In a strategic move initiated in 2016, Saudi Arabia started its journey to decrease its reliance on oil revenues. Through the ambitious "Vision 2030", the kingdom aims to boost private sector participation in the GDP, hoping to rise from the 40% recorded in 2016 to an anticipated 65% by 2030. Spearheading this transformative drive, Saudi Arabia's sovereign wealth fund is proactively channeling investments into several Western corporations.

A host of Western entities, ranging from automobile giants and sports franchises to global brands and video game industry leaders, have felt the financial embrace of the kingdom. Brands such as Uber, Meta, Microsoft, and Starbucks have notably been on the receiving end. The strategic investment moves are directly supervised by Prince Mohammed bin Salman, with the national fund serving as the primary vehicle for these endeavors.

Recent data suggests the sovereign fund holds a vast $776 billion in assets. Remarkably, there was a 10% growth within the last year, with 25 new corporations joining its diverse investment portfolio. Despite its expansive international presence, it's noteworthy that a mere 23% of its total investments lie beyond Saudi borders.

Backing these developments, the IMF highlighted Saudi Arabia's economic prowess in 2022. Among the G20 nations, the kingdom emerged as the star performer, registering an impressive 8.7% growth. This robust performance is attributed to its flourishing oil industry and the dynamism in other sectors, powered significantly by private investments and grand-scale development projects, commonly termed "megaprojects."

Global consumers are becoming increasingly cautious about their spending in response to the challenges posed by rising inflation. According to a survey by EY, a staggering 94% of respondents expressed concern about the escalating cost of living. The EY Future Consumer Index's 12th edition highlighted that affordable pricing has become the primary concern for 35% of consumers sampled, marking a 10% rise since October 2022. This group remains the most substantial segment of the consumer population.

The data further reveals that consumers, from both developed and emerging economies, are making significant short-term lifestyle adjustments to cope with the ongoing shifts in their daily lives. Of the five consumer typologies, the 'Planet First' segment, focusing on environmental concerns, saw a decrease from 25% to 16%. This shift underscores a pivot in consumer priorities towards economic affordability.

Interestingly, the 'Health First' consumer group, emphasizing health, witnessed a 7% increase (from 17% to 24%) since October 2022. This group now ranks second behind those prioritizing price affordability, suggesting a significant consumer trend. The findings indicate that consumers are now focusing more on immediate lifestyle changes, putting individual needs over collective efforts, zeroing in on their personal finances, health, and stress levels.

In light of the prevailing economic uncertainty, 92% of the respondents are worried about their nation's economy, with 39% expecting the situation to deteriorate over the next six months. As a coping strategy, consumers are planning cutbacks in various aspects of their lives. Over one-third (36%) are planning to reduce spending on clothing, 44% anticipate buying fewer packaged foods, and almost half (49%) are planning to spend only on essential items. Access to basic goods remains a challenge, with over three-quarters (79%) of consumers globally observing an increase in food prices in the past three to four months. Moreover, 74% have noticed some brands reducing package sizes without adjusting the price, a phenomenon now commonly referred to as "shrinkflation".

One of Australia's wealthiest individuals, Tim Gurner, has stirred a significant controversy following his public statements suggesting that unemployment rates should rise to remind workers of their place in the employment hierarchy.

Gurner, who journeyed from owning a gym to becoming a real estate mogul, has a history of making contentious comments. He had previously remarked that if young people curtailed their spending on avocado toast, they could afford homes.

His recent remarks, made during a real estate conference, have gone viral on social media platforms, racking up over 23 million views and eliciting extensive criticism. He contended that the COVID-19 pandemic has negatively impacted the work ethic of employees, particularly citing builders as an example.

Gurner expressed concerns about a shift in dynamics, saying, "There has been a systematic change where workers feel that employers are lucky to have them. We need to remind people that they work for the employer, not the other way around."

He further argued that this shift in worker attitude adversely affects productivity in the real estate sector. When combined with stricter regulations, it exacerbates Australia's housing crisis. Gurner suggested that if Australia's current 3.7% unemployment rate increased by 40-50%, it would reduce "arrogance in the job market", resulting in job losses for over 200,000 individuals.

These comments come at a time when many businesses are urging employees to return to the office, ending remote work and subsequently intensifying employer-employee tensions.

Following the intense backlash, Gurner sought to apologize via a post on LinkedIn. "I deeply regret and acknowledge that my comments on unemployment and productivity in Australia were misguided," he stated. He conceded that his words were "highly insensitive" to workers and families across Australia grappling with rising living costs and job losses.

While New York is often seen as the world's wealthiest city, more ultra-high net worth individuals (UHNWI), those with a net worth exceeding $30 million, have chosen Hong Kong as their home.

A recent report from Wealth-X unveiled that Hong Kong stood at the top in the Global Wealth Report 2023 which studied the UHNWI population worldwide. Of the estimated 400,000 individuals who qualify in this category, about 15% reside in a list of just 10 global cities, with half of these cities located in the US. Although Hong Kong leads the count, it experienced a 23% drop, leaving it with 12,615 UHNWI residents. In comparison, New York saw a 2.3% increase, boasting 11,845 UHNWI residents during the same period.

Both major financial hubs have felt the impact of significant downturns in the capital markets. While New York's affluent benefit from the robust US consumer spending, fiscal stimuli, and limited exposure to external events such as the Ukrainian crisis, a combination of pandemic-related restrictions, economic downturns, sluggish growth in China, and the ramifications of recent internal political turmoil have resulted in Hong Kong's decline in UHNWI population. Notably, both cities have twice the number of UHNWI populations compared to other high-ranking cities.

London and Los Angeles have also made their mark among the world's wealthy. The UHNWI count in London dipped by 3.6%, while Los Angeles saw a 1% increase. Other cities that showed growth include San Francisco, Chicago, and Singapore, with the latter witnessing an impressive 13% surge, the highest among all cities. In contrast, Paris and Tokyo lagged behind with significant losses of 18.1% and 27%, respectively.

In a regional overview, North America recorded a 4% decline in its UHNWI population in 2022, amounting to 142,990 individuals, marking its largest annual drop over a decade. Still, it accounts for 36% of this category's total wealth. Asia, the second-wealthiest region, faced the most significant contraction in this category with an 11% decline in 2022 to 108,370 UHNWI individuals. This drop is attributed to stringent COVID-19 measures, supply chain disruptions, stock market recessions, and the conflict in Ukraine.

Europe, securing the third spot, recorded a 7.1% decrease in its UHNWI populace. This decline can be directly linked to Russia's invasion of Ukraine, the slowing real estate markets, and a weaker US dollar.