Global leaders react to Joe Biden's election win

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Written by northsouth

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Published: 07 November 2020

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LONDON - Democrat Joe Biden captured the US presidency on Saturday as voters narrowly rebuffed Republican incumbent Donald Trump's tumultuous leadership and embraced Biden's promise to fight the coronavirus pandemic and fix the economy in a divided nation.

Following are reactions from world leaders: (statements or tweets unless otherwise stated)

CANADIAN PRIME MINISTER JUSTIN TRUDEAU

"On behalf of the Government of Canada, I congratulate Joe Biden and Kamala Harris on their election as the next President and Vice President of the United States of America. Canada and the United States enjoy an extraordinary relationship – one that is unique on the world stage."

"I look forward to working with President-elect Biden, Vice President-elect Harris, their administration, and the United States Congress as we tackle the world's greatest challenges together."

GERMAN CHANCELLOR ANGELA MERKEL

"I look forward to future cooperation with President Biden. Our transatlantic friendship is irreplaceable if we are to master the great challenges of our time."

GERMAN FOREIGN MINISTER HEIKO MAAS

"We look forward to working with the next US administration. We want to invest in our cooperation, for a transatlantic restart and a New Deal."

BRITISH PRIME MINISTER BORIS JOHNSON

"Congratulations to Joe Biden on his election as President of the United States and to Kamala Harris on her historic achievement.

"The US is our most important ally and I look forward to working closely together on our shared priorities, from climate change to trade and security."

FRENCH PRESIDENT EMMANUEL MACRON

"The Americans have chosen their President. Congratulations @JoeBiden and @KamalaHarris! We have a lot to do to overcome today's challenges. Let's work together!"

INDIAN PRIME MINISTER NARENDRA MODI

"Congratulations @JoeBiden on your spectacular victory! As the VP, your contribution to strengthening Indo-US relations was critical and invaluable. I look forward to working closely together once again to take India-US relations to greater heights."

INDIAN PRIME MINISTER NARENDRA MODI, ON KAMALA HARRIS

"Heartiest congratulations @KamalaHarris! Your success is pathbreaking, and a matter of immense pride not just for your chittis, but also for all Indian-Americans. I am confident that the vibrant India-US ties will get even stronger with your support and leadership." (Chittis is the Tamil word for "aunts" that Harris used in her speech while accepting the Democratic Party's nomination for vice president.

PAKISTANI PRIME MINISTER IMRAN KHAN

"Congratulations @JoeBiden & @KamalaHarris. Look forward to President Elect Biden's Global Summit on Democracy & working with him to end illegal tax havens & stealth of nation's wealth by corrupt ldrs. We will also continue to work with US for peace in Afghanistan & in the region."

EUROPEAN UNION COMMISSION PRESIDENT URSULA VON DER LEYEN

"I warmly congratulate Mr Joe Biden on his victory in the US presidential election and look forward to meeting him at the earliest possible opportunity.

"The European Union and the United States are friends and allies, our citizens share the deepest of links...As the world continues to change and new challenges and opportunities appear, our renewed partnership will be of particular importance."

IRISH PRIME MINISTER MICHEAL MARTIN

"I offer warmest congratulations to Joe Biden on his election as the 46th President of the United States. Ireland takes pride in Joe Biden's election, just as we are proud of all the generations of Irish women and Irish men and their ancestors whose toil and genius have enriched the diversity that powers America."

POLISH PRESIDENT ANDRZEJ DUDA

"Congratulations to @JoeBiden for a successful presidential campaign. As we await the nomination by the Electoral College, Poland is determined to upkeep high-level and high-quality PL-US strategic partnership for an even stronger alliance."

UKRAINIAN PRESIDENT VOLODYMYR ZELENSKIY

"Congratulations to @JoeBiden @KamalaHarris! Ukraine is optimistic about the future of the strategic partnership with the United States. Ukraine and the United States have always collaborated on security, trade, investment, democracy, fight against corruption. Our friendship becomes only stronger!"

DUTCH PRIME MINISTER MARK RUTTE

"On behalf of the Dutch cabinet I would like to congratulate @JoeBiden and @KamalaHarris with their election victory after a close race. I am looking forward to continue the strong bond between our countries, and hope to speak with him about these matters soon."

NORWEGIAN PRIME MINISTER ERNA SOLBERG

"On behalf of the Norwegian government, I congratulate Joe Biden on his election victory. The United States is Norway's most important ally and we work closely together in many areas.

"The world needs American leadership to solve the major global challenges. We look forward to cooperating with the Biden administration at the United Nations Security Council, and in efforts to combat the coronavirus pandemic and climate change."

PETER BEYER, GERMAN GOVERNMENT'S TRANS-ATLANTIC COORDINATOR, TOLD REUTERS

"We will have a US President who is interested in Europe and doesn't want to set us against each other."

SPANISH PRIME MINISTER PEDRO SANCHEZ

"The American people have chosen the 46th President of the United States. Congratulations @JoeBiden and @KamalaHarris. We wish you good luck and all the best. We are looking forward to cooperating with you to tackle the challenges ahead of us," he said.

SPANISH FOREIGN MINISTER ARANCHA GONZALEZ LAYA

"Record citizen participation, strong institutions and a President-elect @JoeBiden with a first woman to ever hold the position of Vice-President @KamalaHarris. Looking foward to working together"

GREEK PRIME MINISTER KYRIAKOS MITSOTAKIS

"Congratulations to US President-Elect @JoeBiden. Joe Biden has been a true friend of Greece and I'm certain that under his presidency the relationship between our countries will grow even stronger."

Global Wealth Report 2023: Rich and poor see drop in wealth

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Written by northsouth

Category: News-Reports-Studies

Published: 18 August 2023

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ZURICH, SWITZERLAND - How has global household wealth developed in 2022? What are the projections for the years ahead? Find out with the most comprehensive and up-to-date information on global household wealth.

Key findings

- Measured in current nominal USD, total net private wealth fell by USD 11.3 trillion
(–2.4%) to USD 454.4 trillion at the end of 2022.

- Wealth per adult also declined by USD 3,198 (–3.6%) to reach USD 84,718 per adult at the end of the year.

- Much of this decline comes from the appreciation of the US dollar against many other currencies.

- Financial assets contributed most to wealth declines in 2022 while non-financial assets (mostly real estate) stayed resilient, despite rapidly rising interest rates.

- The loss of global wealth was heavily concentrated in wealthier regions such as North America and Europe, which together shed USD 10.9 trillion.

- Asia Pacific recorded losses of USD 2.1 trillion, while Latin America is the outlier with a total wealth increase of USD 2.4 trillion, helped by an average 6% currency appreciation against the US dollar.

- Heading the list of losses in country terms in 2022 is the United States, followed by Japan, China, Canada and Australia.

- The largest wealth increases were recorded for Russia, Mexico, India and Brazil.

- Along with the decline in aggregate wealth, overall wealth inequality also fell in 2022, with the wealth share of the global top 1% falling to 44.5%.

- The number of USD millionaires worldwide fell by 3.5 million during 2022 to 59.4 million. This figure does not, however, take into account 4.4 million “inflation millionaires” who would no longer qualify if the millionaire threshold were adjusted for inflation in 2022.

- Global median wealth, arguably a more meaningful indicator of how the typical person is faring, did in fact increase by 3% in 2022 in contrast to the 3.6% fall in wealth per adult.

- For the world as a whole, median wealth has increased five-fold this century at roughly double the pace of wealth per adult, largely due to the rapid wealth growth in China.

- Global wealth is expected to rise by 38% over the next five years, reaching USD 629 trillion by 2027.

- Growth by middle-income countries will be the primary driver of global trends.

- The authors estimate wealth per adult to reach USD 110,270 in 2027 and the number of millionaires to reach 86 million while the number of ultra-high-net-worth individuals (UHNWIs) is likely to rise to 372,000 individuals.

For the full report, visit: https://www.ubs.com/global/en/family-office-uhnw/reports/global-wealth-report-2023.html#executive

World military expenditure reaches new record

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Written by northsouth

Category: News-Reports-Studies

Published: 25 April 2023

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STOCKHOLM - Total global military expenditure increased by 3.7 per cent in real terms in 2022, to reach a new high of $2240 billion. Military expenditure in Europe saw its steepest year-on-year increase in at least 30 years. The three largest spenders in 2022—the United States, China and Russia—accounted for 56 per cent of the world total, according to new data on global military spending published today by the Stockholm International Peace Research Institute (SIPRI).

Invasion of Ukraine and tensions in East Asia drive increased spending

World military spending grew for the eighth consecutive year in 2022 to an all-time high of $2240 billion. By far the sharpest rise in spending (+13 per cent) was seen in Europe and was largely accounted for by Russian and Ukrainian spending. However, military aid to Ukraine and concerns about a heightened threat from Russia strongly influenced many other states’ spending decisions, as did tensions in East Asia.

‘The continuous rise in global military expenditure in recent years is a sign that we are living in an increasingly insecure world,’ said Dr Nan Tian, Senior Researcher with SIPRI’s Military Expenditure and Arms Production Programme. ‘States are bolstering military strength in response to a deteriorating security environment, which they do not foresee improving in the near future.’

Cold war levels of military expenditure return to Central and Western Europe

Military expenditure by states in Central and Western Europe totalled $345 billion in 2022. In real terms, spending by these states for the first time surpassed that in 1989, as the cold war was ending, and was 30 per cent higher than in 2013. Several states significantly increased their military spending following Russia’s invasion of Ukraine in February 2022, while others announced plans to raise spending levels over periods of up to a decade.

‘The invasion of Ukraine had an immediate impact on military spending decisions in Central and Western Europe. This included multi-year plans to boost spending from several governments,’ said Dr Diego Lopes da Silva, Senior Researcher with SIPRI’s Military Expenditure and Arms Production Programme. ‘As a result, we can reasonably expect military expenditure in Central and Western Europe to keep rising in the years ahead.’

Some of the sharpest increases were seen in Finland (+36 per cent), Lithuania (+27 per cent), Sweden (+12 per cent) and Poland (+11 per cent).

‘While the full-scale invasion of Ukraine in February 2022 certainly affected military spending decisions in 2022, concerns about Russian aggression have been building for much longer,’ said Lorenzo Scarazzato, Researcher with SIPRI’s Military Expenditure and Arms Production Programme. ‘Many former Eastern bloc states have more than doubled their military spending since 2014, the year when Russia annexed Crimea.’

Russia and Ukraine raise military spending as war rages on

Russian military spending grew by an estimated 9.2 per cent in 2022, to around $86.4 billion. This was equivalent to 4.1 per cent of Russia’s gross domestic product (GDP) in 2022, up from 3.7 per cent of GDP in 2021.

Figures released by Russia in late 2022 show that spending on national defence, the largest component of Russian military expenditure, was already 34 per cent higher, in nominal terms, than in budgetary plans drawn up in 2021.

‘The difference between Russia’s budgetary plans and its actual military spending in 2022 suggests the invasion of Ukraine has cost Russia far more than it anticipated,’ said Dr Lucie Béraud-Sudreau, Director of SIPRI’s Military Expenditure and Arms Production Programme.

Ukraine’s military spending reached $44.0 billion in 2022. At 640 per cent, this was the highest single-year increase in a country’s military expenditure ever recorded in SIPRI data. As a result of the increase and the war-related damage to Ukraine’s economy, the military burden (military spending as a share of GDP) shot up to 34 per cent of GDP in 2022, from 3.2 per cent in 2021.

US spending rises despite high inflation

The United States remains by far the world’s biggest military spender. US military spending reached $877 billion in 2022, which was 39 per cent of total global military spending and three times more than the amount spent by China, the world’s second largest spender. The 0.7 per cent real-terms increase in US spending in 2022 would have been even greater had it not been for the highest levels of inflation since 1981.

‘The increase in the USA’s military spending in 2022 was largely accounted for by the unprecedented level of financial military aid it provided to Ukraine,’ said Dr Nan Tian, SIPRI Senior Researcher. ‘Given the scale of US spending, even a minor increase in percentage terms has a significant impact on the level of global military expenditure.’

US financial military aid to Ukraine totalled $19.9 billion in 2022. Although this was the largest amount of military aid given by any country to a single beneficiary in any year since the cold war, it represented only 2.3 per cent of total US military spending. In 2022 the USA allocated $295 billion to military operations and maintenance, $264 billion to procurement and research and development, and $167 billion to military personnel.

China and Japan lead continued spending increase in Asia and Oceania

The combined military expenditure of countries in Asia and Oceania was $575 billion. This was 2.7 per cent more than in 2021 and 45 per cent more than in 2013, continuing an uninterrupted upward trend dating back to at least 1989.

China remained the world’s second largest military spender, allocating an estimated $292 billion in 2022. This was 4.2 per cent more than in 2021 and 63 per cent more than in 2013. China’s military expenditure has increased for 28 consecutive years.

Japan’s military spending increased by 5.9 per cent between 2021 and 2022, reaching $46.0 billion, or 1.1 per cent of GDP. This was the highest level of Japanese military spending since 1960. A new national security strategy published in 2022 sets out ambitious plans to increase Japan’s military capability over the coming decade in response to perceived growing threats from China, North Korea and Russia.

‘Japan is undergoing a profound shift in its military policy,’ said Xiao Liang, Researcher with SIPRI’s Military Expenditure and Arms Production Programme. ‘The post-war restraints Japan imposed on its military spending and military capabilities seem to be loosening.’

Other notable developments:

- The real-terms increase in world military spending in 2022 was slowed by the effects of inflation, which in many countries soared to levels not seen for decades. In nominal terms (i.e. in current prices without adjusting for inflation), the global total increased by 6.5 per cent.

- India’s military spending of $81.4 billion was the fourth highest in the world. It was 6.0 per cent more than in 2021.

- In 2022 military spending by Saudi Arabia, the fifth biggest military spender, rose by 16 per cent to reach an estimated $75.0 billion, its first increase since 2018.

- Nigeria’s military spending fell by 38 per cent to $3.1 billion, after a 56 per cent increase in spending in 2021.

- Military spending by NATO members totalled $1232 billion in 2022, which was 0.9 per cent higher than in 2021.

- The United Kingdom had the highest military spending in Central and Western Europe at $68.5 billion, of which an estimated $2.5 billion (3.6 per cent) was financial military aid to Ukraine.

- In 2022 Türkiye’s military spending fell for the third year in a row, reaching $10.6 billion—a decrease of 26 per cent from 2021.

- Ethiopia’s military spending rose by 88 per cent in 2022, to reach $1.0 billion. The increase coincided with a renewed government offensive against the Tigray People’s Liberation Front in the north of the country.

For the full publication, visit: https://www.sipri.org/sites/default/files/2023-04/2304_fs_milex_2022.pdf