GLOBAL WEALTH EXPLOSION

Global wealth shot up in 2021 despite the trials of the pandemic, totaling an estimated US$463.6 trillion. The figure, set out in Credit Suisse’s annual ‘Global Wealth’ report, represents an increase of 9.8 percent on 2020 – significantly higher than the annual average of 6.6 percent since the start of the century.

But almost 46 percent of the world’s wealth is held by the wealthiest one percent, according to the report, with big wealth inequality seen in Brazil, India, the United States and China. The divide in those countries grew considerably over the previous two decades. While Russia was also up there, billionaires’ fortunes in the country have dwindled since its invasion of Ukraine.

Meanwhile, Japan and France were among the least unequal G20 economies, with wealth inequality actually decreasing and the wealthiest one percent now holding around a fifth of national wealth. Canada, too, saw wealth inequality decline.

“While some reversal of the exceptional wealth gains of 2021 is likely in 2022–2023 as several countries face slower growth or even recession, our five-year outlook is for wealth to continue growing,” said Nannette Hechler-Fayd’herbe, Credit Suisse Chief Investment Officer for the European, Middle East and African region and Global Head Economics and Research.

Solar power will replace coal as the world’s largest power source by 2027, new research has revealed.

The ‘Renewables 2022’ report by the International Energy Agency (IEA) forecast that global renewable power capacity would grow by 2,400 gigawatts over the 2022–2027 period – an amount it said equaled the entire power capacity of China today.

This projected spike is 30 percent higher than the level of growth forecast just a year ago, with the shift to renewables significantly accelerated by Russian’s invasion of Ukraine, according to IEA.

“Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth as countries seek to capitalise on their energy security benefits,” IEA Executive Director Fatih Birol said.

“The world is set to add as much renewable power in the next five years as it did in the previous 20 years.”

An advanced use of data and technology makes not-for-profits twice as likely to exceed their program goals, and four times as likely to have “highly motivated” employees, according to Salesforce’s ‘Nonprofit Trends Report’.

High digital maturity also resulted in organizations being 1.8 times more likely to exceed fundraising goals and 2.7 times more likely to be optimistic about the future of the not-for-profit sector.

Meanwhile 81 percent of respondents cited a lack of skilled talent and understanding of digital technologies as the key barriers to digital transformation, with just 36 percent of not-for-profits prioritizing upskilling their employees.

“In this new economy, nonprofits need to prioritise digital investments to become more efficient and productive, freeing up their staff from administrative tasks to focus their efforts on delivering greater impact,” said Salesforce.org APAC Area Vice President Andrew Hill.

“At the same time nonprofits are experiencing high employee turnover and burnout and need to double-down on the wellbeing of their staff, creating a positive organisational culture that drives a more motivated and engaged workforce.”

Surging demand for EVs has seen British-based The Little Car Company rapidly expand, with the newcomer launching its Series B funding round in December.

The luxury brand launched in March 2019 and has quickly gathered force, already producing more than 200 EVs with a classic twist in partnership with big names such as Bugatti, Ferrari and Aston Martin. Each car is hand built at the company’s Oxfordshire headquarters, using around 95 percent British-sourced components.

“Since starting The Little Car Company in 2019, we have seen tremendous growth over a short period of time, despite COVID-19 and industry-wide supply chain difficulties,” CEO Ben Hedley said. “Surging global demand and our investment so far is enabling the rapid expansion of both our production capabilities and workforce and, as we open our Series B funding round, we welcome all interested investors to join us on our amazing journey.

“We’ve got some incredibly exciting projects coming up, with as yet unannounced partners, which we can’t wait to share. The Little Car Company is in an exciting position, and we are really going to surprise the automotive world in 2023 and beyond.”