Tag Archives: oceania

Australia gained nearly 400,000 new millionaires last year

The number of millionaires in Australia rose by nearly 400,000 in 2021 and is expected to increase even further, as the volume of rich people around the world grew on the back of stock and housing market gains.

According to Credit Suisse's most recent annual Global Wealth Report, 390,000 Australians became millionaires in 2021, bringing the nation's total to 2.18 million.

The report measures wealth in US dollars, meaning the number of Aussies worth more than $1 million in local currency is likely even higher still than the current figure of 2.18 million.

READ MORE: Popular women's fashion label Witchery targeted in online scam

Lachlan Murdoch's superyacht Istros at the Sydney Superyacht Marina

Despite having less than half a per cent of the world's total global population, Australia is now home to 3.5 per cent of the world's millionaires.

And Credit Suisse expects that number to rise even more. It says that by 2026, the number of millionaires in Australia will increase by 35 per cent, up to 2.94 million.

Perhaps unsurprisingly given the rise in millionaires, the report noted a rise in wealth inequality in Australia in recent decades.

"In 2007… the wealth share of the top one per cent of adults was just 19.6 per cent," the report states.

"By 2021 … the share of the top one per cent was 21.8 per cent."

However, the report overall has Australians listed as the wealthiest people in the world, with a median wealth (meaning 50 per cent of Australians are below, while 50 per cent of Australians are above) per adult of $415,300.

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Pump-and-dump schemes involve promoting a stock on dubious grounds, then selling it after others have bought in.

When measured by average wealth (where total wealth is split amongst the adult population), Australia is listed at fourth in the globe with $834,200 per adult, behind Switzerland, the USA and Hong Kong.

The report calculated wealth as the value of financial assets plus real assets (principally housing) owned by households, minus their debts.

While Australia's jump in millionaires was notable, it was nothing compared to the USA, where there were 2.5 million new millionaires in 2021.

Worldwide, the total number of millionaires stood at 62.5 million at the end of 2021, Credit Suisse estimated.

The report found that aggregate global wealth totalled $703 trillion at the end of last year, jumping 9.8 per cent.

Unsurprisingly, the top two economies – the United States and China – saw the biggest gains in household wealth, followed by Canada, India, and Australia.

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Each country was likely helped by significant rises in economic output in 2021, combined with "vigorous" activity in their respective housing or stock markets, the bank said.

This once again exacerbated global inequality, which has already worsened significantly throughout the pandemic.

2020 saw a historic setback in the fight against global poverty, with the number of the world's poorest rising for the first time in over 20 years, according to the World Bank.

While overall poverty has since slid down slightly again, the institution estimates that tens of millions more people could still be living in extreme poverty this year than previously thought, "due to the lingering effects of the pandemic, the war in Ukraine, and rising inflation."

That stands in sharp contrast to the world's most fortunate, even if they aren't immune to those factors.

Last year, the wealth share of the top one per cent "rose for a second year running," Credit Suisse said in its report. Those individuals accounted for 45.6 per cent of the world's wealth in 2021.

– Reported with CNN

Popular women's fashion label Witchery targeted in online scam

A popular Australian women's fashion label is the latest target of a scam circulating on social media conning customers out of hundreds of dollars.

Witchery has been targeted by "sophisticated scammers" who are posting fake links on Facebook and Instagram advertising clearance and sale websites for the brand.

The links advertise sales purporting to be Witchery such as "80 per cent off Witchery-flagship store closing clearance" but the retailer has notified customers these are scam websites.

READ MORE: Hundreds arrested as Russians protest Putin's mobilisation order

Witchery fashion label targeted by social media scam

"Increasingly sophisticated scammers continue to devise convincing retailer websites to dupe consumers into believing they're purchasing goods online from legitimate businesses," managing director Simon Schofield said in a statement.

"Witchery has no affiliation with these websites and are working closely with Instagram and Facebook to have these websites removed as a matter of urgency."

Schofield added for any customers who have made purchases through the scam websites to contact their banks for help in getting the money returned.

"We apologise for this experience," he said.

Witchery also urged customers to report the fraudulent websites to the social media site.

"Witchery's official domains are witchery.com.au, witchery.co.nz and witchery.com. Any other domains purporting to be Witchery are fraudulent and should be reported to your social media provider," Schofield said.

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Witchery women's Australian fashion label

An Australian Competition & Consumer Commission (ACCC) spokesperson said it has received 43 reports of fake Witchery sites over the past month.

Customers have lost a total of $7605.

"Most victims paid by credit card and have faced the additional inconvenience of cancelling their credit card," the spokesperson said.

"Advertisements for these sites have been reported on social networking sites, as pop-up advertisements on mobile games, as advertisements while browsing the internet, and by email.

"We urge individuals to watch out for websites selling products at prices that seem too good to be true."

ACCC has urged victims of the scam to contact their bank immediately.

Advancing Ukrainian troops capture most advanced Russian tank

The Kremlin's faltering war machine has suffered a further blow after Ukraine's military said it has captured one of Russia's most advanced tanks for the first time.

Photographs of the T-90M tank seized during fighting in the Kharkiv region have been posted on social media this week by Ukraine's Defence Ministry.

It was among the advanced weapons abandoned by Russian troops over past weeks during Ukraine's lightning counter offensive.

READ MORE: Russian conscripts would be 'cannon fodder', expert says

"The newest Russian tank T-90M was found in Kharkiv region in perfect condition. We ask its owner(s) to contact the #UAarmy. Please identify yourself by a sign: a white flag," a post on the Defence of Ukraine Twitter site said.

The tank was towed away by the Ukraine army and is likely to be inspected by US military experts to learn more about the latest Russian battlefield technology.

The T-90M is the most advanced tank deployed by Russia during its invasion of Ukraine.

Before the Ukraine invasion, the tank was often shown in military parades and state-controlled media to showpiece what the Kremlin claimed was Russia's advanced armed forces.

https://twitter.com/DefenceU/status/1571559314946506753?ref_src=twsrc%5Etfw

The vehicle boasts an upgraded turret and cannon, as well as Russia's latest thermal sights and reactive armour.

Earlier this month, Ukraine launched its counteroffensive, pushing into territory around its second-largest city of Kharkiv.

Videos and photos showed Ukrainian troops seizing tanks, ammunition and other weaponry left behind by Moscow in an apparently chaotic withdrawal.

READ MORE: World leaders react to Putin's partial military call-up

And Ukraine is now deploying captured Russian tanks to solidify its gains in the northeast amid an ongoing counteroffensive, a US think tank said, as Kyiv vowed to push further into territories occupied by Moscow.

The Institute for the Study of War, citing a Russian claim, said that Ukraine had been using left-behind Russian T-72 tanks as it tries to push into the Russian-occupied region of Luhansk.

– Reported with Associated Press

Putin is trying to raise the stakes in Ukraine. Here's what it means

In a speech as menacing as his declaration of a "special military operation" against Ukraine in February, President Vladimir Putin has declared a partial mobilisation of Russian citizens to help wage a stuttering military campaign.

Seven months on, Putin's language was, if anything, even darker than in the early hours of February 24. Then, he warned the West that Russia would respond immediately to those who stood in its way, with consequences that "will be such as you have never seen in your entire history".

In his latest address, he put flesh on the bones of that threat.

"The territorial integrity of our homeland, our independence and freedom will be ensured, I will emphasize this again, with all the means at our disposal," he said.

READ MORE: Russian conscripts would be 'cannon fodder', expert says

Vladimir Putin.

"And those who try to blackmail us with nuclear weapons should know that the prevailing winds can turn in their direction."

The Russian leader has dramatically raised the stakes – just as Russia embarks on a rushed process to expand what constitutes that "homeland," through hastily organised referenda in occupied territories that are intended to absorb parts of Ukraine into Russia itself: Donetsk, Luhansk, much of Kherson and Zaporizhzhia.

The announcement of those referenda on Tuesday was both sudden and synchronised. The idea that they could be organised within days in areas where hostilities continue is, on the face of it, absurd, especially as some officials in these areas had proposed delaying votes on joining Russia until security conditions improve.

Equally absurd is the notion that joining Russia came spontaneously from the territories themselves.

READ MORE: Hundreds arrested as Russians protest Putin's mobilisation order

But that's not the point. Matthew Schmidt, associate professor of national security and political science at the University of New Haven, says Putin is using the referenda call to justify mobilisation.

Putin has two audiences in mind. Anatol Lieven, director of the Eurasia Program at the Quincy Institute, says he wants "to persuade the US and/or Europeans to get serious about negotiating a compromise settlement to end the war by showing that otherwise, Russia will take radically escalatory steps which will not only force the West to escalate in turn, but will also rule out any possible peace for a long time to come."

Alexander Baunov at the Carnegie Endowment puts it bluntly. In a series of tweets before Putin's speech, he wrote that the message to Ukraine's allies is this: "You chose to fight us in Ukraine, now try to fight us in Russia itself, or, to be precise, what we call Russia".

https://twitter.com/baunov/status/1572225025448484864

Schmidt says Putin's main audience is the home front. He is trying to regain the initiative and stiffen the morale of the Russian public. He may also be hoping for a bounce in his popularity akin to the widespread public support for Russia's annexation of Crimea in 2014.

"Mobilisation isn't a military decision, so much as a way to try to control the narrative about the war that he realizes he's losing," he told CNN.

Against the backdrop of bad news seeping home from the front lines, Schmidt notes: "The morale of the public is the morale of the army".

"Putin has to say that greater Russia is under attack. He has a really hard time selling that; it puts his leadership under a lot of strain," Schmidt adds.

Baunov believes the objective is to turn Russia's invasion of a neighbouring country into a defensive war, a distinction that would "make the conflict more legitimate in the eyes of ordinary Russians, leaving the Kremlin free to make whatever decisions and take whatever measures it deems necessary".

But mobilisation is a huge risk, says Schmidt. It takes time: training, equipping, organising – and it does nothing to improve Russia's greatest deficiencies.

READ MORE: Flights out of Russia surge to $13K amid exodus

Big challenges for Russian recruits

Moscow faces the same enormous logistical hurdles that have blighted the past six months of war. Its forces have experienced such losses of materiel that the Russian Defence Ministry, according to US officials, has turned to North Korea for munitions. Its latest setback in Ukraine's northeastern Kharkiv region has left some of its elite tank units severely depleted.

The "partial mobilisation" announced by Putin also appears to lean on parts of the Russian population that would already have experienced significant pressure to sign up for Russia's faltering war effort.

Defence Minister Sergei Shoigu said that some 300,000 reservists would be available.

"These are not some people who have never heard of the army," Shoigu said.

"These are those who have served, have a military registration specialty, have had military experience."

The mobilisation is limited, perhaps so as not to alienate public opinion, perhaps to leave room for further moves down the road.

READ MORE: Russia 'shamelessly violated' UN Charter, Biden says

Russian President Vladimir Putin speaks with Russian Defence Minister Sergei Shoigu.

Shoigu claimed: "Those who have served and have a military specialty are almost 25 million".

Both Putin and Shoigu spoke specifically about a call-up of reserves, but the decree itself does not apply solely to this group. It allows the "call up [of] citizens of the Russian Federation for military service by mobilisation into the Armed Forces of the Russian Federation."

But Russia's reliance on Chechen units, volunteer battalions, militia from Luhansk and Donetsk and even convicts recruited by the private military contractor Wagner belies the claim that there is a ready supply of veterans to head to the frontline.

Mobilisation "won't provide the trained young officers who can lead assault operations against an army that has been fighting for more than 3000 days," Schmidt told CNN, referring to Ukraine's conflict with Russian-backed separatists in the Donbas region since 2014, nor change a culture that has struggled against Ukrainian adaptability.

Going nuclear

Putin could not have raised the stakes in more searing fashion with his direct reference to nuclear weapons, but observers are not convinced he would, or even could, follow through with such a threat, despite his insistence that he is not bluffing.

In June 2020, he signed a decree updating Russia's nuclear doctrine that requires quoting in full.

"The Russian Federation retains the right to use nuclear weapons in response to the use of nuclear weapons and other types of weapons of mass destruction against it and/or its allies…"

But that sentence ends with an unusual statement: "… and also in the case of aggression against the Russian Federation with the use of conventional weapons, when the very existence of the state is put under threat."

Lieven, of the Quincy Institute, says it is impossible to say whether Putin would countenance the use of tactical nuclear weapons, but it "seems doubtful that Russia would use these unless Crimea itself were in danger of falling".

So far, Lieven told CNN, "Putin's strategies have overwhelmingly failed, both in terms of military progress on the ground and economic pressure on the West to seek compromise with Russia".

But, he says, "Russia retains the means of serious escalation short of nuclear weapons – notably, the destruction of Ukrainian infrastructure and the killing of the Ukrainian leadership".

READ MORE: Four Ukrainian regions schedule votes this week to join Russia

Schmidt also believes there is little risk that Putin would turn to tactical nuclear weapons, "because that will bring in NATO for real and he would lose the Russian military, the source of his power".

And while Putin was specific to say the partial mobilisation would be used to defend newly occupied areas, he did not choose to extend his nuclear threat to the same broadened idea of what Russia might consider its territory in the future.

But the very mention of those nuclear weapons is obviously designed to complicate the enemy's calculations.

To some observers, the formal absorption of parts of Ukraine into the Russian Federation risks making any negotiated end to the Ukraine conflict – however distant that may already seem – near impossible.

Former Russian President Dmitry Medvedev said on Tuesday that once the republics were integrated into the Russian Federation, "not one future leader of Russia, not one official, will be able to reverse these decisions".

However, Schmidt points out that Medvedev is a surrogate, not the fount of authority – and that both sides have staked out maximalist positions that could eventually be adapted or traded through negotiation. Such a moment, however, seems more distant than ever.

As yet, of course, the Russian government has not said that it will officially recognise the referendum results. But it would be extraordinary if a process apparently synchronised and organised in Moscow was to be rejected in Moscow. The referendum organised in Crimea in 2014 was ratified by Russian lawmakers within a week.

Whether on the timing of the offensive against Ukraine (and indeed whether there would be one at all), its ultimate objectives, the use of natural gas and oil as a political weapon, even the potential use of nuclear weapons to protect the homeland, Putin has always been guided by a desire to keep his adversaries off-balance.

This latest gambit is true to form. It likely dashes any slim hope that this war will be over any time soon, but it also demonstrates that Putin's options are narrowing in the face of military shortcomings that defy any quick solution.

As knowledge of the magnitude of losses mounts, he has to match it with an equal magnitude of action.