Rapid Fire
Rapid Fire Current Affairs
- 15 Jun 2023
- 5 min read
Wealthy Indians Seek Greener Pastures as Outflow of Ultra-Rich Continues
According to the Henley Private Wealth Migration Report (2023), released by Henley & Partners, India is projected to experience a net outflow of 6,500 High Net-Worth Individuals (HNWIs) in 2023, making it the second-worst performer in terms of losing ultra-rich individuals, trailing behind China.
The report defines HNWIs as those with investable wealth of USD 1 million or more, equivalent to Rs 8.2 crore or more in rupee terms. This trend follows a previous outflow of 7,500 such individuals in 2022. Conversely, Australia, the UAE, Singapore, the USA, and Switzerland are expected to be the top destinations for net inflows of HNWIs in 2023.
India ranked 10th among the wealthiest countries in the world based on HNWI population. It boasts 3,44,600 HNWIs, 1,078 centi-millionaires, and 123 billionaires. In comparison, China has 7,80,000 HNWIs and 285 billionaires, while the US, with a population of just 340 million, has 52,70,000 HNWIs and 770 billionaires.
The W10 grouping, comprising the US, Japan, China, Germany, the UK, Switzerland, Australia, Canada, France, and India, represents the top 10 countries with the highest number of HNWIs.
Read more: Human Migration: Reasons & Impact
Djokovic and Swiatek Claim Historic French Open Victory
Novak Djokovic made history at the French Open,2023 securing his third title at Roland-Garros and solidifying his position as the most successful men's singles tennis player. Despite a slow start, the 36-year-old Serbian overpowered his Norwegian opponent, Casper Ruud, with a straight sets victory of 7-6 (1), 6-3, 6-5.
This win marked Djokovic's 23rd major men's singles crown, surpassing all other players in the history of the sport. He also equaled Serena Williams' record for the most Grand Slam titles won in the Open Era.
Meanwhile, in the women's division, Iga Swiatek, the world number one player, successfully defended her title at Roland Garros. In a thrilling final against Karolina Muchova, Swiatek emerged victorious with a score of 6-2, 5-7, 6-4. This marked Swiatek's third career championship at the French Open and her fourth Grand Slam title overall.
Read more: Roland Garros
Decrease in India’s Remittance
India experienced a significant growth in inward remittances in 2022 at the growth of 24%, reaching USD 111 billion, surpassing the World Bank's estimate of USD100 billion. This accounted for 63% of South Asia's remittance flows, which amounted to USD176 billion. However, remittance flows to India are projected to increase by only 0.2% in 2023 as per the latest Migration and Development Brief released by the World Bank due to a slowdown in OECD economies, particularly impacting employment opportunities and wages for migrants. The diversion of formal remittances to informal channels is also expected. High-skilled Indian migrants in the United States, United Kingdom, and Singapore played a substantial role in India's remittances, benefiting from post-pandemic recovery and wage increases.
Gabon’s First Agri-SEZ Project
The Union Minister of Education and Skill Development and Entrepreneurship officially started Gabon’s first Agri- SEZ (Special Economic Zone) project. The project will be implemented by AOM group with Centurion University as the technical and knowledge partner.
In the first phase of the program, 30 farmers and 20 B.Sc./M.Sc. Agri and B.Tech/M.Tech Engineering students from Gajapati district, which is an Aspirational district of Odisha, India. will be travelling together as agri-technical and technical consultants for the agriculture SEZ in Gabon which is being developed under this project.
Anti-colonial solidarity, diasporic goodwill, and the principle of 'South-South' cooperation, among others, are playing a significant role in strengthening the partnership between India and the African continent.
Read more: Special Economic Zone
