Wealth

• India has emerged as a global wealth powerhouse, with liquid financial assets now estimated at more than $2.7 trillion. • This capital is being strategically deployed by a diverse range of investors, including digital investors and family offices, across equity markets and private enterprises. • The trend signifies a shift toward sophisticated wealth management, requiring long-term strategic discipline to navigate complex economic cycles.

Actor among protesters in central London highlighting laws in 29 countries where same-sex relationships remain illegalIan McKellen has joined a march against the criminalisation of LGBTQ+ people in Commonwealth countries, calling it an “appalling situation”.The Lord of the Rings star and activist joined protesters in central London to highlight laws in 29 Commonwealth countries where same-sex relationships remain illegal. Continue reading...

• South Korea's deputy prime minister warned in a CNBC interview that AI wealth must benefit the general public to prevent widening wealth gaps and job losses. • The official highlighted that while semiconductors and AI infrastructure serve as the fundamental foundation for growth, they risk concentrating wealth among a few. • These comments come amid heightened labor tensions at Samsung, where workers are pushing for better conditions and fair distribution of profits.

Treasury’s Lucy Rigby says Rachel Reeves introduced measures in her first budget as Streeting calls for capital gains rates to be aligned with income taxGood morning. It’s a big day for Rachel Reeves, the chancellor. In a Commons statement, she is announcing a series of measures to help people with the cost of living. She wants people to enjoy a “Great British summer”, she says. Reeves’s plan for what makes for a good summer is not quite the same as Samantha Niblett’s; the chancellor is talking about free bus travel for children, as Heather Stewart, Peter Walker and Sarah Butler report in their preview.Reeves is speaking after 11.30am.We already tax wealth in this country. The chancellor introduced a host of measures in her first budget, and then further measures in the last budget as well, that try and make sure that tax is as progressive and fair as possible. Continue reading...

Leaders cannot ignore support for reparations resolution this November, says St Vincent and Grenadines ex-PMWhat are reparations for slavery and colonialism – and will the UK pay?It is “inconceivable” that reparatory justice from Britain for the transatlantic trade of enslaved Africans will not be “front and centre” of the next Commonwealth leaders meeting, the former prime minister of St Vincent and the Grenadines has said.Ralph Gonsalves was in Jamaica to discuss the next steps of the “alive and growing” movement to advocate for reparations for hundreds of years of chattel slavery. Continue reading...

• HSBC reported total wealth balances of $1.570 trillion in Q1 2026, up 12% year-over-year, driven by Asia's $1.068 trillion share growing at 14% pace. • The bank's 18.7% return on tangible equity (RoTE) fueled stock gains despite credit headwinds. • Strong Asia wealth performance signals resilience in regional private banking amid global economic shifts.

• Japanese policymakers are leveraging household wealth and assets to support industrial ambitions under a new economic security framework. • Tokyo aims to enhance economic resilience through this innovative financing approach. • The model could inspire other Asian nations to 'look east' for growth strategies amid global uncertainties.

• OCBC announced the acquisition of HSBC's Indonesia wealth and retail banking operations for $6.6 billion, marking a major expansion in Southeast Asia's second-largest economy. • The deal is expected to increase OCBC's Indonesian subsidiary's assets under management by approximately 25%, significantly strengthening its regional presence. • This acquisition reflects OCBC's strategic focus on wealth management and retail banking growth across Southeast Asia amid competitive market dynamics.

• UBS has strengthened its Southeast Asia wealth management presence through strategic appointments, including Vivian Li as senior client advisor in its global wealth management team. • The expansion reflects UBS's commitment to capturing high-net-worth client growth across Southeast Asian markets amid intensifying competition. • These moves position UBS to deepen regional client relationships and expand its private banking footprint in a key growth market.

Resolution Foundation report says ‘crisis’ stems from rising ill-health and a failing system of benefits and job supportBritain has the third-highest rate of young people not in work or education among Europe’s richest countries because of rising ill-health and a failing system of benefits and job support, a report has warned.The Resolution Foundation thinktank said the UK was facing a “crisis” in youth jobs amid a dramatic rise in the number of 16- to 24-year-olds who are not in education, employment or training (Neets) to almost 1 million – the highest level in more than a decade. Continue reading...

Incoming PM Péter Magyar accuses Fidesz-linked figures of trying to shield their wealth from accountabilityAlong the banks of the Danube, news that the Viktor Orbán era had come to an end set off an hours-long party. The joy echoed across Hungary as people traded hugs and high-fives. For some, however, the landslide loss set off a frantic scramble.Private jets allegedly laden with the spoils of those whose wealth swelled during Orbán’s 16 years in power have steadily been taking off from Vienna, while other individuals are racing to invest their assets abroad, sources have told the Guardian. Meanwhile, high-level figures close to Orbán have been looking into US visa options, hoping to find work at Maga-linked institutions. Continue reading...

• Wealth.com, an AI platform modernizing estate and tax planning for wealth management firms, closed an oversubscribed $65M Series B funding round. • The funding will accelerate product enhancements and expand adoption among high-net-worth advisors handling complex client portfolios. • This raise highlights surging investor interest in AI tools automating legacy financial planning processes amid rising wealth transfer demands.

Corruption scandals and a surging opposition have turned the vote into the biggest test yet for the long-serving populist leaderThe drone footage showed a sprawling residence in northern Hungary, complete with manicured gardens, a swimming pool and an underground garage. But it was what came next that captured much of the country’s imagination: zebras darting across the countryside. Continue reading...

Politicians warn party’s pledge to ‘punish’ countries seeking justice for slavery will harm and isolate BritainCommonwealth politicians say they will not back down from seeking reparations as UK public figures, including a former Reform insider, warn the rightwing party’s pledge to “punish” countries seeking justice for slavery would harm and isolate Britain.This week, Reform UK said they would halt visas for nationals of countries formally demanding reparations from Britain if they took power. Continue reading...

• Whalen Wealth Management acquired a new stake of 5,261 shares in Chevron (NYSE:CVX), valued at approximately $802,000, during Q4. • Institutional investors now hold 72.42% of Chevron; Bank of America raised its price target to $206 with a 'buy' rating, while Citigroup lifted to $235. • Chevron reported Q4 EPS of $1.52, beating estimates by $0.08; the stock's 50-day moving average stands at $189.15 and 200-day at $166.77.

Critics say films lauding country’s attitude to women and green credentials could damage corporation’s reputationThe BBC has been accused of making “glossy propaganda films” for Saudi Arabia’s sovereign wealth fund and taking money from a “repressive regime”.BBC Storyworks, the corporation’s commercial arm, has entered into a partnership with Saudi Arabia’s Public Investment Fund (PIF). The broadcaster has made a series of films and written articles lauding the country’s supposedly progressive attitude to women and eco-friendly credentials. These are hosted on a mini-site that carried BBC branding. Continue reading...

Exclusive: Speaking with the Australian Politics podcast, the Liberal frontbencher says a sovereign wealth fund would set Australians up for generations to comeFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastLiberal frontbencher Andrew Hastie says he is open to a new 25% tax on soaring gas profits as part of a Scandinavian-style sovereign wealth fund to strengthen the federal budget amid the global energy crisis.Budget leaks suggest the Albanese government is modelling the effects of placing a flat 25% tax on gas profits, as well as possible further changes to the petroleum resource rent tax (PRRT) and corporate income tax. Continue reading...

CEO of asset manager says only a few firms and investors may reap rewards from growth in the technologyThe boom in artificial intelligence risks widening inequality, with only a handful of companies and investors likely to reap its financial rewards, the BlackRock chief executive, Larry Fink, has warned.The boss of the $14tn (£10.4tn) asset manager used his annual letter to investors on Monday to highlight potential hazards around the exponential growth in AI, which has attracted rapid investment and become “central to strategic competition” between global powers such as the US and China. Continue reading...

High-net-worth residents of UAE heading to Ireland and France to wait out missile attacks before tax year endsWealthy UK nationals fleeing war in the Gulf are seeking sanctuary in countries such as Ireland and France to avoid hefty tax bills back home.In the face of possible demands from HM Revenue and Customs, high-net-worth individuals who had been living in the United Arab Emirates and neighbouring countries are hoping to wait out the missile and drone attacks elsewhere rather than return to the UK. Continue reading...