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The Age
19-06-2025
- Business
- The Age
Meet the EMILLIs, our everyday millionaires. Australia has plenty of them
It says a lot that economists have created a new term – 'everyday millionaires', or for short, EMILLIs – to describe the rapidly growing number of people whose net wealth sits between $US1 million and $US5million ($1.5 million and $7.7 million). Of the 60 million EMILLIs worldwide, Australia boasts about 2 million people who own $US1 million or more, which stands to show that while in this cost-of-living crisis we may not feel economically lucky, relative to the rest of the world a lot of us definitely are. Given our adult population sits at roughly 21 million, about 10 per cent of us are millionaires in US dollar terms, according to the numbers contained in the UBS Global Wealth Report for 2024 published this week. Looking at the investment bank's global EMILLI rankings, Switzerland and Luxembourg sit at the top, with more than one in seven adults classified as a US dollar millionaire. A further four places on the planet have a ratio of one in 10: Hong Kong, Australia, the United States and the Netherlands. EMILLIs may not live in mansions, drive Maseratis or jet off to the Maldives. They're more likely the person driving by in his Lexus, the woman walking her Labrador at the park, or your next-door neighbour. We sit around eighth in the world for the total number of US dollar millionaires, which includes EMILLIs and those even richer, behind the US, China, France, Japan, Germany, the UK and Canada. With their ranks swelling by more than 1000 a day last year, the US now counts nearly 24 million millionaires – about 40 per cent of all millionaires around the world, and four times as many as the runner-up, China. In terms of individual wealth, we punch well above our weight. Last year, Australia's median personal wealth grew by 11 per cent to $US268,000 ($413,500), ranking us second in the world on this measure. Luxembourg sits in the top spot. In terms of average wealth per adult, Australia came in fifth with $US516,000 ($796,000). Switzerland tops that list, ahead of the US, Hong Kong and Luxembourg.
Boston Globe
16-06-2025
- Business
- Boston Globe
Fancy condos, BMWs, and Bulgari: Why international students are so valuable to Boston's economy
Their seemingly boundless spending materializes in flashy and unmissable ways — in the Maseratis students park along Commonwealth Avenue, the Balenciaga sneakers they wear to class, and at the tables of the poshest restaurants, including Yvonne's, Trade, and Contessa. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Perhaps nowhere is foreign students' influence more striking than the high-rise buildings in Downtown Crossing and Fenway, where families frequently purchase condos for children studying oceans away, and students rent top-dollar apartments in the city's swankiest buildings. Advertisement Now, as the White House moves to revoke some student visas and The Newbury Street outpost of designer jewelry brand Bulgari. Pat Greenhouse/Globe Staff To be sure, not Related : Advertisement It's not yet clear how many of those international students will return in the fall, as legal challenges against Trump's moves to restrict visas wind through the courts. But even if his mandates are reversed, they're hitting during 'high season' for student visa applications, said Tom Dretler, chief executive of the international student advising service Shorelight Education. 'This is like deciding you're going to stop all retail sales right before Thanksgiving and saying maybe you'll open it on Dec. 26,' Dretler said. 'At colleges, you can do four years' worth of damage in a month and a half.' The fallout is starting to emerge. Boutiques that retain Mandarin-speaking sales staff are waiting to gauge the drop-off in Chinese customers, and real estate brokers are watching to see how a plunge in foreign students could transform the housing market. That population has long accounted for a big slice of the city's condo market, dating back to Kuwaitis who came to Boston in the 1990s. Families from abroad typically buy ahead of a student's freshman year and sell after graduation at a profit. Many of the priciest condos in Boston are occupied by young adults from China and Saudi Arabia, said Brett Star, principal broker at Star Residential. Advertisement 'The number of times I listed something in Boston for sale, had someone from outside the country tour it on FaceTime for a student, and then saw an all-cash offer almost immediately is exceptional,' he said. 'You basically expected that.' In January, for example, an apartment at Millennium Place was vacated by a few international students abruptly. They had just moved out of the Downtown Crossing luxury condo building, where nothing sells for under a million, and left behind a small fortune's worth of stuff: guitars, designer clothes, three MacBooks, $1,000 worth of liquor, and in the bathtub, a pile of copies of a drinking board game named 'Wasted' that the residents had apparently produced, and then abandoned, like everything else in the apartment. That might be an extreme example, but Millennium Place on Washington Street in Downtown Crossing. Jonathan Wiggs/Globe Staff 'When you all of a sudden start to think about a force of individuals who fuel the housing market with no way to replace them, what happens?' DeRocker asked. 'Will there be a pullback in home values? Will there be a surplus in inventory?' Those worries have given way to uncertainty in neighborhoods like Allston, where foreign residents have reshaped the streetscape. Over the past decade, Advertisement 'They would both have a lot less customers and revenue if these mandates go into effect,' he said. The same goes for luxury retail. Many foreign students purchase Dior saddle bags and Le Labo perfume in Boston because the products are more affordable in the US compared to the same goods back home, said one Boston-based luxury retail executive, who was not authorized to share his name by his employer. Boutiques rely on that steady flow of sales year after year. 'A good portion of the stability in luxury retail in Boston is sustained with the consistency of the student population,' the executive said. 'It's like the tide. You know it's going to come in at this time, and go out at this time. If we were to start to see a cap on how many international students are coming from any university, that is going to have severe repercussions.' Employee Cristian Petre detailed tires on a Porsche for sale at the Boston Foreign Motors lot in Allston. David L. Ryan/ Boston Globe Staff For Riccardo Dallai Jr., foreign-born students are a good chunk of the customer base at Riccardi, the fashion boutique he owns on Newbury Street offering Comme des Garçons sneakers, Moncler bomber jackets, and Loewe hoodies. At least once a week, he said, a Turkish master's student browses his selection in search of new styles, one of many international students who frequent the shop. Advertisement 'Hopefully, they come back to school next year,' Dallai said. 'That is the main wild card.' At Boston Foreign Motors in Allston, business also follows the academic calendar, said owner Milad Farahani, thanks largely to international students. For 20 years, he has watched students — especially from Malaysia — refer him from friend to friend, creating a never-ending line of clients looking for BMWs, Mercedes, and Land Rovers. They sell cars back to him in May, and he flips them to a new buyer come fall. Offers are typically all-cash, even for the six-figure vehicles. Related : 'We do think it could affect things to not have those people come into the country or into Boston,' Farahani said. The slowdown may already be here. Leonardo Solís, owner of the International Student Guest House, a short-term rental service that caters to foreign students, once owned seven apartment buildings in Back Bay and a transportation company, mostly catering to foreign students. At his peak, he hosted 100 students a year. But those numbers began to dwindle during the COVID-19 pandemic, and have fallen again this year. Today, his client list from abroad is closer to five. 'Boston has always been a beacon for international students with money,' Solis said. 'But that wealthy population of international students just doesn't seem to be coming as they used to, and I don't know if they are ever going to come back.' Leonardo Solís checked the mail at International Guest House on Beacon Street in the Back Bay. David L. Ryan/ Boston Globe Staff Take Big Night Live. Ed Kane, co-owner of Big Night Entertainment, thought it would be a slam dunk when he booked Alan Walker for a show. The Norwegian DJ had filled stadiums in China and India during a record-breaking 2024 world tour, and foreign students from those very countries are the lifeblood of nightclubs in Boston, snagging tables and bottle service. Advertisement But Walker's May 30 show at the 1,500-person venue didn't even sell out, Kane said. A fifth of the general admission tickets went unsold; a few tables stayed empty. Kane said he saw it coming. 'I feel like the international market is exactly where I thought it was, which is not great right now,' said Kane, who also operates The Grand, Memoire, and Scorpion Bar. 'It's been coming for 12 to 18 months, and here it is.' Andrew Brinker of the Globe staff contributed to this story. Diti Kohli can be reached at
Irish Examiner
07-06-2025
- Automotive
- Irish Examiner
BMW M5 review: Hybrid powertrain delivers 717bhp and supercar-shaming performance
OCCASIONALLY in this gig, you come across something special; very occasionally, you come across something very, very special. This week we drive something that fits into the latter category. Now, like all petrolheads, we have long rejoiced at the altar of the supercar, be they Ferraris, Zondas, Maseratis, or whatever. Their products are the lifeblood that fuels the beating heart of any motoring enthusiast — and so it should be. But, in fairness, they are about as accessible to Joe and Jane Public as North Korea and cost as much as a ticket to the moon. As I have long pointed out, however, some alternatives boast as much grunt as any supercar and cost a small fraction of what you would have to invest to buy something from Maranello or Modena. Most manufacturers have some form of performance arm — with Fiat, it is Abarth; Renault has Alpine; Toyota has Gazoo Racing, and so on. At the upper end of the automotive food chain — the one that's somewhat accessible to Jane or Joe — you have AMG souping up Mercedes products while, over at BMW, the M sports division is where the action is at. It is the latter we focus upon this week as we try the unbelievable — we could run out of such adjectives before the end here — the new BMW M5. For ordinary punters, there is a certain magic about a Beemer with an 'M' designation, endowing any vehicle lucky enough to have received the attention of the designers and engineers in Munich with the sort of legacy endorsement that most car makers would die to have. The BMW M plant at Garching, near Munich, certainly has seen many classics roll off its production lines, not least of which have been several generations of the M5, which have been the subject matter for much discussion among fans. After all, there have been six, eight, and 10-cylinder motors utilised in the making of various iterations of the M5 down the years, each sparking much debate as to which is the best. It is 40 years since the first one was made and each subsequent version had its lovers and haters. Such is the way of modern discourse. The M5 stylish interior Undoubtedly, the new one too will come in for criticism, largely on the basis that it is no longer a 'pure' M5 because BMW has decided to make it a hybrid. This, of course, adds to the car's potency and gives it some semblance of green credentials but it also makes it rather heavier — kerb weight is now a whopping 2435kg — than anything that preceded it. People can pick and choose the facts and figures they want to bandy about when it comes to the dimensions, lardiness, and performance of the new M5 to credit it or discredit it but it is still a performer for whom the word 'sensational' does not necessarily do it credit. You can bicker about the exhaust note now being synthesised to try to give the 4.4 litre V8 twin-turbo some bark, or the fact that the rear wheel arches have been flared considerably for the first time, or even that they retained the engine configuration from the previous one (with the addition of an electric motor within the eight-speed auto gearbox) but the fact of the matter is that BMW has still come up with a monster. There is 717bhp on offer here — I can remember a time not so long ago when Formula One cars weren't as potent as that. If that one figure alone does not stir something deep in your bowels, then you cannot ever claim to be a petrolhead. Add to that the 1,000Nm of torque and you have something with a governed nominal top speed of 250km/h (300 with the optional M Driver package) and a 3.5-second 0-100km/h capability — and you've got something which is treading on the toes of the supercar sector. OK, so the 0-100 time has gone up by two-tenths of a second by comparison with the last one but the torque-to-weight ratio is much better and the manufacturer— rightly, in my view — claims it is an even faster overtaking prospect than was previously the case. With full-time four-wheel drive and a wide rear track (hence, the flared wheel arches) for stability, BMW has made a monster that doesn't really seem like one when you're behind the wheel. Certainly, the acceleration is shocking and mind-blowing and all that but, unless you're of an extremely nervous disposition, it's never overwhelming. The BMW M5 Despite its added girth, this M5 feels lighter than its predecessor — and faster. Sure, you can mick-act around in EV mode only and witness modest performance for about 70km but, when you stoke the flames, this thing delivers shattering deeds of capability. Someone asked me, while I had the car, what it was that stood out and, having pondered the question for a moment, I replied that it was the ability to do things at a time and place you would previously never even have considered trying. Mid-range acceleration is devastating and, as if that weren't enough if you take a long pull on the left-hand shift paddle, the car's electronic brain primes the system to deliver maximum thrust, which is nothing short of astonishing. Most people might reasonably be afraid of selecting anything other than the 'comfort' suspension setting — in which the car rides with poise and purpose — but the truth is that the handling characteristics are so well sorted that you would have to be psychotic to get it seriously out of shape. There are those, inevitably, who will try but the fact of the matter is simply that you don't have to because the car is so good and capable. I could witter on at length about the interior decor, the electronics, and all the driver aids but, suffice to say, there is nothing that needs to be questioned here, although the navigating of some of the sub-menus to find hidden tricks or other magic is decidedly tortuous. Throw in the fact that this is a five-seat saloon with a huge, human-friendly interior and comfort levels that are premium-plus, and has a practical, sizeable, boot, and you have something that can do everyday things while having otherworld capabilities. Sure, it comes with a hefty price tag but if you were to look at the cost of comparably performing supercars, the asking money is paltry. People may bat back and forth their opinions on the necessity of going down the hybrid route but the results are still as outlandish as they should be for an 'M' designated car. A truly mind-blowing piece of kit. Read More Skoda Superb review: A spacious diesel that outshines SUVs and premium rivals
Scoop
18-05-2025
- Politics
- Scoop
Stop Telikom PNG Silencing Journalists, Media Council Appeals To PM Marape
This follows reports that the government-owned company sacked radio talkback host Culligan Tanda (pictured) after he featured an opposition MP on his Media Council of Papua New Guinea has called on Prime Minister James Marape to stop Telikom PNG silencing and suppressing media personnel. The Media Council of Papua New Guinea (MCPNG) has called on Prime Minister James Marape to stop Telikom PNG silencing and suppressing media personnel. Telikom PNG, which is 100 percent government-owned, has two key outlets: FM100 and EMTV. Recently, it sacked FM100 talkback host Culligan Tanda after he featured opposition MP Allan Bird on his show, following the most recent vote of no confidence. Local media report that Tanda was initially suspended for three weeks without pay on 22 April, and subsequently terminated. MCPNG president Neville Choi said this just the latest example of media suppression by Telikom PNG going back to 2018. He said he himself was sacked in 2019 after EMTV had run a story quoting the former New Zealand Prime Minister Jacinda Ardern saying she would not be riding in one of the PNG government's luxury Maseratis during a APEC (Asia-Pacific Economic Cooperation0 meeting. Choi said the story, though correct, was perceived as painting the government of the day in a negative light. He said a 'free, robust, and independent media is an essential pillar of democracy'. 'It is the cornerstone of allowing freedom of speech, and freedom of expression. 'Being in a position of power and authority gives no one, especially brown-nosing public servants wanting to score brownie points with the sitting government administration, the right to suppress media workers who are only doing their jobs, and doing it well.' The Council also reminded the management's of State-owned media organisations, that the Organic Law on the Independent Commission Against Corruption (ICAC) defines corrupt conduct by public officials and the dishonest exercising and abuse of official functions. According to a PNG Haus Bung report, Marape has directed his chief of staff to get to the bottom of the issue. He has also denied government interference, according to a report by Exeprenuer. 'We don't get down that low as to editorial content,' Marape was quoted as saying by the the online magazine. In December, Marape gave 'full assurance that my government will not dilute the media's role.'
Scoop
18-05-2025
- Politics
- Scoop
Stop Telikom PNG Silencing Journalists, Media Council Appeals To PM Marape
Article – RNZ This follows reports that the government-owned company sacked radio talkback host Culligan Tanda (pictured) after he featured an opposition MP on his Media Council of Papua New Guinea has called on Prime Minister James Marape to stop Telikom PNG silencing and suppressing media personnel. The Media Council of Papua New Guinea (MCPNG) has called on Prime Minister James Marape to stop Telikom PNG silencing and suppressing media personnel. Telikom PNG, which is 100 percent government-owned, has two key outlets: FM100 and EMTV. Recently, it sacked FM100 talkback host Culligan Tanda after he featured opposition MP Allan Bird on his show, following the most recent vote of no confidence. Local media report that Tanda was initially suspended for three weeks without pay on 22 April, and subsequently terminated. MCPNG president Neville Choi said this just the latest example of media suppression by Telikom PNG going back to 2018. He said he himself was sacked in 2019 after EMTV had run a story quoting the former New Zealand Prime Minister Jacinda Ardern saying she would not be riding in one of the PNG government's luxury Maseratis during a APEC (Asia-Pacific Economic Cooperation0 meeting. Choi said the story, though correct, was perceived as painting the government of the day in a negative light. He said a 'free, robust, and independent media is an essential pillar of democracy'. 'It is the cornerstone of allowing freedom of speech, and freedom of expression. 'Being in a position of power and authority gives no one, especially brown-nosing public servants wanting to score brownie points with the sitting government administration, the right to suppress media workers who are only doing their jobs, and doing it well.' The Council also reminded the management's of State-owned media organisations, that the Organic Law on the Independent Commission Against Corruption (ICAC) defines corrupt conduct by public officials and the dishonest exercising and abuse of official functions. According to a PNG Haus Bung report, Marape has directed his chief of staff to get to the bottom of the issue. He has also denied government interference, according to a report by Exeprenuer. 'We don't get down that low as to editorial content,' Marape was quoted as saying by the the online magazine. In December, Marape gave 'full assurance that my government will not dilute the media's role.'
