Home
Global Wealth Report 2023: Rich and poor see drop in wealth
- Details
- Written by northsouth
- Category: News-Reports-Studies
- Hits: 494
ZURICH, SWITZERLAND - How has global household wealth developed in 2022? What are the projections for the years ahead? Find out with the most comprehensive and up-to-date information on global household wealth.
Key findings
- Measured in current nominal USD, total net private wealth fell by USD 11.3 trillion
(–2.4%) to USD 454.4 trillion at the end of 2022.
- Wealth per adult also declined by USD 3,198 (–3.6%) to reach USD 84,718 per adult at the end of the year.
- Much of this decline comes from the appreciation of the US dollar against many other currencies.
- Financial assets contributed most to wealth declines in 2022 while non-financial assets (mostly real estate) stayed resilient, despite rapidly rising interest rates.
- The loss of global wealth was heavily concentrated in wealthier regions such as North America and Europe, which together shed USD 10.9 trillion.
- Asia Pacific recorded losses of USD 2.1 trillion, while Latin America is the outlier with a total wealth increase of USD 2.4 trillion, helped by an average 6% currency appreciation against the US dollar.
- Heading the list of losses in country terms in 2022 is the United States, followed by Japan, China, Canada and Australia.
- The largest wealth increases were recorded for Russia, Mexico, India and Brazil.
- Along with the decline in aggregate wealth, overall wealth inequality also fell in 2022, with the wealth share of the global top 1% falling to 44.5%.
- The number of USD millionaires worldwide fell by 3.5 million during 2022 to 59.4 million. This figure does not, however, take into account 4.4 million “inflation millionaires” who would no longer qualify if the millionaire threshold were adjusted for inflation in 2022.
- Global median wealth, arguably a more meaningful indicator of how the typical person is faring, did in fact increase by 3% in 2022 in contrast to the 3.6% fall in wealth per adult.
- For the world as a whole, median wealth has increased five-fold this century at roughly double the pace of wealth per adult, largely due to the rapid wealth growth in China.
- Global wealth is expected to rise by 38% over the next five years, reaching USD 629 trillion by 2027.
- Growth by middle-income countries will be the primary driver of global trends.
- The authors estimate wealth per adult to reach USD 110,270 in 2027 and the number of millionaires to reach 86 million while the number of ultra-high-net-worth individuals (UHNWIs) is likely to rise to 372,000 individuals.
For the full report, visit: https://www.ubs.com/global/en/family-office-uhnw/reports/global-wealth-report-2023.html#executive
World military expenditure reaches new record
- Details
- Written by northsouth
- Category: News-Reports-Studies
- Hits: 559
STOCKHOLM - Total global military expenditure increased by 3.7 per cent in real terms in 2022, to reach a new high of $2240 billion. Military expenditure in Europe saw its steepest year-on-year increase in at least 30 years. The three largest spenders in 2022—the United States, China and Russia—accounted for 56 per cent of the world total, according to new data on global military spending published today by the Stockholm International Peace Research Institute (SIPRI).
Invasion of Ukraine and tensions in East Asia drive increased spending
World military spending grew for the eighth consecutive year in 2022 to an all-time high of $2240 billion. By far the sharpest rise in spending (+13 per cent) was seen in Europe and was largely accounted for by Russian and Ukrainian spending. However, military aid to Ukraine and concerns about a heightened threat from Russia strongly influenced many other states’ spending decisions, as did tensions in East Asia.
‘The continuous rise in global military expenditure in recent years is a sign that we are living in an increasingly insecure world,’ said Dr Nan Tian, Senior Researcher with SIPRI’s Military Expenditure and Arms Production Programme. ‘States are bolstering military strength in response to a deteriorating security environment, which they do not foresee improving in the near future.’
Cold war levels of military expenditure return to Central and Western Europe
Military expenditure by states in Central and Western Europe totalled $345 billion in 2022. In real terms, spending by these states for the first time surpassed that in 1989, as the cold war was ending, and was 30 per cent higher than in 2013. Several states significantly increased their military spending following Russia’s invasion of Ukraine in February 2022, while others announced plans to raise spending levels over periods of up to a decade.
‘The invasion of Ukraine had an immediate impact on military spending decisions in Central and Western Europe. This included multi-year plans to boost spending from several governments,’ said Dr Diego Lopes da Silva, Senior Researcher with SIPRI’s Military Expenditure and Arms Production Programme. ‘As a result, we can reasonably expect military expenditure in Central and Western Europe to keep rising in the years ahead.’
Some of the sharpest increases were seen in Finland (+36 per cent), Lithuania (+27 per cent), Sweden (+12 per cent) and Poland (+11 per cent).
‘While the full-scale invasion of Ukraine in February 2022 certainly affected military spending decisions in 2022, concerns about Russian aggression have been building for much longer,’ said Lorenzo Scarazzato, Researcher with SIPRI’s Military Expenditure and Arms Production Programme. ‘Many former Eastern bloc states have more than doubled their military spending since 2014, the year when Russia annexed Crimea.’
Russia and Ukraine raise military spending as war rages on
Russian military spending grew by an estimated 9.2 per cent in 2022, to around $86.4 billion. This was equivalent to 4.1 per cent of Russia’s gross domestic product (GDP) in 2022, up from 3.7 per cent of GDP in 2021.
Figures released by Russia in late 2022 show that spending on national defence, the largest component of Russian military expenditure, was already 34 per cent higher, in nominal terms, than in budgetary plans drawn up in 2021.
‘The difference between Russia’s budgetary plans and its actual military spending in 2022 suggests the invasion of Ukraine has cost Russia far more than it anticipated,’ said Dr Lucie Béraud-Sudreau, Director of SIPRI’s Military Expenditure and Arms Production Programme.
Ukraine’s military spending reached $44.0 billion in 2022. At 640 per cent, this was the highest single-year increase in a country’s military expenditure ever recorded in SIPRI data. As a result of the increase and the war-related damage to Ukraine’s economy, the military burden (military spending as a share of GDP) shot up to 34 per cent of GDP in 2022, from 3.2 per cent in 2021.
US spending rises despite high inflation
The United States remains by far the world’s biggest military spender. US military spending reached $877 billion in 2022, which was 39 per cent of total global military spending and three times more than the amount spent by China, the world’s second largest spender. The 0.7 per cent real-terms increase in US spending in 2022 would have been even greater had it not been for the highest levels of inflation since 1981.
‘The increase in the USA’s military spending in 2022 was largely accounted for by the unprecedented level of financial military aid it provided to Ukraine,’ said Dr Nan Tian, SIPRI Senior Researcher. ‘Given the scale of US spending, even a minor increase in percentage terms has a significant impact on the level of global military expenditure.’
US financial military aid to Ukraine totalled $19.9 billion in 2022. Although this was the largest amount of military aid given by any country to a single beneficiary in any year since the cold war, it represented only 2.3 per cent of total US military spending. In 2022 the USA allocated $295 billion to military operations and maintenance, $264 billion to procurement and research and development, and $167 billion to military personnel.
China and Japan lead continued spending increase in Asia and Oceania
The combined military expenditure of countries in Asia and Oceania was $575 billion. This was 2.7 per cent more than in 2021 and 45 per cent more than in 2013, continuing an uninterrupted upward trend dating back to at least 1989.
China remained the world’s second largest military spender, allocating an estimated $292 billion in 2022. This was 4.2 per cent more than in 2021 and 63 per cent more than in 2013. China’s military expenditure has increased for 28 consecutive years.
Japan’s military spending increased by 5.9 per cent between 2021 and 2022, reaching $46.0 billion, or 1.1 per cent of GDP. This was the highest level of Japanese military spending since 1960. A new national security strategy published in 2022 sets out ambitious plans to increase Japan’s military capability over the coming decade in response to perceived growing threats from China, North Korea and Russia.
‘Japan is undergoing a profound shift in its military policy,’ said Xiao Liang, Researcher with SIPRI’s Military Expenditure and Arms Production Programme. ‘The post-war restraints Japan imposed on its military spending and military capabilities seem to be loosening.’
Other notable developments:
- The real-terms increase in world military spending in 2022 was slowed by the effects of inflation, which in many countries soared to levels not seen for decades. In nominal terms (i.e. in current prices without adjusting for inflation), the global total increased by 6.5 per cent.
- India’s military spending of $81.4 billion was the fourth highest in the world. It was 6.0 per cent more than in 2021.
- In 2022 military spending by Saudi Arabia, the fifth biggest military spender, rose by 16 per cent to reach an estimated $75.0 billion, its first increase since 2018.
- Nigeria’s military spending fell by 38 per cent to $3.1 billion, after a 56 per cent increase in spending in 2021.
- Military spending by NATO members totalled $1232 billion in 2022, which was 0.9 per cent higher than in 2021.
- The United Kingdom had the highest military spending in Central and Western Europe at $68.5 billion, of which an estimated $2.5 billion (3.6 per cent) was financial military aid to Ukraine.
- In 2022 Türkiye’s military spending fell for the third year in a row, reaching $10.6 billion—a decrease of 26 per cent from 2021.
- Ethiopia’s military spending rose by 88 per cent in 2022, to reach $1.0 billion. The increase coincided with a renewed government offensive against the Tigray People’s Liberation Front in the north of the country.
For the full publication, visit: https://www.sipri.org/sites/default/files/2023-04/2304_fs_milex_2022.pdf
At least 22 students killed after school collapses during morning class
- Details
- Written by Super User
- Category: Africa
- Hits: 58
ABUJA - A two-storey school collapsed during morning classes in north-central Nigeria on Friday, killing 22 students and sending rescuers on a frantic search for more than 100 people trapped in the rubble.
The Saints Academy college in Plateau state’s Busa Buji community collapsed shortly after students, many of whom were 15 years old or younger, arrived for classes.
A total of 154 students were initially trapped in the rubble, but Plateau police spokesperson Alfred Alabo later said 132 of them had been rescued and were being treated for injuries in various hospitals. He said 22 students died. An earlier report by local media had said at least 12 people were killed.
Dozens of villagers gathered near the school, some weeping and others offering to help, as excavators combed through the debris from the part of the building that had caved in.
One woman was seen wailing and attempting to go closer to the rubble as others held her back.
Nigeria’s National Emergency Management Agency said rescue and health workers as well as security forces had been deployed at the scene immediately after the collapse, launching a search for the trapped students.
“To ensure prompt medical attention, the government has instructed hospitals to prioritise treatment without documentation or payment,” Plateau state’s commissioner for information, Musa Ashoms, said in a statement.
The state government blamed the tragedy on the school’s “weak structure and location near a riverbank”.
It urged schools facing similar issues to shut down.
Building collapses are becoming common in Nigeria, Africa’s most populous country with more than a dozen such incidents recorded in the last two years.
Authorities often blame such disasters on a failure to enforce building safety regulations and on poor maintenance.
Ecowas tries to prevent junta-led breakup
- Details
- Written by Super User
- Category: Africa
- Hits: 63
ABUJA - West Africa’s economic and political bloc has launched a formal push to convince three junta-led member states to shelve their joint breakaway plan, with Senegal’s president Bassirou Diomaye Faye appointed special envoy to the disaffected nations.
At a meeting in Nigeria’s capital Abuja on Sunday, Ecowas chair President Bola Tinubu of Nigeria commissioned Faye to work “around the clock” in concert with Togo’s President Faure Gnassingbe to persuade Mali, Burkina Faso, and Niger to abandon their Alliance of Sahel States (AES) and remain Ecowas members.
They formed the AES as a defense pact last September, in the face of Tinubu’s threat to restore democratic rule in Niger through a military intervention. They declared their split from Ecowas in January. At the alliance’s first summit last weekend, Niger’s head of state Abdourahmane Tiani said their Ecowas departure is “irrevocable.”
A breakup of the bloc could “disrupt the freedom of movement and settlement of people” and worsen insecurity in West Africa, warned Omar Touray, president of the bloc’s commission.
Mali, Burkina Faso, and Niger have mutual borders and are battling insurgencies by affiliates of Islamist groups Al-Qaeda and Islamic State. Each is led by a military government, following coups that overthrew elected civilian administrations, and has pared down defense partnerships with France and the United States while increasing engagement with Russia.
Main News
latest news
- Mother of Gaza hostage says release deal has to be Netanyahu’s top priority
- Macron dismisses Left candidate who vows to rip up pension reforms
- Kamala Harris opened up marginal two-percentage-point over Trump, polls
- Ukraine destroys Putin’s last railway ferry in Crimea
- Farmers in Africa say their soil is dying and chemical fertilizers are in part to blame
- Hamas and Fatah agree to form a government. What does it mean and who are these Palestinian groups?
- Demonstrators stage mass protest against Netanyahu visit and US military aid to Israel
- IFAD partners with Zenkyoren to issue its first nutrition bond
- South Sudan faces growing humanitarian crisis, warns WHO
- Pressure mounts on Biden as tally of Democrats urging withdrawal passes 30
- Xi Jinping orders ‘all-out’ rescue after Chinese bridge collapses into river, killing 11 people
- Subsidies in industrial supply chains risk distorting global trade
- Millionaires threaten to desert Britain over tax
- Israel kills dozens as it steps up Gaza bombardment
- French police clash with reservoir protesters in La Rochelle
- South African police uncover multi-million dollar meth lab
- Surveys show Chinese economy growing but at modest pace
- Night owls have superior brain function – study
- Clearing Gaza of almost 40m tonnes of war rubble will take years, says UN
- To end hunger we need more investment in rural development and better ways to mobilize funding
- FAD and Senegal partner to increase smallholder farmers’ resilience to external shocks
- Nearly two thirds of Democrats want Joe Biden to quit presidential race, poll
- US probes nearly 70 suspected human cases of H5N1 bird flu
- Gaza: Fresh airstrikes on defenceless Palestinians in centre, south, as conflict intensifies
- The triple planetary crisis: Global Foresight Report reveals global shifts
Europe
Macron dismisses Left candidate who vows to rip up pension reforms
Ukraine destroys Putin’s last railway ferry in Crimea
Millionaires threaten to desert Britain over tax
French police clash with reservoir protesters in La Rochelle
Italian police free 33 Indian farm labourers from 'slavery'
Trends for the next decade of agriculture
US ‘pressuring UK to block ICC’s Netanyahu arrest warrant’
At least 65 whales dead in UK's 'biggest mass stranding in decades'
Empowering the future: how Global Shapers are advancing the youth agenda
France’s leftist coalition demands the right to form a government after fractured parliament vote
Confiscating Russian assets would not break international law — it would safeguard it
EU Internet Referral Unit Transparency Report 2022
Ukrainian air base under frequent fire as Russia aims at F-16 arrivals
French candidates bow out in concerted bid to block far-right
When will we find out the results of the French elections?
Protesters clash with riot police in Paris as far-right party leads France election
What we know about summer COVID as UK case numbers rise
The impacts of long COVID across OECD countries
Cyber Risk Reduction in China, Russia, the US and the EU
German weapons exports on course to hit new record
France votes in election that could hand power to far right
Denmark to charge farmers $100 per cow in world-first meat tax
France saw a rise in all types of racism in 2023, report
Julian Assange released from prison after reaching plea deal with US
Gunmen kill at least 19 in attacks on churches, synagogue in Russia’s Dagestan
Asia
IFAD partners with Zenkyoren to issue its first nutrition bond
Xi Jinping orders ‘all-out’ rescue after Chinese bridge collapses into river, killing 11 people
Surveys show Chinese economy growing but at modest pace
Pakistan's Imran Khan, wife acquitted in unlawful marriage case
China-based inventors lead on global GenAI patents: UN report
A shootout between Pakistani Taliban and Police during a raid kills 6, including 3 officers
Chinese auto exports surge, partly offsetting a sales slump at home
India's Modi on visit to Moscow appreciates 'dear friend' Putin
India's parliament removes parts of opposition leader Rahul Gandhi's speech targeting Modi
Navigating Security Dilemmas in Indo-Pacific Waters
China's Communist Party to hold key third plenum on July 15-18, state media
China warns US it's ready to fight back against restrictions on tech investments
Blaze in South Korea battery plant kills 22 workers
Deadly monsoon landslides in southern Bangladesh displaced around 2,000
Officials highlight massive poverty, humanitarian despair in Afghanistan
China urged to provide information on imprisoned Uyghur doctor
FDI in Asia fell by 8% to $621 billion
PM Modi, IFAD launch $217m program to empower rural communities in Jammu, Kashmir
Philippine officials say Chinese forces seized 2 navy boats in disputed shoal
Malaysian leader Anwar says China a ‘true friend’
Flesh-eating bacteria that can kill in two days spreads in Japan
China beating US on nuclear power by more than a decade, report
EU report shows continuous deterioration of fundamental freedoms in Hong Kong
UN chief condemns escalating violence and civilian attacks in Myanmar
China maintains stance on disputed Gulf islands despite Iran's anger
Africa
Farmers in Africa say their soil is dying and chemical fertilizers are in part to blame
South Sudan faces growing humanitarian crisis, warns WHO
South African police uncover multi-million dollar meth lab
To end hunger we need more investment in rural development and better ways to mobilize funding
FAD and Senegal partner to increase smallholder farmers’ resilience to external shocks
South Sudan faces growing humanitarian crisis, warns WHO
Reducing food loss and waste could reduce emissions
IFAD inaugurates country office in Burkina Faso
At least 22 students killed after school collapses during morning class
Refugees, migrants face violence, abuse and death on routes across Africa, new data shows
Time running short as 2030 deadline looms for UN blueprint for a fairer future
Ecowas tries to prevent junta-led breakup
UN says Rwandan, Ugandan troops are fighting in DR Congo
South Sudan peace talks face collapse over a new security law
Kenya’s president warns of consequences after effort to address an $80 billion debt fails
Stevie Wonder celebrated his 74th birthday by becoming a Ghanaian citizen
Kenya police use tear gas to disperse crowds after call for more demonstrations
UN seeks help for tens of thousands of Sudan refugees fleeing to Libya, Uganda
Ethiopia says it’s ready for foreign firms but investors seem reluctant
Calls for Ruto’s resignation as protests continue in Kenya
US security chiefs issue warning on Niger withdrawal
New concept to prevent Poaching rhinos
OECD and African Union Commission to release Africa’s Development Dynamics 2024
Malawi: Ban on consensual same-sex conduct is a bitter setback for human rights
President Ghazouani holds early lead as Mauritania counts votes
Americas
Kamala Harris opened up marginal two-percentage-point over Trump, polls
Pressure mounts on Biden as tally of Democrats urging withdrawal passes 30
Nearly two thirds of Democrats want Joe Biden to quit presidential race, poll
US probes nearly 70 suspected human cases of H5N1 bird flu
Bullish Biden defies those calling for him to step down
US steps up sanctions against Israeli settlers and ‘outposts’ in occupied West Bank
Biden, NATO members poised to unveil new Ukraine aid at summit
Embattled Biden welcomes NATO allies in Washington
US has sent Israel thousands of 2,000-pound bombs since Oct. 7
Biden's debate performance causes some Democrats to panic
Bolivia coup attempt fails after military assault on presidential palace
Blinken warns Israel against wider war
How Mark Zuckerberg’s Meta Failed Children on Safety, States Say
60 per cent increase in displacement across Haiti: IOM
Furious White House cancels meeting with Netanyahu
Trump's second-term agenda: deportations, trade wars, NATO rethink
Over 70 million people in the US are under heat alerts
Musk and Bezos might be entrusted with America's national security space missions
All the chip companies getting billions in US subsidies
IFAD welcomes Canada’s generous contribution to fight hunger and poverty
Human missions to Mars in doubt after astronaut kidney shrinkage
Majority of Black Americans believe US institutions conspiring against them, poll
Biden, Zelenskiy sign $50bn security loan deal approved by G7 agreement to Ukraine
Inside Melinda French Gates’ $1 billion 'incredible experiment'
Gunman holds bus hostage as wild police chase unfolds in Atlanta
Australia & Pacific
Passionate welcome for WikiLeaks founder Assange as he lands in Australia
Violent protests return to New Caledonia as pro-independence leader extradited
EU and Australia accelerate their digital cooperation
Over 2,000 people thought to have been buried alive in Papua New Guinea landslide
Over 670 people died in a massive Papua New Guinea landslide, UN
Macron says extra security to stay in riot-hit New Caledonia as long as needed
New Caledonia riots: Tourists evacuated, President Macron to visit
Hundreds more French police start deploying to secure New Caledonia
France declares state of emergency in New Caledonia as protests rage
Australia’s 2024 National Defence Strategy
Sydney rocked by second mass stabbing as knifeman attacks bishop
Three dead, 1,000 homes destroyed in Papua New Guinea quake
Australia and UK sign defense and security treaty
Australia tightens student visa rules as migration hits record high
Global food crisis and the effects of climate change need urgent action, IFAD
Indonesia, Australia to sign defence pact within months
Australia to ban doxxing after pro-Palestinians publish information about hundreds of Jews
Australia launches inquiry into why Cabinet documents relating to Iraq war remain secret
Australia says AI will help track Chinese submarines under new Aukus plan
China warns Australia to act prudently in naval operations in South China Sea
Christopher Luxon sworn in as new prime minister of New Zealand
Australian Intelligence Report Identifies China as Major Backer of Cyber Crime
Thousands in Australia join pro-Palestinian march over Gaza
Australia rejects Indigenous referendum in setback for reconciliation
Qatar Airways CEO says Australian decision to block flights ‘very unfair’
MENA
Mother of Gaza hostage says release deal has to be Netanyahu’s top priority
Hamas and Fatah agree to form a government. What does it mean and who are these Palestinian groups?
Demonstrators stage mass protest against Netanyahu visit and US military aid to Israel
Israel kills dozens as it steps up Gaza bombardment
Clearing Gaza of almost 40m tonnes of war rubble will take years, says UN
Gaza: Fresh airstrikes on defenceless Palestinians in centre, south, as conflict intensifies
Israel targets Hamas military chief; Gaza officials say at least 71 killed
Gaza war grinds on as forcibly displaced run out of space to shelter
Syria and Saudi Arabia resume regular commercial flights as part of a thaw in relations
Gaza airstrike hit as displaced gathered for soccer match
UN experts slam global inaction, as famine takes hold across entire Gaza
Dozens killed by Israeli strike on tents housing Palestinians
Saudi Arabia's sovereign wealth fund swings to $36.8bn profit in 2023
Thousands flee their homes as Israeli forces bomb southern Gaza
Saudi Arabia announces discovery of seven oil, gas deposits
Gaza death toll rises to 37,900 , says Health Ministry
‘Where will we go?’ Gaza residents ask as they are displaced yet again
Israel killed over 8,600 Palestinian students in Gaza and West Bank since October 7
No progress in Gaza ceasefire talks with Israel, says Hamas official
Israeli tanks advance into areas in north and south Gaza, fighting rages
Girl dies of malnutrition in Gaza as Israel bombs north and south
UAE succeeded in mediating exchange of 180 prisoners of war between Russia and Ukraine
Erdogan says Turkey stands with Lebanon as tensions rise with Israel
Deaths at Saudi haj show challenge of shielding pilgrims from lethal climate
China targets Morocco as launchpad into Europe’s green auto market
Videos
-
Future of car-plane, see it to believe it
-
Mehdi Hasan: Islam is a peaceful religion
-
Python swallows antelope whole in under an hour
-
Sangoku dance
-
flying 3 kites wonder!
-
Korea has talent
-
Paul Potts sings Nessun Dorma
-
Susan Boyle - Britain's Got Talent
-
Twist and Pulse - Britain's Got Talent
-
Shaheen Jafargholi (HQ) Britain's Got Talent
High-Quality clip of 12-year-old singer Shaheen Jafargholi auditioning on Britain's Got Talent 2009. First he sings Valerie by The Zutons, as performed by Amy Winehouse, but, after Simon interrupts him and asks for a different song, he just blew everyone away. -
David Calvo juggles and solves Rubik's Cubes
-
Outdoor 'bubble pod' hotel unveiled