KUALA LUMPUR, Malaysia, June 18, 2024 /PRNewswire/ — Prepare for a paradigm shift in financial empowerment with Setgaji Sdn. Bhd.’s groundbreaking platform, Setgaji. This innovative solution redefines how financial wellness is managed, setting a new standard for accessibility and empowerment.

Setgaji leads the charge towards a brighter future by revolutionising the timing and accessibility of salary withdrawals. This platform not only simplifies processes but also enhances employee motivation and satisfaction, creating rewarding work experiences.

More than just a tool, Setgaji is a movement committed to empowering individuals and transforming workplace practices. By providing early access to earned wages, Setgaji enables healthier financial habits and eliminates the need for high-interest loans for Malaysians in the workforce.

Unique to Setgaji is its pioneering feature as Malaysia’s earned wage access platform that is completely free for both employees and employers. This transparency ensures no hidden costs for employees while employers benefit from earning air miles with each transaction.

“We are excited to introduce Setgaji to the global stage, where financial wellness is our ultimate goal for the workforce,” said Mr. Micheal Ngu Kiet Ting, COO of Setgaji Sdn. Bhd. “Our platform signifies a revolutionary approach to financial management, offering employees autonomy in today’s fast-paced world.”

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The pathway for a transformative journey towards financial wellness is here. Discover how Setgaji reshapes the landscape of financial practices at www.setgaji.com. 

About Setgaji Sdn. Bhd.

Setgaji Sdn. Bhd. is a dynamic financial solutions provider, specializing in early wage access services for employees. Since 2024, we have established ourselves as a trusted authority in pioneering financial solutions, addressing cash flow challenges and promoting employee financial well-being. Our mission is to reshape financial practices and foster sustainable financial habits among employees through innovative solutions tailored to modern organizational needs.

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NEW YORK, June 18, 2024 /PRNewswire/ — Stax LLC, a global strategy consulting firm specializing in commercial due diligence, value creation, and exit planning for private equity firms, PE-backed companies, hedge funds, and investment banks, today announced the opening of a new office in Central London. This expansion follows the January hiring of Phil Dunne as managing director to lead the firm’s U.K. and EMEA practice and strategic growth efforts. Aiming to double its headcount by 2025, Stax quickly outgrew its previous space in less than a year and sought new premises to accommodate its rapid expansion in the U.K. market. Stax’s substantial growth with U.K. and European private equity clients, coupled with its team expansion, underscores the enduring appeal of the U.K. mid-market—particularly in the M&A landscape and private equity ecosystem.

“It’s exciting to witness Stax expanding once again in London. As I lead our U.K. and EMEA growth strategy, we are keenly focused on strengthening our brand in the local market,” stated Phil Dunne, U.K. Managing Director. “We have recently achieved significant accolades, such as being named a finalist in the 2024 Real Deals Private Equity Awards for Commercial Due Diligence Provider of the Year. Additionally, we just won the U.S. SME Growth and Investment in the U.K. award at the BritishAmerican Business Transatlantic Growth Awards.”

Dunne elaborated, “Another key objective is team expansion, with the goal of doubling our headcount by 2025. As Stax broadens its sector expertise, we are actively recruiting at all levels with a special emphasis on strategic senior roles, particularly in healthcare and consumer verticals. This will enable us in London to provide our clients with a comprehensive portfolio of specialized experts spanning across technology, industrials, business services, healthcare, consumer and retail, and information services.”

“This year, as we celebrate the 30th anniversary of Stax, we’re excited to be closer to our London-based clients to better serve their needs. We continue to deliver transaction advisory services to our extensive roster of U.S.-based clients who are rapidly entering into the U.K. market, as well as our U.K. and EMEA-based clients expanding into the U.S. market. By supporting both sides of this dynamic ecosystem, Stax is experiencing significant growth,” shared Paul Edwards, Global Practice Leader. “We are committed to our U.K. growth strategy and leveraging it to drive our expansion across Europe, fueled by substantial growth in our European private equity engagements from clients who value our unique, data-driven advisory offerings.”

As Stax strives to deliver the highest level of service to our clients, the company is also dedicated to strengthening its European team and providing employees with expanded resources and opportunities for professional growth and development. Stax is hiring across levels, with a particular focus on senior leaders with healthcare and consumer expertise. Those interested in joining a dynamic organization and a growing U.K. team are encouraged to apply now.

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About Stax LLC 

Stax LLC is a global management consulting firm serving corporate and private equity clients across a broad range of industries including software/technology, healthcare, business services, industrial, consumer/retail, and the events ecosystem. The firm partners with clients to provide data-driven, actionable insights designed to drive growth, enhance profits, increase value, and make better investment decisions. Please visit www.stax.com and follow Stax on LinkedIn, Instagram, Threads, and Facebook. 

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LONDON, June 18, 2024 /PRNewswire/ — The UK is expected to see an unprecedented net loss of 9,500 millionaires in 2024 — second only to China worldwide, and more than double the 4,200 who left the country last year, which was itself record-breaking following the exodus of 1,600 HNWIs in 2022. For the third year running, the UAE looks set to take first place as the world’s leading wealth magnet, with a record-breaking 6,700 moneyed migrants expected to make the Emirates home by the end of the year, boosted by large inflows from the UK and Europe.

The Henley Private Wealth Migration Report 2024, released today by international investment migration advisory firm Henley & Partners, features the most significant projected millionaire migrant inflows and outflows globally as well as the W15 ranking of the world’s top 15 countries for millionaires, centi-millionaires and billionaires. 

China is again on track to be the biggest millionaire loser globally, with an anticipated net exit of 15,200 HNWIs this year (compared to 13,800 in 2023) whereas India has stemmed its wealth exodus, dropping down to 3^rd place after the UK with just 4,300 millionaires projected to leave the country in 2024 (compared to 5,100 last year). South Korea’s HNWI flight is expected to rise with a forecast loss of 1,200 millionaires (compared to 800 in 2023) while the tsunami of millionaires that fled Russia following the outbreak of the Ukraine war appears to be abating with only 1,000 projected to relocate this year (compared to 8,500 in 2022 and 2,800 in 2023).

Dominic Volek, Group Head of Private Clients at Henley & Partners, says 2024 is shaping up to be a watershed moment in the global migration of wealth: “An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023. As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers.”

UAE remains world’s leading millionaire magnet

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With its zero income tax, golden visas, luxury lifestyle, and strategic location, the UAE has entrenched itself as the world’s number one destination for migrating millionaires and is poised to attract nearly twice as many millionaires as its nearest rival, the US, which is projected to benefit from a net inflow of 3,800 millionaires in 2024.

Singapore takes 3^rd prize again this year with net inflows of 3,500, while the perennially popular destinations for migrating millionaires, Canada and Australia, follow in 4^th and 5^th places with net inflows of 3,200 and 2,500, respectively. European favorites Italy (+2,200), Switzerland (+1,500), Greece (+1,200) and Portugal (+800) all make it into this year’s Top 10 for net millionaire inflows along with Japan, which is on course to welcome 400 wealthy migrants, boosted in part by an accelerating trend of Chinese HNWIs moving to Tokyo that started post-Covid.

The other big millionaire losers in 2024

Besides China, the UK, India, South Korea, and Russia, the remaining places in the Top 10 millionaire outflow ranking are taken up by Brazil where a millionaire drain of 800 is projected this year, followed by South Africa (-600), Taiwan (-400), and Vietnam and Nigeria, which are both set to see 300 millionaires take flight.

But as Dr. Hannah White OBE, Director and CEO of the Institute for Government in London points out, HNWIs are leaving these other countries for quite different reasons from the UK: “Both China and India are seeing high net outflows because of the success of their sizeable economies in generating new millionaires, although slowing wealth growth in China in recent years could mean sustained losses become more damaging over time. As do those from many other developing nations, including notably Brazil, Vietnam, South Africa, and Nigeria, Indian millionaires often depart the sub-continent in search of a better lifestyle, safer and cleaner environments, and access to more premium health and education services. Elsewhere, regional threats and uncertainty over the security stance of America following a potential Trump victory in the 2024 US presidential election in November mean that South Korea and Taiwan are continuing to see net outflows of HNWIs.”

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The surge in millionaire migration is fueling a corresponding boom in the investment migration sector. Henley & Partners has received record levels of enquiries about residence and citizenship by investment programs over the past 12 months from nearly 200 different countries. The top two nationalities currently driving demand are Americans and Indians, with Brits, Filipinos, and South Africans remaining in the Top 10 as they have done for the last five years.

Read the full press release.

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