Latest news with #IqbalKhan
The Citizen
12 hours ago
- Business
- The Citizen
Global Wealth Report: More dollar millionaires in SA, but also bigger inequality
The latest Global Wealth Report shows that the world became richer but it is a mixed picture, with most of the growth in North America. The Global Wealth Report for 2025 shows an increase in global wealth, but unfortunately South Africa did not share in this growth, while the country continues to be one of the most unequal countries in the world. It did, however, see an increase in dollar millionaires. UBS, a wealth manager and universal bank in Switzerland, compiles the Global Wealth Report with insights into personal wealth. The latest edition analyses 56 markets, estimated to represent over 92% of the world's wealth. The world's wealth landscape continued to evolve In a year marked by shifting economic tides and the data in the report echoes this. According to the report, global wealth increased by 4.6% in 2024 after a 4.2% increase in 2023, but it also shows that South Africa experienced negative real growth in average wealth per adult in 2023 and 2024. South Africa finds itself among the countries in negative territory for average as well as median wealth growth, alongside countries such as India, the UAE and Turkey. ALSO READ: SA still the most unequal country in the world – Oxfam Global Wealth Report shows inequality in SA In addition, South Africa ranked third-highest in the world for wealth inequality, with a Gini Coefficient of 0.81, just behind Brazil (0.82) and Russia (0.82), and equal to the UAE. This chart shows the wealth inequality in the world: ALSO READ: Six South Africans on Forbes Real-Time Billionaire list Global Wealth Report also had good news for SA However, South Africa did see a positive increase in dollar millionaires with a growth rate just under 2% but still indicating increasing upper-tier wealth and supporting the wider Everyday Millionaire trend. As an emerging market, South Africa is listed as one of the 15 emerging economies that collectively hold up to 30% of global wealth as of 2024, a statistic that has remained relatively flat since 2017. Iqbal Khan, co-president of UBS Global Wealth Management, says the speed of growth was far from uniform, largely tilted towards North America, with the Americas overall accounting for the majority of the increase, with more than 11%. 'A stable US dollar and buoyant financial markets were key contributors to this growth. Asia-Pacific and Europe, the Middle East and Africa (EMEA) were lagging behind, with growth rates of below 3% and less than 0.5% respectively.' ALSO READ: Where do the super-rich in SA live? Trends identified in the Global Wealth Report The 16th edition of the Global Wealth Report highlights these regional and demographic themes: Adults in North America were the wealthiest on average ($593 347) in 2024, followed by Oceania ($496 696) and Western Europe ($287 688). However, measured in US dollar, in real terms over half of the 56 markets in the sample not only did not take part in the world's growth last year, but saw their average wealth per adult decline. Despite this, Switzerland continued to top the list for average wealth per adult on an individual market level, followed by the US, Hong Kong and Luxembourg. Denmark, South Korea, Sweden, Ireland, Poland and Croatia recorded the biggest increases in average wealth, all growing at double-digit rates when measured in local currencies. The number of dollar millionaires increased by 1.2% in 2024, an increase of more than 684 000 people compared to the previous year, with the US adding over 379 000 new millionaires – more than 1 000 a day. The US, mainland China and France had the highest number of dollar millionaires, with the US accounting for almost 40% of global millionaires. There has been a marked and consistent increase in wealth all across the world over the past 25 years, both overall and in each main region individually. Total wealth increased at a compound annual growth rate of 3.4% since 2000. This decade, the wealth band below $10 000 ceased to be the most populated one in the sample, overtaken by the next-higher band between $10 000 and $100 000. Over the next five years, the report's projections for average wealth per adult point to continued growth, with the expansion led by the US as well as Greater China, Latin America and Oceania. ALSO READ: Bill Gates explains why his children will inherit less than 1% of his wealth This chart shows the change in total personal wealth from 203 to 2024: Khan also points out that this year's report highlights the rise of the Everyday MILLIonaire (EMILLIs), everyday millionaires with investable assets of between $1 million to $5 million. Their numbers have more than quadrupled since 2000, reaching around 52 million globally by the end of last year. This group now accounts for approximately $107 trillion in total wealth, approaching the $119 trillion held by individuals with over $5 million in assets. Khan says the growth of this segment has largely been driven by increasing real estate prices and exchange rate effects. 'Despite regional differences, the long-term upward trend in the Everyday Millionaire group is visible around the globe.' ALSO READ: Want to build wealth? This is how Differences in wealth distribution among generations The Global Wealth Report also highlights the differences in wealth distribution among generations in the US. It shows that Millennials (born after 1981) have the highest proportion of their assets in consumer durables and real estate and invest more heavily in private businesses. Baby Boomers (born between 1946 and 1964) hold over $83 trillion in net wealth, far surpassing Generation X (born between 1965 and 1980), the Silent Generation (born before 1945) and Millennials. Khan points out that globally, wealth allocation also varies, with the US standing out with its high allocation in financial investments, Australia in real estate and Singapore in insurance and pensions. 'Over the next 20–25 years, more than $83 trillion is expected to be transferred, with $9 trillion moving horizontally between spouses and $74 trillion moving between generations. The largest volume of wealth transfers is anticipated in the US of over $29 trillion, Brazil with nearly $9 trillion and mainland China with more than $5 trillion). ALSO READ: Wealth gap widens, ANC dodges wealth tax Global wealth expected to grow Robert Karofsky, co-president of UBS Global Wealth Management, says with global wealth expected to continue to grow, the ability to manage that wealth in a dynamic and complex financial environment becomes even more important, requiring strategic foresight and expert guidance. Paul Donovan, chief economist at UBS Global Wealth Management, notes that wealth is not just an economic measure but a social and political force. 'As we navigate the fourth industrial revolution and increasing public debt, the way wealth is distributed and transferred will shape opportunity, policy and progress. 'This year's report underscores the evolutionary shifts in wealth ownership, especially the growing influence of women and the enduring importance of property and long-term asset trends.'
Time of India
7 days ago
- Business
- Time of India
Law firm JSA's partner Iqbal Khan to join Cyril Amarchand Mangaldas with 20-member team
The private equity (PE) and mergers and acquisitions (M&A) partner Iqbal Khan of a full-service law firm J Sagar Associates (JSA), along with their team of about 18 to 20, is set to join the Mumbai office of Cyril Amarchand Mangaldas (CAM). An alumnus of the London School of Economics and Political Science and Columbia University School of Law, Khan began his career with the US-headquartered firm Paul, Weiss, Rifkind, Wharton & Garrison LLP in 2008, later moving to Kirkland & Ellis LLP. In August 2013, he joined the Indian full-service firm Khaitan & Co., and in 2015, he transitioned to Shardul Amarchand Mangaldas & Co. (SAM & Co). Last year in June, he had joined JSA along with his team of about a dozen-and-a-half lawyers to JSA. 'Iqbal's experience and expertise will be valuable to our clients,' said Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas, on his joining. 'With Iqbal's arrival, we continue to strengthen our capabilities to serve our clients and I look forward to their contributions and the continued growth of our firm,' he added. He specialises in private equity investments, private and public mergers and acquisitions, joint ventures and foreign investment laws. 'My decision to join CAM was a natural one, driven by a shared commitment to excellence, integrity, and delivering commercially sound legal advice to a diverse and global client base,' said Iqbal Khan. In the past, Khan has represented Advent in one of the largest control acquisitions of a listed pharma company in India by a PE, in its acquisition of a controlling stake in Suven Pharma for about $1 billion. Also, he advised Advent in over $4 billion reverse merger and listing of the Cohance platform with Suven Pharma. Also, he had represented Bain in its acquisition of Porus Labs for Rs. 2400 crores. Recently, the firm has also announced the joining of Nishith Mehta as head of the Financial, Regulatory & Compliance practice. He will be joining the firm from Bank of America Merrill Lynch (BofA), where he co-headed Asia Pacific Compliance and Operational Risk. Around the same time, the firm also announced the joining of Mihir Rale as Co-Head for Digital and TMT (telecom, media and technology) advisory. Over two-decade veteran, Rale was general counsel at Star and Disney India before joining CAM. With over 1200 lawyers, including 220 partners, CAM is a full-service law firm with offices in Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
Mint
11-06-2025
- Business
- Mint
Iqbal Khan steps down as national corporate lead from JSA
Mumbai: Iqbal Khan has stepped down as national corporate lead at JSA Advocates and Solicitors. Khan joined JSA from Shardul Amarchand Mangaldas in October 2024, along with a team of 18 lawyers, including three retained partners, strengthening mergers, acquisitions and private equity teams in JSA's corporate practice. "Iqbal Khan has communicated his resignation to JSA. The exit modalities will be worked out mutually keeping in mind the interest of clients, teams involved and the firm,' Vivek Chandy, JSA's managing partner, said in a statement on Wednesday. 'JSA has grown exponentially over the last 18 months and has integrated well with all its lateral partners who are aligned with the culture and values of the firm. The firm will continue to aggressively pursue its growth path and wishes Iqbal well." Khan's exit comes as top law firms witness mass movement to rivals. He was brought into JSA to work closely with the joint managing partners, practice area chairs, and the executive committee to fortify the firm's corporate practice and augment its range of services. Prior to joining JSA, he was with Paul Weiss and Kirkland & Ellis in the United States. Khan also holds a J.D. from Columbia Law School (Harlan Fiske Stone Scholar); the Parker School Certificate for Achievement in International and Comparative Law; and LLB from the London School of Economics and Political Science. He was the editor of the Columbia Journal of European Law and has been ranked as one of the top M&A and private equity lawyers in India by various legal rankings. Prior to joining JSA, Khan, along with his partners, led deals for clients including Advent, Bain, Brookfield, TPG, Biocon, L&T, LIC, PharmEasy, Reliance, Serum and Tata.
Yahoo
29-05-2025
- Business
- Yahoo
UBS APAC President Khan on Strategy, Rates & Volatility
Wealthy clients of UBS are looking to buy more alternative assets as they seek to diversify investments during a volatile period. From the sidelines of the 28th 'Asian Investment Conference', UBS Asia Pacific President & Co-President Global Wealth Management Iqbal Khan also said that that he expects volatility to continue and rates to come down. Khan speaks exclusively to Bloomberg's David Ingles in Hong Kong.
Yahoo
28-05-2025
- Business
- Yahoo
UBS's Wealthiest Clients Are Quietly Moving Billions -- Here's Where It's Going
UBS's (NYSE:UBS) wealthiest clients are quietly steering their portfolios toward alternative investments a move that could reshape how high-net-worth capital flows in a jittery macro environment. According to Iqbal Khan, co-president of global wealth management and head of UBS Asia Pacific, there's a growing tilt toward assets like private equity, hedge funds, and real estate. Speaking at the UBS Asian Investment Conference in Hong Kong, Khan said the shift is still in its early innings, but momentum is building. We've definitely seen significant growth, he said, noting that alternatives still make up a small slice of most client portfolios meaning there could be plenty of room to run. Warning! GuruFocus has detected 2 Warning Sign with UBS. The backdrop? Volatility, geopolitical friction, and rate-cut guessing games. UBS's markets unit just booked a record quarter off that volatility. Meanwhile, clients are bracing for a possible stagflation setup and looking for stability outside traditional equities and bonds. Khan, who moved to Hong Kong in 2024 to take on the top Asia role, added that rate cuts could be coming, but the timeline remains fluid. For UBS, this moment isn't just about investment advice it's about playing offense as rivals like HSBC and DBS step up in Asia. UBS remains the region's dominant wealth player, backed by over 900 advisers. Behind the scenes, the firm is still digesting its 2023 Credit Suisse takeover and slashing deep to make it work. UBS has already axed 10,000+ jobs and locked in $7.5 billion in cost savings on the way to its $13 billion goal. But it's also facing a tense debate with Swiss regulators over how much capital it should hold to brace for the next crisis. All of this could come to a head sooner than expected. CEO Sergio Ermotti is expected to step down by early 2027, and both Khan and U.S. private banking chief Rob Karofsky are seen as top contenders to take the reins. This article first appeared on GuruFocus.
