PwC Names Batch of New Hong Kong, China Partners to Revive Firm
The new Hong Kong and mainland China partners were announced internally last week, according to people who asked not to be identified because they are not authorized to speak publicly. The number of new partner promotions is in line with previous years, the people said.
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Yahoo
3 hours ago
- Yahoo
The U.S. is minting millionaires: China doesn't even come close, UBS says in global wealth report
The U.S. now accounts for about 40% of the world's millionaires, despite representing only 4% of the global population. Just how fast the world's largest and richest economy generates wealth was captured, along with several other takeaways, by the 2025 edition of the UBS Global Wealth Report. The report aims to provide 'a clear and detailed picture of wealth generation and distribution in over 50 key markets across the globe,' with some deep dives into particular topics for key markets. UBS said its global sample comprised nearly 60 million USD millionaires worldwide, owning approximately $226.47 trillion worth of combined assets. UBS found that, after a dip in 2022, global wealth rebounded strongly in 2023 and accelerated further in 2024. Total global personal wealth rose by 4.6% in USD terms in 2024, up from 4.2% the previous year. This growth was not uniform, however, as regional disparities persisted. One key finding is that more than 680,000 new USD millionaires were added globally in 2024 alone, a 1.2% increase. The fastest rate of wealth growth occurred in Türkiye and the United Arab Emirates, with increases of 8.4% and 5.8%, respectively, but the big fish in the pond is the United States, which has the largest number of USD millionaires by far — more than Western Europe and Greater China combined. In fact, on average, the U.S. created over 1,000 new millionaires per day in 2024, adding 379,000 new millionaires over the course of the year, for a total of almost 24 million. Other notable increases came in mainland China, which saw an increase of 141,000 millionaires in 2024, an average of more than 380 per day, and India added 39,000 new millionaires, about 107 per day. Eastern Europe achieved the highest regional growth in total personal wealth in 2024, at over 12%. North America closely followed, with nearly 12% growth, largely due to the U.S. Greater China and Southeast Asia experienced moderate growth, while Western Europe, Oceania, and Latin America saw slight declines in wealth relative to 2023. Distribution: North America is home to 43.2% of the world's millionaires, followed by Western Europe (26.2%), Greater China (12.9%), and Southeast Asia (9.3%). Density: Switzerland and Luxembourg have the highest per capita density of millionaires, with more than one in seven adults qualifying as a USD millionaire. (Luxembourg has the highest median wealth per adult.) A key takeaway from the report is the dominance of the United States and mainland China, which together account for more than half of the world's personal wealth. The U.S. alone holds almost 35% of this, making it the single largest repository of private assets globally. (It also leads in total wealth and in the number of high-net-worth individuals.) Mainland China, boasting a vast population and continuing economic growth, commands nearly 20% of global personal wealth. The country is home to over 6.3 million millionaires, a figure that has grown steadily over the past decade. Combined, these two countries control approximately 54% of the world's personal wealth, leaving the remaining 54 markets in the UBS sample to share the other 46%. While North America and Greater China surge ahead, other regions lag behind: Western Europe: Despite its historical wealth, Western Europe now accounts for just over a quarter of the world's millionaires and a shrinking share of global wealth. Emerging Markets: The share of global wealth held by emerging markets has plateaued at around 30%, with little movement expected in the coming years. Latin America, Oceania, and Africa: These regions collectively hold a minor share of global wealth, reflecting both demographic and economic challenges. UBS projects that the number of millionaires will continue to rise, with an additional 5.34 million people expected to join the ranks of the world's millionaires by 2029—an increase of almost 9% over 2024. The bank projects that Latin America and Oceania are set to play supporting roles, Europe and Southeast Asia are forecast to see solid, if somewhat slower, growth, and North America and Greater China are expected to remain the main engines of global wealth growth. UBS did not respond to a request for comment. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. This story was originally featured on Sign in to access your portfolio
Bloomberg
5 hours ago
- Bloomberg
Countdown to Compliance: Getting Ready for the September Rewrite
The upcoming HKMA/SFC OTC Derivatives Reporting Rewrite builds on the global foundation of regulatory reporting reforms. The objective is clear: to ensure reported data is not only accurate, but also actionable and meaningful for both regulators and market participants. With fewer than 12 weeks remaining, now is the time to ensure you have the right tools and technology partnerships in place to meet this challenge—and come out ahead. Join regulatory representatives and industry experts as we explore: The current state of readiness across the industry: how various firms are approaching the rewrite and what trends are emerging Evolving regulatory expectations: what regulators aim to achieve through the changes Tools and solutions available in the market to support compliance and efficiency Lessons learned: tips and best practices drawn from previous global regulatory rewrites This in-person seminar will conclude with a networking session and refreshments. Speakers Bing Li Head of Asia Pacific Bloomberg L.P. Bing Li oversees Bloomberg's financial information and enterprise business across the Asia Pacific region. Based in Hong Kong, he is responsible for the firm's business and product strategy, including the Bloomberg Terminal, the world's most trusted source of financial data, news and analytics for global investors, leading financial institutions and corporations. Mr. Li has decades of experience in global bond markets and is a frequent commentator on investing in Greater China's financial markets. Mr. Li was previously Head of Greater China at Bloomberg (a role he still retains), leading the team to provide customers with best-in-class data, analytics, trading tools and market connectivity. He has also driven a number of strategic partnerships with key regulators and leading financial institutions to advance the region's financial market development. Under Mr. Li's leadership, the Greater China region has been the fastest growing market for the company. Prior to joining Bloomberg, Mr. Li was head of Fixed Income at Bank of China (Hong Kong), responsible for sales, trading and research. Mr. Li joined the bank from Tandem Global Partners, a New York based Fixed Income asset manager, where he was a partner and portfolio manager covering the Asia Pacific region. Before Tandem, Mr. Li served as Vice President at Deutsche Bank in Hong Kong and was a core team member of the Equity Derivatives department. Mr. Li worked for HSBC and then JP Morgan in the early years of his career, where he traded bonds and fixed income derivatives. Mr. Li earned his B.A. from Rutgers University. Ronald Lau Manager Hong Kong Trade Repository (HKTR) Ronald Lau is a Manager at the HKMA's Financial Market Infrastructures – Trade Repository. He is an experienced central banking professional with over 16 years at the HKMA, including more than 13 years with the Hong Kong Trade Repository. He has been instrumental in overseeing the development and implementation of the Hong Kong Trade Repository (HKTR) system. With over a decade of experience in financial market infrastructure, Ronald has played a pivotal role in ensuring the system's stability and reliability, whilst also driving alignment with evolving international standards. His work has been crucial in assisting the industry in fulfilling requirements under the OTC Regulatory Regime by leveraging the HKTR's Trade Reporting Service. Ronald holds a Masters degree in Information System Management from the City University of Hong Kong and earned his from the University of British Columbia. Emma Kalliomaki Managing Director, Association of National Numbering Agencies (ANNA) Managing Director of the Derivatives Service Bureau (DSB) Emma Kalliomaki is a Managing Director of ANNA as well as the Managing Director of the Derivatives Service Bureau (DSB), an organisation originally founded by ANNA, working in collaboration with the industry as the fully automated global generator of ISINs, CFIs, FISNs and UPIs for Over the Counter (OTC) derivatives. Emma leads the work of ANNA and the DSB boards in delivering on their mandates to develop and implement international standards that foster market transparency, stability and efficiency, and help organisations meet regulatory requirements. Emma is a sought-after industry speaker and a leading industry commentator, spearheading collaborative work programmes with regulators, market participants and infrastructure service providers. Emma has 20 years of experience in financial data, standards and regulation. Prior to ANNA and the DSB, Emma spent more than a decade working at the London Stock Exchange Group, where she was head of the London Stock Exchange's reference data operations which included the launch of their Legal Entity Identifier solution and leading ISO standardisation related activities. Emma also represents ANNA as a liaison organisation to ISO TC68 (Financial Services) and SC8 (Reference data for financial services) and is an appointed member of the UK Transforming Data Collection Industry Standards Data Committee, which is a joint initiative of the Bank of England and FCA. Xiangjing Ng Senior Director of Public Policy, Asia Pacific International Swaps and Derivatives Association (ISDA) Ng Xiangjing is the Senior Director of Public Policy for Asia Pacific at the International Swaps and Derivatives Association (ISDA), where he leads the organization's public policy efforts in the region. He is an experienced public policy professional with over 18 years of experience in financial markets development and regulatory reforms. Prior to joining ISDA, Xiangjing spent over 15 years at the Monetary Authority of Singapore, where he held various roles. He spearheaded a team to drive the development of Singapore's derivatives and equities market, such as establishing Singapore as a preeminent global FX electronic trading hub, and facilitating launch of new derivative products such as FX futures. Xiangjing also played a key role in shaping regulatory policies in the financial industry. He was involved in the implementation of G20 OTC derivatives regulatory reforms in Singapore, including trade reporting, clearing, and trading, and was instrumental in the set-up of the trade repository in Singapore. Josh (Lemuel) Reyes Associate Director HSBC's Markets and Securities Services Lemuel Reyes (for most people he is known by his nickname, Josh) is an Associate Director at HSBC's Markets and Securities Services – Market Operations, Regulatory Response and Oversight. He's been in the financial industry for 20+ years where 10+ years of that is on regulatory reporting particularly on ASP over-the-counter derivatives. He has been involved in the implementation of various ASP rewrites i.e. Japan, Australia and Singapore and now working on the Hong Kong rewrite. Josh was also involved in the implementation of the HKMA Risk Mitigation Standards and HKMA Granular Data Reporting. Josh is from the Philippines and has moved to Hong Kong in 2011. Satish Vyamajala Head of G20 Regulatory Reporting Product Bloomberg Satish Vyamajala is the Head of G20 regulatory reporting product at Bloomberg. He has more than 18 years of experience in financial services industry and has spent over 10 years implementing regulatory solutions across both buy side and sell side firms. His domain expertise spans across all G20 regs – CFTC, EMIR, MAS, ASIC, HKMA etc. Satish has a Masters degree in Finance and IT systems from T A Pai Management Institute, India and Bachelors in Mechanical Engineering from J N T University, Hyderabad, India. VICKY CHENG Head of Government and Regulatory Affairs, APAC BLOOMBERG L.P. Vicky Cheng is Head of Government and Regulatory Affairs Asia Pacific, overseeing government relations and regulatory developments impacting Bloomberg and its clients in the region. Before joining Bloomberg, Vicky worked in both the public and private sectors. Her focus has been policy and regulatory development, advising senior management on related requirements and implementations. Vicky drove advocacy and public affairs programmes for various organizations including global corporates and financial institutions. During her time with an international law firm, Vicky led business development and thought leadership strategies for the Financial Services Regulatory and Dispute Resolution practices. She began her career with a Government providing policy analysis and communications.
Forbes
7 hours ago
- Forbes
China Market Update: June Trade & Credit Data Beat Expectations
CLN Asian equities were mixed overnight, led higher by Thailand and the Philippines, as President Trump's tariff ire over the weekend was focused on the EU and Mexico. Hong Kong grinded higher throughout the trading day. Stronger-than-expected export/import data provided a late-day boost, while Shanghai and Shenzhen bounced around the room to end slightly higher. Hong Kong saw large buying from Mainland China via Southbound Stock Connect. Internet stocks were largely higher, as Alibaba gained +0.95%, Tencent gained +0.68%, and Meituan gained +0.75%, though video platform Bilibili fell -0.35%, despite announcing 2025 gaming and advertising revenue growth targets of +20% and +15%. Pharmaceuticals, biotech, auto, coal, non-ferrous metals, precious metals, and oil all had good sessions, while consumer services, such as hotels and restaurants, were off. The Mainland's pockets of strength were oil, banks, electricity, telecom, and precious metals. Meanwhile, semiconductors, software, healthcare equipment, and defense were all off. Battery maker Contemporary Amperex Technology (CATL) fell -1.1% in Mainland trading, despite a deal with Australian miner BHP. Solar manufacturer Tongwei gained +1.18% after announcing its first half net income loss would be in a range from RMB -3.9 billion to -5.2 billion, despite installed capacity growth due to 'the imbalance between supply and demand in the industry, which has not improved significantly, and the product prices of each link have been continuously depressed.' Peer LONGi Green Energy Technology fell -0.55% after announcing its first half net income loss will be between RMB -2.4 billion and RMB -2.8 billion. Hopefully, overcapacity efforts kick into gear as investors look up China's government's new buzzword: anti-involutionary. Involution is when intense competition leads to diminished returns. Solar, steel, cement, autos, and E-Commerce are areas highlighted by the government to face 'anti-involutionary' measures. The effect could bring the end of China's deflationary effect on the global economy as well as its domestic economy. It could also lead to higher margins and profits for listed corporations. It is also very aligned with President Trump's China demands. Export/import and credit data release was stronger than expected. Chart1 Some additional metrics to consider include the following. Chart2 The People's Bank of China (PBOC) held a press conference overnight. The release noted 'the effect of monetary policy supporting the real economy is relatively obvious', as social financing, new loans, and M2 data all beat expectations. Since 2020, the bank reserve requirement ratio has been cut twelve times, along with '9 policy rate reductions, lowering 1-year and 5-year LPR by 115 basis points and 130 basis points, respectively.' (The 5-Year Loan Prime Rate determines the mortgage rate). Lower interest rates have lowered the average corporate loan yields by 0.45% to 3.30% and new housing loan rates by 0.60% to 3.10%. Efforts will continue 'to implement moderate loose monetary policy… better promote the expansion of domestic demand…'. The release also stated that the market expects interest rate cuts in the second half of the year, as the 'misalignment of the monetary policy cycle between China and the United States will be improved', as spreads narrow. It is funny that the PBOC and Trump both think Powell should cut US interest rates. GDP, new and second-hand home sales, retail sales, industrial production, and fixed asset investment will all be reported today. On Friday, I stated that Hank Paulson's conversation with Vice Premier Ding Xuexiang received significant attention in China. I incorrectly stated that Paulson was a Democrat. Paulson was Secretary of the Treasury under George W. Bush. My bad! He did endorse Hillary Clinton in 2016, despite being a lifelong Republican. New Content Read our latest article: KraneShares KOID ETF: Humanoid Robot Rings Nasdaq Opening Bell Please click here to read Chart3 Chart4 Chart5 Chart6
