Aussies caught up in tax probes

Hundreds of Australians have been caught up in an international tax evasion and money laundering investigation that has already triggered raids, arrests and the seizure of expensive property in Europe. The 346 Australians involved hold unnamed, numbered accounts with a Swiss bank. Minister for Revenue and Financial Services Kelly O’Dwyer said the Australians had links to […]

Xi Jinping takes centre stage

In the coming weeks, two major events will again focus the international spotlight on China as it projects its power on the world stage. Next week, President Xi Jinping (習近平) is expected to hold an informal summit with US President Donald Trump in Florida, the first time the two world leaders will meet face-to-face, according […]

Luxury rental costs rocket

Toronto’s hot property market is not only causing bidding wars among buyers,  renters are also feeling the heat as the lack of supply spills over into rental market, Mansion Global reports. The prices of luxury rentals in the largest Canadian city increased 8% in 2016 year-over-year, beating other key global cities in terms of pace […]

Sun shines on Monaco Wealth Forum

The Monaco Wealth Forum took on a life of its own on March 17 in Monte-Carlo. In its third edition, the Forum brought together a range of top speakers from a broad spectrum of expertise, and in keeping with previous events the Forum looked to the challenges and promises of the future rather than, as […]

Norway’s fund counts divestment cost

Norway’s Government Pension Fund Global’s equity portfolio missed out on 1.1 percentage points of additional gain due to the exclusion of stocks on ethical grounds over the past 11 years, according to Norges Bank Investment Management, which manages the sovereign wealth fund’s assets. A report by Norges Bank said its benchmark index for equities is […]

Chinese worry about wealth gap

China may have the second-highest number of billionaires after the US but the world’s second- largest economy should worry about the growing divide between the rich and the poor, Chinese experts have warned. The Communist Party government in China should closely monitor the country’s wealth gap and focus on poverty relief, experts said, as China […]

US adds more jobs than expected

The number of non-farm jobs added in February in the US  was 235,000, smashing expectations of a 190,000 increase. The figure for January was also revised up to 238,000 from 227,000. The US jobless rate fell to 4.7 percent from 4.8 percent, as expected. Analysts have said that the better than expected jobs figures will […]

Security remains paramount

Press reports this week suggest that hundreds of ships are switching off their electronic tracking devices in order to escape detection in European waters. The UK’s Times reports that in January and February 40 ships entered European waters after leaving Libya’s coast, raising fears that illegal migrants and weapons are being smuggled into Europe. The […]

After Brexit and Trump, what next?

In the post-9/11, post-GFC world, and amidst the current populist and anti- establishment climate, it has become a necessity for investors to take a more pragmatic approach to global investing, according to Iain Stewart-Linnhe, a distinguished speaker at the Monaco Wealth Forum on March 15. With cross-border enforcement now a clear and present danger , […]

Italians offer ‘bargain’ tax residence

Under Italy’s Finance Act 2017, a new measure will allow foreigners to pay a new flat-rate tax of 100,000 euros per year in exchange for tax residence. On Wednesday, March 8, the Italian tax authorities launched a procedure allowing rich foreigners to settle their tax residence in Italy in exchange for the “modest” sum of […]

PwC sees new wealth trend

Australian family businesses are in the midst of the largest transfer of wealth in the nation’s history as baby boomer founders begin to retire and transition out of their businesses. Yet not all of these family businesses are being passed down to the next generation. At PwC we’re presently seeing a move away from business […]

Half of billionaire women are Asian

More women entrepreneurs than ever before have climbed into the 10-figure club, according to Forbes. A record 56 self-made women are now billionaires including the first ever from countries like Vietnam and Japan. In fact, more than half of these enterprising women hail from Asia. Worth a combined $129 billion, these trailblazers have founded some […]

UK budget business unfriendly

Britain’s finance minster, Chancellor of the Excehquer Philip Hammond, has announced a number of changes in the Spring Statement on March 8 that will have a significant impact on investors. In once example, the tax-free dividend allowance will fall from £5,000 to £2,000 a year from April 2018, with Mr Hammond arguing that the greatest beneficiaries of […]

Weston family head Irish rich list

The latest 2017 Sunday Times Irish Rich List surveys the wealth of the 300 richest individuals and families on the island of Ireland in a variety of areas including entertainment, sport, business, technology and construction. The minimum wealth needed to qualify for this year’s 300 richest people in Ireland is €40 million – and there […]

Indian property more attractive

India’s real estate sector is expected to witness boost in investments on the back of recent regulatory reforms, said professional services firm KPMG India in a report. The government has announced key policies for real estate in the Union Budget for 2017-18. Within real estate, affordable housing now gets an infrastructure status. There is also […]

German factory orders fall off cliff

Germany’s manufacturing sector has suffered a surprisingly sharp fall in orders, raising concerns that its economy may not be as robust as thought, the UK’s Guardian reports. Orders for German factory goods plunged by 7.4% in January, compared to December. That’s much worse than the 2.5% drop which analysts expected. The dropoff appears to have […]

‘Don’t depend on us’ – China’s government

A major factor behind the soaring growth of risky wealth-management products in China is that investors typically think the government stands behind them. Lately, nervous regulators have been emphasising that this isn’t so. But they’ll have to do a lot more to change expectations in a state-dominated economy. Wealth-management products are short-term, high-yielding investments that […]

Retail family accused of siphoning funds

A former giant of German retail – Anton Schlecker – has gone on trial with his wife and two children over the collapse of his pharmacy chain, which once employed some 50,000 people, the BBC reports. Mr Schlecker is accused of offences relating to the 2012 bankruptcy, and his family allegedly helped him. His shops […]

Henley warn of visa wars

Henley & Partners, the global residence and citizenship advisory firm, says the vote by the European Parliament to end visa-free travel for Americans to EU countries will have a major impact on global mobility, especially the travel freedom currently enjoyed by US and possibly even EU citizens, if US president Donald Trump retaliates in kind. […]

Wealth goes down under

New Zealand can expect to see a 70 percent rise in ultra-wealthy individuals over the next decade. International property consultancy Knight Frank said New Zealand and Australia’s healthy economies and attractive lifestyle were proving attractive with the super-rich. In addition, New Zealand was listed among the most popular second home locations for UHNWIs. “The ongoing […]

More Irish billionaires than ever

The combined wealth of Ireland’s richest 300 individuals and families reached €77 billion last year. The total riches of the top 250 are now greater than at any time in history, beating the previous year, which exceeded the peak of the Celtic tiger era. The Sunday Times Rich List, which has measured Irish wealth annually […]

The power of compounding

With a sound investment strategy, compounding has enabled Warren Buffett, who is 84, to accrue more than 98% of his wealth since his 56th birthday. Over the weekend, the famed value investor and the second richest man on the planet released his annual letter to Berkshire Hathaway shareholders. As is customary, the first page displayed […]

Listing the oil oligarchs

A policy of nationalizing chunks of an economy inevitably creates oligarchs who skim profits off the country’s natural resources, Zainab Calcuttawala writes. As such, you won’t be surprised to learn that the largest energy companies in the world are owned and operated by governments, and they include: Saudi Aramco, Russian Gazprom, China National Petroleum Corp. […]

Hong Kong leads Asia

Hong Kong is home to the largest number of super rich in Asia with 4,080 ultra high net worth individuals who own three homes on average, compared with four in Taiwan, and three in Singapore. On a global scale, Hong Kong, where luxury real estate is the second priciest in the world after Monaco, ranks […]

Millionaires flee France

There’s been a surge in the number of millionaires around the world who are moving countries, reports. Some 82,000 high-net-worth individuals, defined as those who have assets over $1 million, left their home countries last year, versus 64,000 in 2015, according to the “Global Health Review: Worldwide Wealth and Wealth Migration Trends.” published by […]

UHNWs bounce back

Despite global political and economic uncertainties in 2016, the population of ultra-high-net-worth Individuals—defined as those with $30 million or more in net assets—grew by 6,360 to 193,490, reversing a 3% decline in 2015, according to a report released on March 1 by real estate consultancy Knight Frank. “The momentum gained in wealth creation in 2016, […]

China’s politicians amass huge wealth

The fortunes of the richest 100 members of China’s parliament and its advisory body – all dollar billionaires – grew about 64 percent in the four years since Xi Jinping rose to power, according to data from an organisation tracking wealth in China. Xi has overseen a crackdown on corruption and decadence, and made the […]

Super-rich will flock to London – report

The super-rich will continue to flock to London, despite the political and economic concerns around the UK’s intention to leave the European Union, according to a report published on Wednesday by property broker Knight Frank. The number of ultra-wealthy people — those with $30 million or more who private banks such as UBS and Citigroup […]

Chinese buy Cheesegrater

The “Cheesegrater”, the tallest building in the City of London, has been sold to a Chinese property tycoon for £1.15bn, the second biggest ever sale of a UK building. The developer behind the 224-metre tower, British Land, and its joint venture partner Oxford Properties, the global property arm of a Canadian pension fund, have sold […]

Parliament considers Brexit jobs crisis

As the hard truth starts to set over the dangers to the UK economy of losing hundreds of thousands of EU workers, a parliamentary committe has been hearing evidence from experts. London would “grind to a halt” without a continued flow of both high and low-skilled labour allowed into the country, said Colin Stanbridge chief […]

Ex-UBS pair target Israeli tech boom

Two former UBS Group bankers are exporting their Swiss private-banking advisory business to Israel as a boom in the country’s technology industry prompts a rise in the number of millionaires and money managers. Zurich-based Zwei Wealth Experts AG, founded by Patrick Müller and Klaus Wellershoff, opened their first overseas office in Tel Aviv this month. The company is […]

Fat salary ‘not enough’

Big tech companies pay some of the country’s best salaries. But workers claim the high cost of living in the Bay Area has them feeling financially strained, reports The Guardian. One Twitter employee cited in the story, who earns a base salary of $160,000 a year, said his earnings are “pretty bad”, adding that he […]

Norway’s SWF doubles gains

Norway’s sovereign wealth fund, the world’s biggest and a key investor in Apple and Alphabet, earned more than $53 billion last year as equity returns surged and offset a rise in the Norwegian kroner, the government said on Tuesday. Norway’s Government Pension Fund Global fund returned 6.9%, or Nkr447 billion ($53.5 billion) last year, the state-controlled […]

Signposts in troubled times

The theme of the third annual Monaco Wealth Forum is “Signposts in troubled times,” a reflection of the forward-looking nature of this top event. Topics to be covered at the Monaco Wealth Forum on March 15 include: Where are we now? An examination of the international situation and its impact on wealth issues, led by […]

Wealthy lost billions – Buffet

Iconic investor Warren Buffett, chairman and CEO of Berkshire Hathaway, calculates that the wealthiest investors have lost billions in search for superior returns in the market. “The wealthy are accustomed to feeling that it is their lot in life to get the best food, schooling, entertainment, housing, plastic surgery, sports ticket, you name it. Their […]

Millionaires ‘have no country’

With all the debate over immigration in the United States and Europe, one group of immigrants is getting a red-carpet welcome around the world: millionaires. Last year, a record 82,000 millionaires moved to another country, according to a new study. While their numbers are a small fraction of the world’s migratory population, and of the […]

Aramco ‘overvalued’ – Bloomberg

Saudi Arabia has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple Inc. twice, and still have room for Google parent Alphabet Inc, Bloomberg reports. The kingdom may have to settle for less. A lot less. Industry executives, analysts and investors told Bloomberg their analysis – based on oil […]

RBC examines Asian business

Royal Bank of Canada (RBC), the country’s biggest lender, has put its Asian wealth management business under review, which could lead to its sale, four people familiar with the matter told Reuters. The Canadian bank’s move comes after several Western firms have withdrawn from private banking in Asia, hit by pressure to reduce costs at […]

Singapore goes all out for DC

Singapore’s sovereign wealth fund, GIC, is making a huge splash into the Washington DC market.  The fund has formed a JV with Beacon Capital Partners to invest $1.05B in three of Beacon’s office assets totaling more than 2M SF.  GIC will join Beacon in ownership of Terrell Place, the Verizon Center-adjacent office building at 575 7th St. […]

Toronto’s housing boom ‘unrelenting’

Prices in Canada’s largest city surged more than 20 percent over the past year, the fastest pace in three decades, data released last week show. Some of the city’s neighboring towns are posting even bigger gains. It’s become a matter of considerable alarm. Stability is one concern: if the market tumbles, so will Canada’s economy. […]

HSBC profit worse than expected

HSBC has reported a $7.1bn (£5.7bn) pre-tax profit for 2016, down 62% on the $18.9bn reported a year earlier. HSBC attributed the fall to a string of one-off charges, including the sale of its operations in Brazil. HSBC said its performance had been “broadly satisfactory” given “volatile financial conditions” but warned a rise in global […]

UK to act on blood money claims

The UK Government has bowed to pressure to act on evidence that London has become “a haven for the blood money of the world’s nastiest despots”. New powers will be given to the authorities to seize the assets of foreign human rights abusers who buy homes in Britain to funnel their ill-gotten wealth. However, the […]

Research focus on millennials

Not all millennials are struggling. They graduated into the worst recession since the Great Depression, but a select few have been successful enough to put the cohort within reach of passing Generation X in terms of household wealth, according to a new study on wealth and inequality. The annual Wealth & Affluent Monitor, published by […]

Singapore holds off on wealth tax

There were no wealth taxes announced in Singapore’s Budget on Monday, but observers say it’s likely to come, just a matter of when, as Singapore spends more on healthcare and infrastructure. Indeed Finance Minister Heng Swee Keat said his ministry is studying new taxes or raising tax rates. “Domestically, we will also face rising expenditures […]

St James Place stresses social impact

St James’s Place has increased the pressure on its fund managers to invest with an eye on environmental, social and governance issues to meet demand from clients for more oversight on how their money is invested for social impact. The FTSE 100-listed wealth manager said investor interest in ESG issues had ‘multiplied’ in recent years. […]

Heads in the sand on fintech

PwC’s annual CEO survey shows asset and wealth managers (AWM) do not appear to be taking the technological threat seriously. The accountancy and consultancy giant’s 20th annual survey, for which 185 AWMs bosses from 45 countries were interviewed, showed that while firms are confident about their growth prospects, they remain uneasy about the challenges and […]

Shadow banking in China

Chinese banks had more than 26 trillion yuan ($3.8 trillion) of wealth-management products held off their balance sheets at the end of December, a 30 percent increase from a year earlier, according to the central bank. The expansion of this form of shadow banking, with money eventually being diverted to quasi-loans and bonds, outpaced the […]

Henri Fissore to open Wealth Forum

The Wealth Forums are honoured to announce that His Excellency Henri Fissore has accepted our invitation to open the third Monaco Wealth Forum at the Salon Bellevue, Cafe de Paris, on March 15. HE Henri Fissore currently serves as Ambassador with special responsibility to the Minister of State, and his brief is to recommend to […]

Start-up fund raised $1.5 billion

Atomico has raised a $765 million (£613 million) fund to invest in European technology startups. The London-based investment firm has now raised a total of $1.5 billion (£1.2 billion) to back companies across Europe that have the potential to scale into billion dollar businesses. Atomico, founded 10 years ago by ex-Skype CEO Niklas Zennström, claims […]

China ups ante on shipping

China is to revise its 1984 Maritime Traffic Safety Law, which would allow the relevant authorities to bar some foreign ships from passing through Chinese territorial waters, state media said. The announcment is a test of US resolve in the South China Sea amid reports that the American state department is in considerable disarray, a […]

More Americans renounce citizenship

With the Internal Revenue Service’s (IRS) release of data for the fourth quarter of 2016, this past year broke all records for the number of US citizens who have opted to renounce their citizenship. As explained by Andrew Mitchel in his International Tax Blog, “the number of published expatriates for the quarter was 2,365, bringing […]

India’s lavish weddings under threat

A bill in the lower house of India’s parliament aims at putting a limit on the number of guests that can be invited and dishes to be served at weddings, in a bid to check the “show of wealth” that has become synonymous with Indian weddings. According to the bill, those who spend above Rs […]

Cyprus in the spotlight

Illustrating the broad range of topics at the Monaco Wealth Forum on March 15, one of the main speakers will be a leading figure in the Cyprus Developers Alliance. David Petrosov is one of the co-founders of the Alliance. He gained more than 20-year experience in international business as a co-owner of watch companies with […]

Madeira challenges tax haven claims

The Portuguese island refrains from ticking the other criteria of a tax haven, despite a five percent corporate tax rate in cintrast to a European average of 25 percent. “Madeira has never been considered an offshore centre by the Organisation for Economic Co-operation and Development,” claim Roy Garibaldi and Nuno Teixeira. The answer is as […]

Soros backed Goldman Sachs, B of A

Soros Fund Management, the firm that invests the personal fortune of billionaire investor and philanthropist George Soros, took a handful of new positions in financial stocks during the fourth quarter as the sector was buoyed by Donald Trump’s presidential victory. The New York-based firm disclosed a $14.9m position in Goldman Sachs and made a new bet […]

In-flight Internet comes closer

Inmarsat last week completed testing the satellite section of the European Aviation Network, its venture with Deutsche Telekom to bring faster in-flight internet connectivity to the masses. Sometime in the middle of this year a satellite will be launched from French Guiana to hook up passengers flying through Europe to cabin Wi-Fi that promises a […]

Antonio Cecere to speak in Monaco

Antonio Cecere will be one of the star Monaco-based speakers at the upcoming Monaco Wealth Forum. Cecere Monaco specialises in alternative investment in colourless and fancy colour diamonds, precious gemstones, vintage watches and antique jewellery with strategic access to the supply chain and control of off-market reservoirs. Antonio Cecere is the Founder and Vice President of Monaco […]

US banks move in on smartphones

Wallets can be lost, stolen or forgotten, but most people today wouldn’t be caught dead without their phones. Banks understand, and are grabbing on to that trend. Customers who don’t want to fumble around in their wallet for their A.T.M. card — or who have misplaced it for the umpteenth time — will soon be […]

Nuclear loss threatens Toshiba

Toshiba chairman Shigenori Shiga resigned on Tuesday, hours after the Japanese conglomerate revealed details of a multi-billion dollar loss. Earlier Toshiba had delayed issuing its results, but it then said it was set to report a net loss of 390bn yen ($3.4bn) in the year to March 2017. The company said it expected to take […]

Property tax has sting in the tail

A new a wealth tax on properties in Portugal valued at more than €600,000 (£507,700) has been introduced by the Portuguese government, a leading UK property website reports. The new property levy, which is an annual rate of 0.3% on properties valued at over €600,000, replaces a 1% charge on homes valued above €1m (£846,000), […]

‘Avoid UK investments’ – top consultancy

Europe’s largest management consultancy has warned against investing in Britain. In an interview with The Times, Charles-Edouard Bouée, the chief executive of Roland Berger, which is Europe’s largest management consultancy and competes with the likes of McKinsey and Bain & Co, said that businesses are still underestimating the complexity of Brexit negotiations. “We’re advising our […]

Short of cash, Indians go digital

Mobile and digital payments will overtake physical card payments as the predominant non-cash payment mode in India in 2017, driven by demonetisation, according to a report by Deloitte India, titled ‘Technology, Media and Telecommunications (TMT) Predictions 2017’. “Demonetisation has forced a behavioural change in the Indian consumer. While FinTechs used the ‘carrot’ approach to entice […]

Billionaires switch to renting

Foreign billionaires are renting rather than buying luxury homes in London following increases in tax bills on upmarket properties. Lettings that cost more than £3,000 a week – £156,000 a year – increased by 28% in the last three months of 2016, according to research by the property data service LonRes, the UK’s Guardian reports. […]

City’s future increasingly bleak

Brexit could result in London losing its status as the financial “gateway to Europe”, according to one of Germany’s most influential banking regulators. Dr Andreas Dombret, who sits on the board of the Bundesbank, said that any deal struck between the UK and the European Union following Brexit would be “miles away from access to […]

HSBC ‘may have missed the boat’

Asia focused HSBC is keen on making acquisitions in wealth and asset management. Over the past few years while HSBC was naval gazing, Asia has seen several deals completed. Has HSBC missed the boat again? The main thrust of HSBC’s attention over the past few years was whether the bank was going to move out […]

New Zealand haven for hot money

A flamboyant Malaysian financier linked to an international money-laundering probe has laid bare New Zealand’s surprising appeal as a destination for the ultra- rich to park their wealth, the Straits Times reports. Family members of Mr Low Taek Jho, who is suspected by US officials of diverting money from 1Malaysia Development Berhad (1MDB), are beneficiaries […]

Darker prospects for post-EU UK

Britain’s departure from the European Union could cause output losses of as much as 9.5 per cent, according to new research. Calculations using models that incorporate productivity measures show a negative impact on gross domestic product per capita of almost four times that of previous estimates, according to John Van Reenen, a professor of applied […]

Hungary near bottom of pile

Hungary has fared poorly in a report released by the Central Statistical Office that details household wealth statistics, the first such survey ever conducted in the country, according to the Budapest Beacon. The survey was coordinated by the Household Finance and Consumption Network of the European Central Bank, which has conducted similar surveys in Eurozone countries since 2006, with […]

Saudis mull leisure park purchase

Saudi Arabia’s Public Investment Fund, which is being transformed into a $2 trillion investment giant, is considering buying a stake in U.S. theme park operator Six Flags Entertainment Corp., Bloomberg reports. The PIF is holding early deliberations about the potential investment after the kingdom started negotiations to let the Texas-based company open its first attractions […]

‘New Cyprus’ at Monaco Forum

Cyprus Developers Alliance will be very much in evidence at the Monaco Wealth Forum on March 15 to showcase the services it provides to investors, particularly those who have an interest in citizenship by investment programmes. The Alliance represents 43 of the most progressive, modern and advanced top tier developing and construction companies in Cyprus […]

Libya’s wealth fund rival seizes office

A claimant for the chairmanship of Libya’s sovereign wealth fund says he has retaken control of the fund’s head office in Tripoli, in a challenge to a U.N.-backed government that tried to sideline him. The move is the latest step in a long-running feud over the $67 billion Libyan Investment Authority (LIA) that reflects Libya’s […]

Deloitte states the obvious

Over the past 10 years, numerous startup firms with digital business models have emerged within the Wealth Management industry, Deloitte says in a new report. The disruptive power of digital technologies business models is creating opportunities for new firms to make a big splash in the wealth management industry. According to our analysis of over […]

African leaders address illicit outflows

Nigeria’s minister of Mines and Steel Development, Dr Kayode Fayemi, and other ministers of mines across Africa are in the forefront of a new drive to reverse illicit outflows of the continent’s mineral resource wealth, the local press reports. This latest move follows new data from the United Nations Economic Commission for Africa (UNECA) that […]

Top security speaker for Monaco Forum

Taking part in the Monaco Wealth Forum on March 15 as a main speaker will be a security specialist with a wealth of experience, Alistair Galloway, owner of Frontier Horizons & Endeavour Maritime. Alistair’s two private risk management security companies work across Europe, Middle East, Africa, former Soviet Union and Asia, providing due diligence, political […]

Turkey transfers huge stakes to fund

Turkey has transferred stakes worth billions of dollars in Ziraat Bank, the Borsa Istanbul stock exchange, Turkish Airlines and state-owned pipeline operator BOTAŞ, among others, to a new sovereign wealth fund, in a bid to help finance giant infrastructure projects. The transfers were announced in two separate statements on Feb. 5 and 6, stirring strong […]

Manager took $5 million – claim

A former Morgan Stanley wealth manager in New Jersey has been criminally charged with stealing about $5 million from clients, and then going on a spending spree including private jet service, luxury cars, and country club memberships. Barry Connell, 50, was arrested early Friday in Henderson, Nevada, a Las Vegas suburb, and charged with wire […]

Patrick Jephson to speak at Monaco Wealth Forum

Among a line-up of stellar speakers at the forthcoming Monaco Wealth Forum will be Patrick Jephson, a family office expert with the very best of credentials, including as chief of staff to Princess Diana. With more than twenty-five years’ experience in the government, luxury and family office sectors, Patrick’s portfolio has included the UK Ministry […]

UK firms worry about labour shortage

UK firms could struggle to find enough skilled workers after Brexit, according to a report from consultancy firm Mercer. It has found that Britain’s working population will grow slowly from 2020, or even contract, due to the ageing population and the prospect of fewer migrants entering the UK. Mercer has modelled several scenarios, depending whether […]

M&A boom in January

The total value of mergers and takeovers in Europe, the Middle East and Africa surged last month, making it the busiest January for deals in the region in over a decade, according to data from Thomson Reuters. Deals completed last month in the region had a total value of $90.8 billion, according to the company, […]

Snapchat warns on profits

The parent company of Snapchat, Snap Inc, published its IPO filing on Thursday night, revealing for the first time how much money the messaging app makes. Snapchat is beloved of teens and young adults – as well as a fair few of their parents – but as soon as its accounts became public its ability to […]

‘Superstar’ firms blamed for labour woes

U.S. workers have been getting a shrinking share of the American economic pie, and economists have been puzzled by the decline. A new paper says one factor is the rise of “superstar” companies that dominate their market sectors and don’t need a lot of workers to generate profits. “The aggregate share of labor falls as […]

Fed holds fire on rates

The US Federal Reserve has signalled that it remains on track to raise interest rates this year as policymakers said consumer and business confidence had climbed in the wake of Donald Trump’s US election victory. While policymakers voted unanimously to keep interest rates at a target range of between 0.5 percent and 0.75 percent, officials […]

Berkeley faces funding threat from Trump

US President Donald Trump has threatened to withdraw federal funds from the University of California at Berkeley after protesters caused a talk by the senior editor of Breitbart News to be cancelled. Demonstrators hurled smoke bombs, started fires and smashed windows ahead of Milo Yiannopoulos’ scheduled visit on Wednesday. “If U.C. Berkeley does not allow free […]

4,000 London bankers paid €1 million plus

More than 4,000 City-based financiers were paid more than €1 million (£850,000) in 2015 – including one who received nearly €34 million. The latest data from regulator the European Banking Authority shows that 80% of the financiers across the EU who were classified as high earners – receiving more than €1 million – were based […]

Christopher Cruden at Monaco Forum

Among an imposing range of specialist wealth sector professionals speaking at the Monaco Wealth Forum on March 15 is Christopher Cruden, the founder and sole shareholder of Insch Capital Management. Mr. Cruden’s investment career began in 1979 as a gold analyst in South Africa. He subsequently worked for Dean Witter Reynolds in New York, AHL […]

HNW Canadians ‘not ready’

When it comes to giving and receiving wealth, most high net worth Canadians are woefully unprepared to transfer their inheritance, with less than one-in-four having a full plan in place. Yet within a generation, an estimated $400 billion CAD is going to change hands. According to new research by RBC Wealth Management, conducted in collaboration […]

Koreans prefer stocks for wealth transfer

Stocks, more often than real estate, are used by the rich in South Korea to transfer wealth to their offspring or spouses. Shares accounted for 5.1 trillion won (US$4.38 billion) or 61.8 percent of the 8.3 trillion won worth of wealth bequeathed to their children or spouses by those who transferred 5 billion won or […]

Ecuador in tax haven initiative

The new chair of the United Nations G77, Ecuador, is lobbying for an independent UN body that will eliminate tax havens and illicit financial flows which affect the world’s poorer nation. Practicing what it preaches, Ecuador says it is the world’s first country to hold a nation-wide referendum on tax havens, scheduled to take place […]

Saudis embrace VAT

Tax-free living will soon be a thing of the past for Saudis after its cabinet on Monday approved an IMF-backed value-added tax to be imposed across the Gulf following an oil slump, according to an Agence France Press report. A 5% levy will apply to certain goods following an agreement with the six-member Gulf Cooperation […]

Harvard under-performs

Harvard University’s wealth has grown more slowly than other private universities over the past five years, a result of its under-performing endowment and other financial issues, according to a Moody’s Investors Service report. The institution’s cash and investments have grown 8.8 percent in five years, the credit-rating agency said, compared with a median 22 percent […]

QE failing to create wealth effect

Jesse Felder takes a critical look at QE in an article for Yahoo Finance, starting with a quote from a former Governor of the Bank of England: “As I look back, it now seems that, with all the thought and work and good intentions, which we provided, we achieved absolutely nothing… nothing that I did, […]

Moves to bridge wealth gap failing

Despite all moves to bridge the gap between the rich and the poor, report from statistics SA says White South Africans still earn more than blacks. New data published by Statistics SA on Friday, January 27, says Black South Africans  still earned only about one-fifth as much as their white counterparts in 2015, on average. Statistics SA Living […]

Saudi fund attracts attention

Among the throngs who descended on Davos this year, a big draw for some of the world’s most influential financiers and dealmakers was a Saudi chief executive on his first trip to the annual gathering. The attention that Yasir al-Rumayyan enjoyed was a result of the transformation of the entity he heads: Saudi Arabia’s state-owned […]

Moody’s stark warning on euro

The single currency is failing to bring its economies closer together, with the strong core nations pulling ever further ahead of the weak periphery – leaving the eurozone as a whole set for years of stagnation and political crises, according to analysts at credit ratings agency Moody’s. Plans to reform weak economies have largely ground […]

Wealth fee structure ‘broken’

A report has slammed the ‘broken’ wealth percentage fee structural model. The study, compiled by London-based financial planning firm Capital Asset Management (CAM), believes the wealth management advice fee, which typically stands at around 1% a year, ‘eats away at the money being invested but the real consequence is rarely seen, known, or understood by […]

Fund cleared for defence investment

Norway’s $885-billion sovereign wealth fund, the world’s largest, can again invest in U.S. defence contractor Raytheon as the firm is no longer involved in the production of cluster munitions, the Norwegian central bank said on Wednesday. The fund had been banned from investing in the company in 2005. It is not allowed to invest in […]

London will stay top, says banker

In the wake of a recent slew of reports that several banks will move at least part of their staff out of London, one top banker has said that London will not lose its status as Europe’s pre-eminent financial hub in the wake of Brexit. Financiers fear that international banks that have headquartered their European […]

China’s debt stays top concern

Debt levels in China are high now, and the country could be drowning in debt by 2018, Goldman Sachs wealth manager Sharmin Mossavar-Rahmani says. A major risk to U.S. markets is looming, and it’s bigger than headlines and President Donald Trump’s tweets, Goldman Sachs’ Sharmin Mossavar-Rahmani told CNBC on Wednesday. The threat is the Chinese […]

Qatar upping its Russian stakes

The UK’s Financial Times reports that Vladimir Putin, Russia’s president, said on Wednesday that the Qatar Investment Authority would participate in new oil extraction projects in the country, without elaborating further. Abdullah bin Mohammed Al Thani, the fund’s chief executive, said it would invest a further $2 billion on top of $500 million of existing […]

UBS to try charming women

The wealth management arm of Swiss bank UBS has announced plans to refocus its advisory services to serve women better, saying it wants to attract more female clients as a matter of priority, according to a Financial Times report. UBS calculates that the global wealth of women is expected to to grow from $13 trillion […]