Australia Among the Wealthiest Countries in the World
Despite uprisings, overthrows and economic recessions, global wealth increased by 8 per cent in 2010 to a record $121.8 trillion.
According to Boston Consulting Group’s annual Global Wealth report, Australia has 231 “ultra-high-net-worth” (UNHW) households that bring in $100 million annually, ranking it 14th in the world for the number of super wealthy households. The surge of concentrated UNHW households is a direct outcome of the resources boom.
While the US comes in at number one for the number of UNHW households with 2692, Saudi Arabia had the highest concentration of UHNW households, measured per 100,000 households, at 18. China experienced the fastest growth in the number of super-wealthy households, which jumped by more than 30 per cent to 393.
The report also found that wealth grew fastest in Asia-Pacific (excluding Japan), at a 17.1 percent rate. Australian wealth increased by only 5 per cent to $US2.34 trillion, compared to the global average increase of 8 per cent—largely because of superannuation fluctuations. Wealth declined by 0.2 percent in the Japanese market to $16.8 trillion. As recently as 2008, Japan accounted for more than half of all the wealth in Asia-Pacific. In 2010, it accounted for about 44 percent.
Boston Consulting Group expects global wealth to grow at a compound annual rate of 5.9 per cent from year-end 2010 through 2015—to about $162 trillion—driven by the performance of the capital markets and the growth of GDP in countries around the world. Wealth will grow fastest in emerging markets, such as India and China.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.