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The Graphic Truth: Who holds the most global wealth?
Swiss authorities are investigating the mega-acquisition of Credit Suisse, the country's second-largest bank, by UBS, its largest. The deal, worth a measly $3.5 billion, would reportedly make UBS the world's top bank wealth manager, with over $4 trillion in assets under management.
Both Credit Suisse and UBS manage assets that are well beyond their institutional size because they are mostly global banks that invest on behalf of wealthy global clients. But the merger won’t turn them into one of the world’s biggest banks by assets – the size of what a bank has on its balance sheet.
If a bank goes belly up, what's vulnerable are not the assets but rather the deposits, which are normally insured by governments up to a certain limit, and the role of managing investments can easily be taken over by another wealth manager. We take a look at the world's top five banks by overall assets compared to the amount of wealth they invest for their clients.
Students from the Covenant School in Nashville, Tenn., hold hands after getting off a bus to meet their parents at the reunification site following a mass shooting.
Hard Numbers: Nashville school shooting, Rohingya flee to Indonesia, Deutsche disruption, America’s tumbling tolerance, white-collar AI wipeout
6: Six people, including three young children and three adults, were killed on Monday at the Covenant School, a private Christian primary school in Nashville, Tenn. Audrey Hale, a former student, was identified as the shooter. The 28-year-old was shot and killed by police during the attack, the 130th mass shooting in the US this year.
184: That’s how many Rohingya refugees landed in Indonesia’s western Aceh province on Monday. Each year, asylum-seekers flee persecution in Myanmar by making the treacherous voyage through the Bay of Bengal and the Andaman Sea to reach Muslim-majority Indonesia or Malaysia.
24: Transportation across Germany ground to a halt Monday in the country’s largest walkout in decades. Unions called a rare 24-hour strike to press for a double-digit rise wage hike amid soaring inflation — partly due to Germany kicking its Russian natural gas habit over the war in Ukraine.
58: So much for loving thy neighbor. A new Wall Street Journal-NORC poll finds that just 58% of Americans believe that tolerance for others is very important, down from 80% four years ago. People in the US now prioritize money more than patriotism and religion. Why? Experts cite the economy, COVID, and fractured politics.
300 million: Generative artificial intelligence systems like ChatGPT — which can create human-like content — could put a whopping 300 million people out of work within a decade in big economies. According to Goldman Sachs, lawyers and administrative staff are the most at risk, and two-thirds of jobs in the US and Europe could be exposed to some form of automation.