent of Saudi Arabia’s population, according to the Saudi Census, meaning such exhibitions are important in promoting mutual respect and harmony.
El-Meligy said Saudi Arabia hosted the largest Egyptian expatriate community abroad, with remittances from those in the Kingdom forming a significant part of their home nation’s income.
“In recent months, remittances from Egyptians abroad have increased substantially, thanks to the facilities between the two countries and the confidence in both the Saudi and Egyptian economies,” he added.
Saudi Arabia and Egypt continue to strengthen their political relationship through agreements in trade, tourism, energy and culture. In his October visit to Cairo, Saudi Crown Prince Mohammed bin Salman met with Egyptian President Abdel Fattah El-Sisi to discuss investment opportunities and the establishment of a supreme coordination council to deepen bilateral relations.
Trade between Saudi Arabia and Egypt saw a 35.16 percent annual increase in the first half of 2024, according to the General Authority of Statistics. The increase was driven by a 73.44 percent surge in Saudi imports from Egypt, totaling $4.18 billion.
Egypt has also shown a growing interest in investing in Saudi Arabia, with a 71 percent rise in licenses granted to Egyptian firms in the second quarter of 2024.
The festival, which began in October, highlights the lives, contributions and cultural integration of its residents. So far, it has celebrated cultures including Indian heritage and moving through Philippine, Indonesian, Pakistani, Yemeni, Sudanese, Bangladeshi, Jordanian, Lebanese and Syrian traditions.
Riyadh Expo 2030 provides progress update to international exhibitions regulator BIE
- Members of Riyadh Expo 2030 update Bureau International des Expositions on progress toward hosting the event
RIYADH: A Saudi delegation representing Riyadh Expo 2030 took part in a Bureau International des Expositions meeting on Tuesday to review the Kingdom’s readiness to host the global event.
In November 2023, Saudi Arabia won the bid to host the 2030 World Expo between October 2030 and March 2031 in the capital, Riyadh.
The Riyadh Expo 2030 delegation took part in the 175th general assembly meeting of the BIE, a Paris-based intergovernmental organization which oversees and regulates World Expos, the Saudi Press Agency reported.
They updated senior officials of the BIE about the latest Saudi developments and preparations for hosting the event. They also discussed progress on work to accommodate an expected 246 exhibitors, including countries, organizations and companies, at a site north of Riyadh.
Under the theme “The Era of Change: Together for a Foresighted Tomorrow,” the event aims to be a unique platform for innovations and modern technologies which aim to find answers to challenges facing the planet in various fields, according to the Expo 2030 website.
Hospitality sector innovations, trends showcased at Riyadh exhibition
- Event gathers local and international exhibitors, industry leaders, and visitors to showcase trends, innovations, and business opportunities in the sector
- Exhibition features an array of engaging activities, including live cooking demonstrations by celebrity chefs, a barista competition, and workshops for aspiring culinary professionals
RIYADH: This year’s HORECA exhibition held in Riyadh is underscoring the Kingdom’s growing influence in the global hospitality market.
Held at the Riyadh International Convention and Exhibition Center, the three-day event concludes on Nov. 27 and gathers local and international exhibitors, industry leaders, and visitors to showcase trends, innovations, and business opportunities in the sector.
The event contributes to Saudi Arabia’s Vision 2030 by fostering private-sector growth, promoting tourism, and enhancing the country’s food and beverage industries.
The exhibition features an array of engaging activities, including live cooking demonstrations by celebrity chefs, a barista competition, and workshops for aspiring culinary professionals.
Visitors can sample creative dishes, observe new techniques in food and beverage, and explore sustainable packaging solutions, among other highlights.
Prince Waleed bin Nasser, guest of honor and CEO of Mukatafa Co., highlighted the importance of collaboration between the private and public sectors.
Speaking at a session on public policies impacting the food and beverage sector, he said: “The vision today aspires for the private sector to play a significant role in the development of the economy. The private sector must take the initiative to have a voice. To achieve this, it needs to be organized and united in presenting a single perspective.”
He also emphasized the need for proactive engagement: “We must work as one, united with a common vision, and present this vision in a professional manner backed by facts, ensuring that the decisions made have a positive impact on the sector and the citizens.”
Culinary competitions are among the highlights celebrating creativity and technical skills at HORECA. Mohammed Naif, a participant representing Saudi Arabia’s Hotel and Tourism Management Institute, told Arab News: “The atmosphere was amazing, and the competition was all about passion and enjoyment. There was a panel of judges and organizers who were very supportive — if you made a mistake, they would help you, and if you had an incomplete idea, they would guide you.
“I encourage anyone with a passion for cooking to join, showcase their creativity, and learn while bringing out their best.”
The exhibition also provided a platform for networking, with exhibitors showcasing local innovations as well as international brands. From cutting-edge hospitality tech to Saudi-inspired culinary creations, the event highlighted the Kingdom’s growing reputation as a global hub for the sector.
Saudi economy minister meets former Italian prime minister
- They discussed areas of collaboration and other topics of mutual interest
RIYADH: Saudi Minister of Economy and Planning Faisal Alibrahim met with Matteo Renzi, strategic counselor at the Tony Blair Institute for Global Change and former prime minister of Italy, the Economy Ministry said on X on Tuesday.
During the meeting, they discussed areas of collaboration and other topics of mutual interest.
Meanwhile, Saudi Minister of Commerce Majid Al-Qasabi met with Zambian Minister of Trade and Industry Chibuka Mulenga.
“We discussed strengthening our trade relations and developing joint cooperation between our countries,” the Saudi minister wrote on X.
MoU signed to strengthen humanitarian ties
- Memorandum was signed by Prince Mohammed bin Fahd bin Abdulaziz, chairman of the PMFHD, and Dr. Abdullah Al-Rabeeah, supervisor general of KSrelief
- Memorandum highlights the Kingdom’s global leadership in relief, humanitarian aid and charity, and expands the scope of operations and the support for missions of both organizations
RIYADH: The Saudi aid agency KSrelief and the Prince Mohammed bin Fahd Foundation for Humanitarian Development signed a memorandum of understanding in Riyadh on Tuesday to enhance cooperation in humanitarian fields and establish a strategic partnership for mutual benefit.
The memorandum was signed by Prince Mohammed bin Fahd bin Abdulaziz, chairman of the foundation, and Dr. Abdullah Al-Rabeeah, supervisor general of KSrelief.
The memorandum highlights the Kingdom’s global leadership in relief, humanitarian aid and charity, and expands the scope of operations and the support for missions of both organizations.
Prince Mohammed praised KSrelief’s exceptional efforts in humanitarian work, saying: “KSrelief’s vast expertise and capabilities qualify it to provide humanitarian services worldwide. Through this collaboration, we aim for the foundation to contribute to global humanitarian efforts alongside KSrelief.”
He also expressed gratitude to the leadership for its continuous support of humanitarian initiatives delivering aid to those in need.
He added: “The foundation has signed numerous MOUs locally and globally, all achieving their goals and benefiting thousands.
“A notable achievement is the Prince Mohammed bin Fahd Award for Best Charitable Performance in the Arab World, which has benefited many organizations across the Arab world.”
Issa Al-Ansari, the foundation’s secretary-general, said that the memorandum aimed to strengthen cooperation in areas such as training volunteers, conducting research, and implementing developmental and humanitarian projects.
“The parties have agreed to form a joint team responsible for developing an action plan for implementing the memorandum’s terms, including follow-up mechanisms and regular meetings,” Al-Ansari added.
