The coronavirus pandemic and rising cost of living have pushed nearly 70 million more people in developing Asia into extreme poverty, according to a report from the Asian Development Bank, which highlights the negative impact on poverty reduction efforts in the region.
A Pew survey reveals that while India is viewed favorably in most nations of the G20, the number of European residents with a positive view of India has declined in the past 15 years.
The US experienced a significant decline in wealth last year, but millennials saw their net worth rise due to their higher investment in real estate, debunking the myth that they are financially struggling.
Hong Kong's ultra-wealthy population decreased by 23% in 2022, while New York and Singapore saw growth, according to a report by Altrata, with China's Covid-19 restrictions, economic slowdown, geopolitical issues, and equities slump cited as reasons for the decline. However, Altrata predicts that the global super-rich population will rebound by 2027, reaching 528,100 individuals with a net worth of $60.3 trillion.
India's economic rise is seen as inevitable due to factors such as a consumer boom, context-appropriate innovation, a green transition, a demographic dividend, access to finance, major infrastructure upgrades, policy reforms, geopolitical positioning, and a diaspora dividend, although challenges such as unbalanced growth, unrealized demographic potential, and unrealized ease-of-business and innovation potential still need to be addressed.
The global population of ultra high net worth individuals (UHNW) experienced a setback in 2022, with a 5.4% decrease in their numbers and a 4.3% drop in their combined net worth, primarily due to factors such as Russia's invasion of Ukraine and high inflation; however, the losses are not expected to be permanent as the UHNW population is projected to continue growing.
China's power may be peaking rather than rising, as its economy enters a permanent slowdown and its population declines, increasing the risk of war with the West, particularly over Taiwan.
Asia is expected to continue to have more ultra wealthy people than Europe, with analysts predicting that Asia's global share of ultra high net worth individuals could hit 29 percent by 2027.
Stocks in Asia fell after a decline in technology stocks on Wall Street, ahead of a key report on US inflation.
China's economy has entered deflation territory and the debt crisis has worsened, while India's economy is thriving with GDP growth expected to exceed 7% and unemployment rates at a 12-year low; it is predicted that India will surpass China in per capita income by 2044 due to factors such as female education expansion, labor force growth, and higher total factor productivity growth.
Global wealth experienced a significant decline in 2022, with a 2.7% drop in households' financial assets worldwide, primarily driven by falling asset prices; however, there is optimism for a rebound in 2023 and subsequent years, with projected growth of 6%.
GDP growth in developing East Asia-Pacific is projected to be the worst in almost 50 years, with the region expected to grow by only 4.5 percent in 2024 due to persistent domestic difficulties in China and external factors.
China's economic slowdown, driven by a real estate crisis and prolonged Covid-19 measures, is raising doubts about its status as the largest economy in the world by 2030, while India is emerging as a promising economic powerhouse and attracting significant investments.
