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Where do the ultra rich spend their holidays?

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In a world where luxury knows no bounds, the ultra-rich have unlocked the door to opulent holiday destinations hidden from the masses.

From remote private islands to exclusive mountain retreats, these global elites escape the ordinary in style.

Ever wondered where the world’s wealthiest individuals unwind when the rest of us settle for ordinary getaways? Brace yourselves for a peek behind the velvet curtain of extravagance as we delve into their holiday choices, shrouded in secrecy.

For those with pockets as deep as oceans, it’s no surprise that their vacation spots are equally bottomless. From Richard Branson’s Necker Island to the Maldives’ underwater hotels, these destinations redefine luxury. But what’s the true cost of such opulence, and can the rest of us dream of ever indulging?

The top 17 centi-millionaire seasonal hotspots include more than 10 U.S. cities.

Source: Visualcapitalist.com

Apart from these, we can see several French cities such as Paris, Nice, Cannes, and Antibes, as well as Portugal’s Golden Triangle and Lisbon on the list.

Global Centi-Millionaire Trends

Henley & Partners’ 2023 Centi-Millionaire Report states that the global centi-millionaire population is expected to grow by 38% in the next ten years, reaching nearly 40,000 by 2033.

This growth is likely to be witnessed in countries such as China, India, and Saudi Arabia. China’s Hangzhou and Shenzhen are expected to see the highest percentage growth in centi-millionaire populations through 2033, growing by 95% and 88%, respectively.

Despite the rapid wealth growth in the global East, it’s noteworthy that many centi-millionaires are still graduating from American universities. Over half of the top 20 universities with the most centi-millionaire alumni are in the United States, with Harvard, Stanford, and the University of Pennsylvania taking the top three spots.

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Money

How will Disney’s AI strategy boost shares?

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Activist investor Blackwells has called upon Disney to implement a robust artificial intelligence strategy aimed at bolstering the company’s shares.

“Disney must produce an artificial intelligence strategy, and share elements of that strategy with its shareholders.”, said Blackwells in a recent presentation.

New groove

Blackwells, known for pushing corporations to adopt innovative approaches, contends that a well-crafted AI strategy could drive shareholder value and position Disney for sustained success in the entertainment landscape.

The activist investor emphasises that harnessing the power of AI could optimise content creation, enhance customer experiences, and streamline operational efficiency within Disney.

Disney’s response

The company opposed the suggestion to replace board members with activists’ nominees, emphasising the potential disruption to ongoing progress.

Additionally, Disney disagreed with Blackwells’ proposal to spin off land and hotels into a real estate investment trust, arguing it reflected a misunderstanding of the synergies within its businesses.

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Money

Boeing woes will lead to higher airfares: Ryanair

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Ryanair, one of Europe’s leading low-cost airlines, is grappling with the possibility of scaling back its summer flight schedule due to ongoing delays in the delivery of Boeing aircraft.

The airline had initially anticipated a boost in its fleet with the arrival of new Boeing planes, enabling an expansion of routes and increased passenger capacity.

However, prolonged delays in the manufacturing and delivery process have cast a shadow over these plans.

Growing pains

The airline industry, already navigating challenges posed by the global pandemic, now confronts the additional hurdle of supply chain disruptions impacting major aircraft manufacturers.

Ryanair’s dependence on Boeing for its fleet expansion has made it particularly vulnerable to these delays.

As the summer travel season approaches, the airline faces the tough decision of either operating with a reduced fleet or adjusting its schedule, potentially impacting travel plans for passengers.

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Gender pay gap – Calls grow for accountability

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The unveiling of gender pay gaps within large Australian organisations marks a significant milestone for gender equality, but experts emphasise the urgent need for greater accountability and action from employers, asserts a University of South Australia researcher.

Professor Carol Kulik, an authority in workplace diversity, underscores the importance of the Workplace Gender Equality Agency’s release of gender pay gap data for large Australian employers as a pivotal step forward.

However, she stresses that the true impact of this revelation will hinge on the proactive measures taken by organizations to address and narrow the existing disparity.

The WGEA’s disclosure will shed light on gender pay gaps among private sector employers with 100 or more employees for the first time.

This move comes amid ongoing efforts to promote and enhance workplace gender equality.

Pay gap

According to the WGEA’s 2023 report, the average gender pay gap in Australia stands at 21.7%, translating to women earning an average of $26,393 less per year than their male counterparts.

Professor Kulik, a member of the SA Gender Pay Gap Taskforce, underscores the importance of further actions to ensure that organizations are held accountable for addressing pay gaps.

“We now must be asking employers important questions,” Professor Kulik asserts.

“In what roles and levels of employment are pay gaps most prevalent? How are employers supporting employees’ caring responsibilities? What measures are being implemented to facilitate women’s advancement into higher-paying roles? How soon can employers commit to closing their pay gaps?”

Tend to escalate

Highlighting the trajectory of pay gaps over time, Professor Kulik notes that initial disparities between men and women at the outset of their careers tend to escalate as pay rises are often calculated as a percentage of an employee’s current salary.

Career breaks and caregiving responsibilities further exacerbate these discrepancies, resulting in women retiring with significantly lower superannuation than men.

Drawing parallels from regulatory interventions in other countries, Professor Kulik underscores the unintended consequences that may arise.

For instance, while legislative mandates in Denmark narrowed the gender pay gap, they also prompted employers to compress salary distributions, impacting both male and female employees.

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