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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
The number of billionaires in mainland China dropped to 427 in 2024, down from 520, as 132 individuals fell off the list despite 42 new additions. The total wealth of these billionaires decreased by 20% to approximately $1.4 trillion, reflecting the impact of market corrections in a slowing economy. Challenges such as a troubled property market and reduced consumer spending have contributed to this decline.
The luxury goods industry is experiencing a significant slowdown, largely due to weakened consumption in China. A UBS study reveals that the contribution of Chinese consumers to the sector's growth has dwindled, accounting for only 10% from 2019 to 2023, compared to 44% from 2008 to 2015.
Raiffeisen forecasts Swiss GDP growth of 1.3% in 2025, slightly up from 1.1% in 2024, driven by resilience in the chemicals and pharmaceuticals sector and improved consumption due to robust employment and rising real wages. However, the economy remains below its potential growth of 1.5% to 2.0%, with global economic conditions, particularly in the eurozone, posing additional risks.
Raiffeisen economists forecast that the Swiss economy will grow by 1.3% in 2025, slightly improving from 1.1% in 2024, driven by strong performance in the chemicals and pharmaceuticals sector and rising real wages due to lower inflation. However, the economy remains below its potential growth of 1.5% to 2.0%, with global economic conditions, particularly in the eurozone, posing additional risks.
The number of billionaires surged to 2,682 in April 2024, a 50% increase since March 2015, with their total wealth rising by 121% to $14 trillion. Tech billionaires saw their fortunes triple to $2.4 trillion, driven by growth in sectors like AI and cybersecurity. Many billionaires plan to invest more in real estate, equities, and safe havens amid rising geopolitical risks.
The global wealth of billionaires surged by 17% over the past year, reaching $14 trillion, driven primarily by gains in the U.S., where the number of billionaires rose from 751 to 835. In contrast, China's billionaire count dropped from 520 to 427, with total wealth declining from $1.8 trillion to $1.4 trillion. Most new billionaires are self-made, expressing concerns over geopolitical risks and inflation, while North America is seen as the top region for investment returns in the coming year.
EUR/USD and GBP/USD have regained some ground, with EUR/USD hovering above support levels and targeting recent highs between $1.0597 and $1.0610. Meanwhile, GBP/USD is recovering from a six-month low, currently at $1.2617, while AUD/USD continues to trade at five-month lows, recently dipping to $0.6400. A further decline could see it approach the August low of $0.6349.
The ASX 200 rose 13 points (0.16%) to 8476, buoyed by record highs on Wall Street and expectations of earlier interest rate cuts from the RBA. Bitcoin's recent surge is expected to drive momentum buying, with targets of 105,000 and 120,000 by 2025, contrasting with the ASX's gradual gains.Technology and consumer discretionary sectors saw significant gains, while energy and mining stocks declined ahead of an OPEC+ meeting. Analysts suggest the ASX 200 needs to break above 8500 for a more decisive upward move, amid ongoing fluctuations since September.
The ASX 200 closed at 8465 after a 0.4% drop, influenced by strong US market performance and geopolitical tensions in Asia. While Australian banks and resource stocks have thrived, the upcoming "Santa Claus rally" may provide the needed momentum into January.In the US, the Nasdaq 100 reached record highs, buoyed by robust economic conditions, with projections aiming for 21,500. Bitcoin is consolidating around $95,943, with potential dips seen as buying opportunities, while oil prices remain range-bound between $66 and $72.50 amid OPEC+ production cuts and Middle Eastern uncertainties.
UBS and other financial institutions are suggesting that it may be time to short the dollar. This perspective reflects growing concerns about the currency's performance in the current economic climate. Investors are advised to consider their strategies accordingly.
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