Fintech PR

Centi-Millionaire Boom: America and China Dominate the Super Rich Club

Published

2 days ago

September 17, 2024

LONDON, Sept. 17, 2024 /PRNewswire/ — There are currently 29,350 individuals worldwide with liquid investable assets of USD 100 million or more, according to the Centi-Millionaire Report 2024 released today by wealth and investment migration advisors Henley & Partners.

This exclusive club has grown globally by 54% over the last decade, with America and China experiencing a centi-millionaire boom, significantly outperforming their European counterparts.

China’s ascent has been the most dramatic, with its centi-population expanding by 108% over the past 10 years — outpacing even the US, whose super-rich ranks swelled by 81% over the same period. In contrast, Europe’s centi-millionaire growth has been anemic, increasing by only 26% over the past decade.

Dr. Juerg Steffen, CEO of Henley & Partners, says the lethargic performance is due to slow growth in major markets such as the UK, Germany, and France. “Pockets of dynamism exist, with smaller European markets such as Monaco, Malta, Montenegro, and Poland seeing their centi-millionaire populations surge by 75% or more. The geography of extreme affluence is shifting. As this elite group continues to grow and migrate, its influence on global economics, politics, and society is likely to be profound and far-reaching.”

America’s dominance hangs in the balance

The report reveals that one-third of the world’s centi-millionaires reside in 50 key cities across the world. The US continues to dominate the centi-city landscape, claiming 1^st, 2^nd, and 3^rd places in the Top 50 Cities for Centi-Millionaires, and boasting a total of 15 metropolises on the elite list.

New York City reigns supreme with 744 resident centi-millionaires, followed closely by the Bay Area with 675, and Los Angeles with 496 super rich residents.

However, as David Young from the US think tank The Conference Board points out, “existing centi-millionaire growth and migration trends will depend largely on the upcoming US presidential elections where we anticipate drastic differences in fiscal, monetary, economic, and social policies. The results may cause a shift from North America being so attractive, as centis turn to countries that provide greater economic and political security”.

Dr. Steffen adds that wealthy Americans have become the firm’s single largest client cohort, with a five-fold increase in investment migration enquiries this year. “We are witnessing a fascinating paradox. On one hand, the US remains the world’s top wealth hub, accounting for over 30% of global liquid investable wealth — a massive USD 67 trillion. Yet, on the other hand, we’re seeing an unprecedented surge in affluent Americans seeking alternative residence and citizenship options.”

Democratic presidential nominee Kamala Harris recently endorsed the tax increases proposed by President Biden in his fiscal year 2025 budget — including a new idea that would require taxpayers with net wealth above USD 100 million to pay a minimum tax on their unrealized capital gains. However, as Director of Tax Services at Henley & Partners, Peter Ferrigno, warns, “any proposal that deviates too far from accepted international tax principles of only taxing realized income would lead to people looking very carefully at the US as a place to invest in. Taxing an unrealized gain on the way up looks great, but the optics of handing billionaires tax refunds in the following year when those unrealized gains reverse, looks terrible. Handled poorly, this can look like a bailout for the rich when their stock prices fall.”

Asia’s rising influence as Europe falls behind

Four Asian cities and territories are now among the world’s Top 10 centi-millionaire hotspots. Beijing sits in 5^th position worldwide with 347 centis, while Singapore follows closely in 6^th place with 336. Shanghai is in 7^th place with 322 centi-millionaires and Hong Kong ranks 8^th, boasting 320 ultra-wealthy residents.

Both Singapore and Hong Kong are forecast to enjoy exceptionally high centi-millionaire growth rates of over 100% in the next decade and a half (to 2040).

However, London, once considered the financial capital of the world, now ranks just 4^th in the Top 50 Cities for Centi-Millionaires with 370 super-rich residents and a lackluster forecast of less than 50% when it comes to centi growth over the next 16 years (to 2040). Finally. Paris claims the10^th spot on the latest centi-rich city index with 286 ultra-wealthy residents.

Centi city hotspots to watch

Looking ahead to 2040, several Asian and Middle Eastern cities are poised for explosive growth, with Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi projected to see increases of over 150% in their centi-millionaire communities.

Emerging markets are also set to make their mark. Riyadh in Saudi Arabia and Bengaluru in India are both forecast to enjoy growth of over 150% in their centi-populations over the next 16 years.

Read the full Press Release

View original content:https://www.prnewswire.co.uk/news-releases/centi-millionaire-boom-america-and-china-dominate-the-super-rich-club-302245454.html

Fintech PR

J&T Express Achieves Strong Growth in 9.9 Mega Sales Through Refined Operations

Published

2 hours ago

September 19, 2024

CISION (PR Newswire)

j&t-express-achieves-strong-growth-in-9.9-mega-sales-through-refined-operations

HONG KONG, Sept. 19, 2024 /PRNewswire/ — J&T Global Express Limited (“J&T Express” or “J&T” or “the Company”, stock code: 01519.HK), a global logistics service provider, announced a substantial increase in parcel volume during Southeast Asia’s 9.9 Mega Sales, one of the region’s largest annual e-commerce shopping festivals. Held from 9 to 11 September, major e-commerce platforms offer consumers a range of promotional deals during this peak shopping period.

Thanks to strengthened partnerships with key e-commerce platforms and a focused expansion into non-e-commerce sectors, J&T Express experienced strong parcel growth during the 9.9 sale. Compared to August 2024, parcel volumes across multiple Southeast Asian markets surged by over 20%. Year-on-year, several countries saw their business volumes double compared to the same promotional period in 2023.

Hou Junyi, Vice President of J&T Express, commented, “Our robust performance during the 9.9 mega sale reflects the enormous growth potential of Southeast Asia’s e-commerce market and demonstrates J&T’s continued service enhancements in the region. Beyond e-commerce, we’re also expanding into new sectors, offering reliable, efficient logistics solutions to more clients. We’ll continue strengthening our network and investing in operational resources to deliver exceptional service as always.”

J&T Express is expanding its partnerships with a more diverse client base across Southeast Asia. In Thailand, the Company has become the logistics partner for leading consumer finance brand KTC, Business for Healthy Brand Legacy Corp, Watsons, and Apple-authorized reseller SPVI, managing their online and offline orders. In the Philippines, J&T partnered with Dito, one of the country’s top telecom operators, doubling its delivery volume during this year’s 9.9 mega sale.

To meet growing demand and peak season volumes, J&T Express has continued to ramp up its local investments and network enhancements across Southeast Asia. By the end of August, the Company upgraded 11 sorting centers and added 9 distribution hubs across the Philippines, boosting sorting capacity by 1.5x. It also secured 1.5x additional third-party transport resources to support the surge in sorting, deliveries, and customer service during the shopping festival.

In Vietnam, J&T introduced 400 additional line-haul vehicles, and the Company’s largest sorting center in Northern Vietnam is set to go live soon. Equipped with intelligent operational technology and advanced equipment, the center will automate every stage of the process, achieving a 99.99% accuracy rate in parcel handling and significantly enhancing operational efficiency.

About J&T Express

J&T Express is a global logistics service provider with leading express delivery businesses in China and Southeast Asia, the largest and fastest-growing market in the world. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil and Egypt. Adhering to its “customer-oriented and efficiency-based” mission, J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all.

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View original content:https://www.prnewswire.co.uk/news-releases/jt-express-achieves-strong-growth-in-9-9-mega-sales-through-refined-operations-302252579.html

Fintech PR

MSB and TerraPay Collaborate to Simplify and Enhance Cross-Border Money Transfers

Published

2 hours ago

September 19, 2024

CISION (PR Newswire)

HANOI, Vietnam, Sept. 19, 2024 /PRNewswire/ — Vietnam Maritime Commercial Joint Stock Bank (HoSE: MSB) has signed a strategic cooperation agreement with TerraPay, a global money movement company. This collaboration will bring digital payment solutions and data capabilities to help MSB enhance efficiency and offer the best payment service experience to customers by bringing down costs and reducing transaction times.

According to forecasts from the Bank of England, the cross-border payment market is expected to grow by over USD 100 trillion in the next decade, reaching over USD 250 trillion by 2027. Along with the pace of digitization, the demand for real-time global payments is becoming increasingly urgent. However, unlike domestic transfers, international money transfers continue to be complex, time-consuming, and costly, even today.

In response to this reality, the new partnership between MSB and TerraPay aims to break down these barriers, enabling the use of financial services more quickly, conveniently, and reliably. According to the cooperation agreement, MSB and TerraPay will provide payment solutions, payment infrastructure, and other products and services to partners and (or) customers; simultaneously introducing each other’s products and services to the partner’s customers who have a need for them. Both companies will focus on supporting small and medium-sized enterprises (SMEs) with global money transfer needs. Through this partnership, SMEs will benefit from quick, convenient, and cost-effective global payout solutions.

Mr. Nguyễn Thế Minh, Deputy General Director of MSB, believes that, “The cooperation between the two parties will bring numerous benefits and economic efficiencies for Vietnamese businesses in both domestic and international payments.”

Sudhesh Giriyan, President – Cross border payments at TerraPay said, “Our partnership with MSB is a big step towards enhancing global payments for businesses across Vietnam. We are excited to work together, combining our strengths and expertise, to transform the broader landscape while furthering our mission of simplifying global money movement.”

Along with efforts in digital transformation, MSB continues to build and seek appropriate financial solutions through reputable partners to bring superior value and experience to customers.

For more information on solutions for corporate customers, please click msb.com or contact the hotline: 18006260.

About MSB

Established in 1991, MSB has continually grown, achieving many important milestones in the financial banking industry over nearly 33 years. MSB currently has over 260 branches and transaction offices nationwide, and it transacts with over 500 correspondent banks in more than 60 countries and territories. MSB has over 6,000 staff, serving more than 5.4 million individual customers and nearly 100,000 corporate customers.

About TerraPay

TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 30+ global markets and enabling payments to 140+ receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.4Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay has built the global digital wallet interoperable network and pushes the boundaries for global businesses – ranging from digital wallets, banks, fintech and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is a global company headquartered in London and comprising 42 nationalities. It has global offices in Bangalore, Dubai, Bogota, Dar es Salaam, Kampala, The Hague, Johannesburg, Nairobi, Milan, and Singapore, and is expanding rapidly. We have received funding from leading investors, including the IFC (World Bank), Prime Ventures, Partech Africa, and Visa.

Contact:
Juveria Samrin,
[email protected]

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View original content:https://www.prnewswire.co.uk/news-releases/msb-and-terrapay-collaborate-to-simplify-and-enhance-cross-border-money-transfers-302251772.html

Fintech PR

Markel appoints April Tam as Senior Underwriter, PFR & Cyber and Head of Financial Institutions, Asia

Published

3 hours ago

September 19, 2024

CISION (PR Newswire)

markel-appoints-april-tam-as-senior-underwriter,-pfr-&-cyber-and-head-of-financial-institutions,-asia

SINGAPORE, Sept. 19, 2024 /PRNewswire/ — Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), is pleased to announce the appointment of April Tam as Senior Underwriter, Professional Financial Risk (PFR) & Cyber and Head of Financial Institutions in Asia. This strategic hire is integral to advancing Markel’s profile and reinforcing its leadership position in the PFR sector.

In her new role, Tam will be instrumental in strengthening Markel’s Financial Institutions proposition in Asia. Working in collaboration with the regional underwriting team across Asia, Tam will focus on driving continued profitable growth of the company’s PFR book and ensuring its scalability and diversification. She will also be responsible for forging strong relationships with insurance brokers, clients and partners in the region.

Tam joins Markel from Allianz Commercial, where she was most recently employed as Financial Institutions Practice Leader, Asia. Prior to joining Allianz Commercial in 2018, Tam gained expertise at Zurich Insurance Group. With more than 12 years’ experience in Financial Lines underwriting, Tam brings a wealth of expertise, broker relationships and a proven track record to Markel.

Based in Hong Kong, Tam will report to Kevin Leung, Chief Underwriting Officer, Asia Pacific.

Leung commented: “I’m excited to welcome April to our team in Hong Kong. Her extensive experience and deep understanding of Financial Lines underwriting will be of huge importance as we continue to expand and enhance our PFR offerings. I’m confident that April’s expertise and strong networks will significantly help to contribute to our strategic objectives and strengthen our position in the Asia market.”

About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.