27.9 C
Vientiane
Monday, July 21, 2025
spot_img
Home Blog Page 268

NYSE Content Advisory: Pre-Market update + Home Depot reaffirms full-year outlook

NEW YORK, May 20, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins.

 

Kristen Scholer delivers the pre-market update on May 20th

  • Traders shrugged off a downgrade late Friday of the U.S. Government’s credit by Moody’s. The S&P 500 ended Monday just 3% from its February record. Treasury yields jumped after Moody’s cut U.S. credit from AAA to AA1.
  • NYSE-listed Home Depot released earnings this morning. The company said it won’t raise prices due to tariffs and reaffirmed its full-year forecast. Shares of the stock (NYSE: HD) gained 3% pre-market.
  • Wall Street has an eye on the path forward for borrowing costs. St. Louis Fed President Albert Musalem is among the policymakers set to speak today.

Opening Bell
Apple Hospitality REIT, Inc. (NYSE: APLE) celebrates its 10th anniversary of listing.

Closing Bell
Samsara (NYSE: IOT) celebrates 10 years of building technology that’s transforming physical operations and making frontline jobs safer and easier.

Click here to download the NYSE TV App

Video – https://mma.prnewswire.com/media/2691940/NYSE_Market_Update_May_20.mp4

Gotion Completing the First 0.2GWh Pilot Line for All-Solid-State Batteries

HEFEI, China, May 20, 2025 /PRNewswire/ — From May 16 to 17, Gotion held the Global Technology Conference 2025, where it unveiled six new energy products. The lineup includes the GEMSTONE all-solid-state battery, which has entered the pre-production phase, the G-Yuan quasi-solid-state battery with a range of 1,000 kilometers, the G-Series batteries designed for 12-year use, and the world’s first 20MWh energy storage system etc.


 


Konstantin Novoselov, 2010 Nobel Laureate in Physics and Professor at the University of Manchester attended, highlighting Gotion’s leading role in the global battery industry. Echoing this, Olaf Korzinovski, Executive VP of Volkswagen Group China, stressed their strategic partnership and called for an alliance poised to redefine industry benchmarks.

GEMSTONE All-Solid-State Battery: completing the first 0.2GWh pilot line

Launched in 2024, Gotion’s GEMSTONE all-solid-state battery now achieved a milestone by completing a 0.2GWh pilot production line, with a 90% yield rate. The 2025 iteration demonstrates a 60% improvement in sulfide electrolyte ion conductivity, 150% higher cell capacity, and 90% reduced stacking pressure pre-tension force. Its safety is validated through tests like nail penetration, crush test, thermal stability test etc. Moreover, the road test has been initiated.

G-Yuan Quasi-Solid-State Battery: offering 1,000 km Range with comprehensive safety

G-Yuan battery delivers 300Wh/kg energy density, enabling EV ranges of over 1,000 kilometers. Its proprietary adaptive solid-solid interface technology ensures stable ion transport, while withstanding a 3mm steel nail penetration test confirmed exceptional safety. Worth noting, A 12GWh production line is currently under construction, with prototype vehicles already exceeding 10,000 km in road tests.

G-series battery: 116kWh Single Pack supporting megawatt-level ultra-fast charging

As the world’s first 116kWh high-capacity standard box for heavy-duty trucks, it boasts 175Wh/kg energy density, thus supporting megawatt-level ultra-fast charging and -40°C to 65°C temperature control range. With the pioneering “zero-decay”, it offers zero capacity decay in the first 3,000 cycles and zero energy loss over 1.2 million kilometers of driving and an ultra-long cycle life of 12 years or 10,000 cycles.

Grid Q 20MWh BESS: Global Leading Capacity with hybrid cooling and AI O&M

It achieves an unprecedented 20MWh capacity per unit, backed by a 25-year design life. The modular design saves space and delivers high capacity while the Air+Liquid cooling brings efficient thermal management. The system is equipped with seven-level safety protection framework, enhancing reliability in extreme conditions. Leveraging AI-O&M technology, it ensures optimal performance.

Astroinno Gen-2 Battery: world’s First LMFP supporting ultra-fast charging

The upgraded LMFP battery realizes 10-minute ultra-fast charging, 240Wh/kg energy density, and 93% cold-weather capacity retention at -20°C. The battery passes the thermal runaway test at the PACK level, achieving “zero thermal propagation.” It meets the range requirements of 850 km for BEVs and 1,500+ km for REEVs.

Axtrem: Industrial AI Agent revolutionizing battery manufacturing

Axtrem features an AI-driven smart system capable of autonomous learning, iteration, and growth. This solution optimizes product yield, production efficiency, and cost control. Therefore, it helps focusing on key tasks, thereby improving innovation.

Photo – https://laotiantimes.com/wp-content/uploads/2025/05/grid_q.jpg

Photo – https://laotiantimes.com/wp-content/uploads/2025/05/gemstone.jpg

ChangAn Unveils Vast Ocean Plan Global Expansion Milestones Following Official Launch of First International NEV Factory in Rayong, Thailand

The factory launch coincided with the roll-off of its 28.59-millionth vehicle and the 50th anniversary of the start of diplomatic relations between China and Thailand.

RAYONG, Thailand, May 20, 2025 /PRNewswire/ — ChangAn Automobile (“ChangAn” or “the Company”), an intelligent low-carbon mobility technology company, recently officially commenced production at its first international NEV manufacturing base in Rayong, Thailand, coinciding with both the roll-off of its 28.59-millionth vehicle, and the celebration of the 50th anniversary of diplomatic ties between China and Thailand, marking a truly major milestone. The factory launch is a landmark event of ChangAn’s Vast Ocean Plan for global expansion that represents a shift from brand internationalisation to the export of full industries.


Mr. Zhu Huarong, Chairman of ChangAn Automobile, shared: “Our aim is to build this factory as a global benchmark. We will continue to focus on long-term growth, and mutually beneficial, low-carbon, localised operations. To lead sustainable mobility and benefit human life is ChangAn’s mission, and despite the huge challenges currently posed by anti-globalisation, we are fully committed to our Vast Ocean Plan.”


ChangAn’s Vast Ocean Plan drives global expansion across five regions, advancing its goal of becoming a world-class automobile brand. Over three years, the Company filed over 14,000 patents, with 70% for inventions, averaging 19 per workday, maintaining top R&D rankings. ChangAn fosters global talent focusing on professionalism, youth, internationalisation, and market orientation. Its industrial footprint includes 20 planned factories, with nine KD plants and one full vehicle plant operational. Marketing includes 22 brand launches across Southeast Asia, Europe, Latin America, the Middle East and Africa, with over 9,000 outlets. ESG investments exceed 30 million yuan annually, supporting public welfare worldwide.

ChangAn’s Vast Ocean Plan has accelerated the Company’s global expansion since its 2023 launch. With five major international regions established, ChangAn set overseas sales records in 2024. As the plan enters a new phase in 2025, the Company is sharing high-quality products and services worldwide at the speed of China. In Southeast Asia and Oceania, ChangAn has cultivated key right-hand-drive markets. Construction of the Rayong factory in Thailand began in November 2023, and mass production started in May 2025. In the region, the DEEPAL S05 and extended-range EV debuted at the 2025 Bangkok International Motor Show. The factory marks a shift from product exports to full-industry exports. In Latin America, ChangAn hosted a brand conference on July 23, 2024, accelerating the rollout of high-value products to meet diverse local needs. After 30 years in the Middle East and Africa, a brand launch in September 2024 introduced six new energy models. Plans include local subsidiaries, joint ventures, and expanded services. In Europe, where ChangAn established its Turin Design Center in 2001, a brand launch in Germany on March 21, 2025, marked renewed commitment to sustainable mobility through localised R&D and the “In Europe, For Europe” strategy.

ChangAn will pursue its “four ones” development goals and advance its global strategy, elevating five major international markets to the same strategic level as China. The Company aims to grow its global market capacity from 30 million to 50 million and accelerate localisation in these regions. ChangAn plans to expand production with 11 KD projects in countries such as Kazakhstan and Egypt, reaching 500,000 vehicles in international capacity.

Photo – https://laotiantimes.com/wp-content/uploads/2025/05/image_5033332_28241042.jpg
Photo – https://laotiantimes.com/wp-content/uploads/2025/05/image_5033332_28241073.jpg 

 

From Backyard Workshop to Global R&D Lab: Makera’s Carvera is Fueling the Maker Revolution

Makera Strengthens Customer Commitment to Empower Makers at All Skill Levels

MIDDLETOWN, Del., May 20, 2025 /PRNewswire/ — Makera, the pioneer of intelligent desktop CNC (Computer Numerical Control) solutions, just released a new product video for its latest Carvera Air, showcasing how this desktop CNC machine empowers makers of all skill levels to turn ideas into reality. Watch the full video here.


Meet the Carvera Air by Makera – A CNC Revolution for all Makers

As the global maker community grows, from backyard workshops to engineering labs, creators are leveraging both the Carvera and Carvera Air to accelerate product development, unlock new business potential, and build with confidence. 

From Hobby to Business Opportunity

In Hutto TX, Robovidrio’s journey from 3D printing frustration to CNC-powered creativity illustrates how accessible high-performance fabrication has become. After struggling with FDM and resin printing, he turned to Makera’s Carvera in 2023. What began as a personal tool quickly evolved into a productivity powerhouse, helping him create everything from personalized wood gifts to aluminum parts for vehicles.

“I could run multi-tool jobs without standing by. It’s a lifesaver—I just design, start the job, and walk away,” said Robovidrio. “Every time I finish a concept, I get a new idea. Carvera lets me keep the creativity flowing without interruption”

Today, he’s expanding into new areas like fiberglass, carbon fiber, and PCB fabrication—transforming his passion into a growing business.

“I never thought I could own a CNC machine, let alone use it to bring so many ideas to life. Now, I see a path to building a side business and even gaining CNC operator experience. Carvera gave me a life-changing skill,” he added.

For hobbyists looking to take their passion to the next level, the Carvera is more than just a tool; it’s a path to opportunity. Read the full story.

From Outsourcing to In-House Innovation

In April 2025, a professional R&D company called Farm Design revealed that Makera’s revolutionary Carvera CNC machine has transformed how the team approaches prototyping, development cycles, and even internal resource planning. Prior to using the Carvera, the team relied on multiple tools for different materials alongside costly outsourcing for aluminum parts and plastic molds.

The Carvera’s versatility changed the game. By consolidating metal milling, PCB fabrication, and mold creation into one compact machine, it has helped the team save both time and money, while significantly improving their design flexibility and prototyping capabilities.

“For any R&D team focused on innovation, rapid prototyping, and iterative design, Carvera is a must-have,” said Murat Erciyas, Industrial Designer at Farm Design. ” It has already paid for itself through the time and cost savings—and it’s been running nonstop since day one.”

In a world where speed and efficiency are key, the Carvera has helped Farm Design accelerate development cycles and innovate faster than ever before. With a Carvera CNC at their fingertips, companies can do more with less—and be more innovative and efficient while doing it. Read the full story.

Makera’s Continued Commitment to Innovation and User Support

From the Carvera to the new Carvera Air, Makera is dedicated not just to innovation and engineering excellence but also to enhancing the quality of its global user support, ensuring all makers are supported with exceptional service. To further strengthen its commitment to users worldwide, Makera has introduced 24/7 customer support, ensuring that makers—whether hobbyists or professionals—have reliable access to help whenever they need it.

“We’re deeply committed to being a partner in every user’s creative journey,” said Josh Zhang, CEO at Makera. “The Carvera is more than a machine—it’s a gateway to innovation, and our enhanced support ensures users always have the help they need, whenever they need it.”

Whether you’re a startup R&D team or a hobbyist, Makera is committed to fueling innovation, reduce barriers, and make advanced fabrication more accessible than ever.

Ready to elevate your fabrication game? Don’t miss Makera’s exclusive Memorial Day Sale, running from May 15th to May 27th. Enjoy up to 21% off the smart desktop CNC machine you’ve been dreaming of!

Click here for more discount information.

About Makera, Inc.

Makera, Inc. is a pioneer in the field of desktop CNC milling technology, dedicated to empowering makers with safe, smart, and versatile manufacturing solutions. By continuously innovating and reducing barriers to creative production, Makera fuels a global community of makers, transforming ideas into reality.

 

Saudi Arabia’s Largest Cultural Group Officially Launches in Riyadh

Seven Companies and Twenty Brands Unite to Accelerate Private Sector’s Role in Achieving Saudi Vision 2030 Cultural Goals

RIYADH, Saudi Arabia, May 20, 2025 /PRNewswire/ — In a landmark moment for the Kingdom’s cultural and creative industries, the Cultural Assets Group has officially launched as Saudi Arabia’s largest cultural consortium. Headquartered in Riyadh, with strategic offices in AlUla, Jeddah, London, Paris, and Unaizah, the group consolidates seven leading companies and over twenty innovative brands, including Backyard Symphony, Knowliom, Knowliom Museum Studio, Sign, Haal, Operal and Backyard Immersions, under a unified platform, to accelerate the development of private sector enterprises operating in the cultural domain.

This strategic formation is in direct response to Saudi Vision 2030, which clearly articulated ambitious goals for the cultural creative economy, establishing robust government initiatives that laid the groundwork for substantial private sector investment. Cultural Assets Group leverages this momentum, becoming a critical engine and a catalyst for sector growth, investment attraction, and innovation, aligning seamlessly with the Kingdom’s vision for cultural and economic transformation.

Chairman Abdullah Khalid Al Zamil emphasized the significance of this step: “Our vision at Cultural Assets Group aligns with Saudi Vision 2030’s ambitious objectives, where culture acts as a catalyst for innovation and sustainable economic development. We are committed to building a future rooted in authenticity and driven by excellence, leaving a lasting impact across the global cultural ecosystem.”

With a dedicated workforce of over 250 specialized professionals, including a nearly even gender split of 51% male and 49% female, Cultural Assets Group boasts comprehensive expertise, including museum design and construction, destination development, cultural events and exhibitions, experience design, community engagement, activation programs, interactive visual production, marketing and communications, and cultural retail. The group collaborates closely with leading national stakeholders such as the Ministry of Culture, Royal Commission for AlUla, Diriyah Gate Development Authority, ROSHN, and Mohammed Bin Salman Foundation (Misk), providing robust capabilities to deliver high-impact projects of national significance. Cultural Assets Group’s launch coincides with the exponential growth of Saudi Arabia’s cultural and tourism sectors, as Saudi Arabia’s cultural and creative industries are expected to contribute approximately $47.9 billion to the GDP by 2030. It is strategically positioned to enhance the Kingdom’s global cultural visibility, empower local creative talent, and drive sustainable growth within the sector, aligning closely with Saudi Vision 2030 objectives. 

“Cultural Assets Group represents a unified, purpose-driven platform committed to advancing the Kingdom’s cultural priorities,” said CEO Abdulaziz AlSulaim. “We exist to grow the sector, back ambitious ideas, and support the scale and sustainability of cultural enterprises. This is more than a business, it’s an engine for empowering transformation, deepening the Saudi cultural identity, and leading through cultural and creative progress.”

The group is poised to offer a compelling developmental model, highlighting Saudi cultural potential globally and underscoring the Kingdom’s commitment to cultural excellence and economic diversification through Saudi Vision 2030.

About Cultural Assets Group

Cultural Assets Group is Saudi Arabia’s largest privately-owned cultural enterprise, uniting seven companies and over twenty brands across the cultural and creative industries. Headquartered in Riyadh, with offices in AlUla, Jeddah, Unaizah, London, and Paris, the Group operates at the intersection of culture, innovation, and economic development.

Established in alignment with Saudi Arabia’s Vision 2030, Cultural Assets Group is committed to advancing the Kingdom’s cultural renaissance and supporting the growth of the creative economy. The Group offers comprehensive services in museum design and construction, destination development, cultural events and exhibitions, experience design, community engagement, activation programs, interactive visual production, marketing and communications, and cultural retail.

With a team of over 250 specialized professionals, Cultural Assets Group collaborates closely with national stakeholders – including the Ministry of Culture, Royal Commission for AlUla, Diriyah Gate Development Authority, ROSHN, and Misk – to deliver high-impact cultural initiatives.

Cultural Assets Group is dedicated to building an inspiring and sustainable cultural narrative that deepens community connections and transcends time, reflecting the Kingdom’s rich culture and dynamic future.

For Media Enquiries:
Cultural Assets Group
Email: pr@culturalassets.sa
https://www.culturalassets.sa/en
Online Media Resources: 
https://www.culturalassets.sa/en/media-center-page#Visual-identity-sec

Video: https://www.youtube.com/watch?v=pulQ5PeECUs

Saudi Arabia’s Largest Cultural Group Officially Launches in Riyadh
Saudi Arabia’s Largest Cultural Group Officially Launches in Riyadh

 

OTELIER ANNOUNCES NEW ALLIANCE PARTNERSHIP WITH PREFERRED HOTELS & RESORTS, THE WORLD’S LARGEST INDEPENDENT HOTEL BRAND

Otelier becomes the latest addition to Preferred Hotels & Resorts’ Alliance Partner Program, providing turnkey solutions to its global portfolio of independent luxury properties

BETHESDA, Md., May 20, 2025 /PRNewswire/ — Otelier today announced its new affiliation with Preferred Hotels & Resorts as the latest addition to the brand’s Alliance Partner Program. This partnership solidifies Otelier’s position as a recommended provider of business intelligence solutions for Preferred Hotels & Resorts member properties across the globe.  

Preferred Hotels & Resorts is renowned for its dedication to offering guests authentic, one-of-a-kind experiences across its global portfolio of independent hotels and resorts. By aligning with Otelier, Preferred Hotels & Resorts further solidifies its mission to provide best-in-class services and resources to its member properties.

“We’re proud to join forces with Preferred Hotels & Resorts and support this remarkable portfolio of iconic properties around the world,” said Otelier CEO Rob Lawrence. “By helping hoteliers centralize their data and unlock a 360-degree view of their business, we’re empowering teams to move beyond spreadsheets and focus on what this group does best: delivering exceptional guest experiences.”

Now available to Preferred Hotels & Resorts members, Otelier’s business intelligence solution, IntelliSight, empowers hotel operators to make smarter, faster, and more profitable decisions across their entire property. With data centralized from all revenue-generating outlets – including F&B, spa, golf, retail, ticketing, parking, and more – IntelliSight provides a unified view of operational and financial performance. Visual dashboards and charts replace manual spreadsheets, giving operators the insights they need to spot trends, identify opportunities, and act with confidence.

Designed specifically for full-service hotels and luxury resorts, IntelliSight bridges the gap between commercial and financial data, enabling teams to understand profitability in real time and at a granular level. It helps hotel teams streamline operations and spend more time focused on delivering world-class guest experiences.

Representing more than 600 luxury hotels, resorts, residences, and unique hotel groups in over 80 countries, Preferred Hotels & Resorts brings strategic advantage to hotel owners, operators, and management companies through brand prestige and global operating scale, supporting the goals of its member hotels by providing strategic sales, integrated marketing solutions, comprehensive revenue management, global connectivity through reservations services, progressive distribution technology, and solutions-focused products and services from trusted partners through its Alliance Partner Program.

For more information about Otelier and its offerings, please visit otelier.io. For more information on Preferred Hotels & Resorts Alliance Partner Program, visit Preferredhotels.com/Alliance-Partner.

About Otelier

Otelier is a hospitality data platform powering the future of hotel operations. Serving more than 10,000 hotels worldwide, Otelier provides the industry’s most comprehensive platform to help hotel owners and operators automate back-office processes and unlock a 360- degree view of their businesses. With more than 30 years of experience building solutions for the world’s leading hotel groups, Otelier is trusted by hotels of all sizes — from individual properties to hotel management groups to global brands – for real-time visibility into financial and operational performance. Learn more at otelier.io.

 

Traveloka Strengthens B2B Travel Tech Presence at ATM Dubai 2025

DUBAI, UAE, May 20, 2025 /PRNewswire/ — Traveloka, Southeast Asia’s leading all-in-one travel platform, made a powerful impression at Arabian Travel Market (ATM) Dubai, unveiling its Traveloka Partners Network (TPN), a next-generation suite of B2B-ready solutions designed for affiliates, online travel agencies (OTAs), wholesalers, and businesses seeking access to Southeast Asia’s booming travel market. 

From Left to Right: Tejveer Bedi – VP, Traveloka Partners Network; Tarique Khatri - Chief Commercial Officer, Almosafer (Part of Seera Group); Wakas Munawar – Director, B2B Sales, Almosafer (part of Seera Group); Dearigania - Head of Account Management, Traveloka Partners Network; Dicky Andriansyah - Traveloka Third Party Supply.
From Left to Right: Tejveer Bedi – VP, Traveloka Partners Network; Tarique Khatri – Chief Commercial Officer, Almosafer (Part of Seera Group); Wakas Munawar – Director, B2B Sales, Almosafer (part of Seera Group); Dearigania – Head of Account Management, Traveloka Partners Network; Dicky Andriansyah – Traveloka Third Party Supply.

The four-day event saw more than 55,000 industry professionals from 166 countries, reflecting growing demand for smarter, tech-powered solutions that offer seamless access to Southeast Asia’s fast-growing travel market. 

Tejveer Bedi, Vice President at Traveloka Partners Network, says, “The Asia Pacific region consists of fast-growing travel markets with growing demand from the Middle East, China, India and the Americas. With TPN, we’re giving our B2B partners the tools they need to scale faster, serve smarter, and unlock new cross-border opportunities as demand for travel surges across these locations. I’m also excited about our upcoming partnership with Almosafer, which was catalyzed by our productive meeting at Arabian Travel Market — a clear example of how regional collaboration can drive global growth.”

TPN integrates a powerful combination of accommodations, flights, and travel activities under one simplified platform. By combining technological innovation with its understanding of regional consumer behavior, TPN enables partners globally to unlock a new dimension of travel experiences for their customers. 

It offers direct connectivity to Traveloka’s extensive inventory, real-time analytics, and flexible integration options, ranging from APIs to Redirection and MiniApp Services. It also features advanced solutions like Seamless API Integration, 360 Insights, and Dynamic Pricing, enabling partners to streamline operations, gain market insights, and unlock new revenue without in-house development.

Mr. Tarique Khatri, Chief Commercial Officer at Almosafer (part of Seera Group), commented, “As Saudi Arabia’s leading travel company, we are excited to partner with Traveloka Partners Network. This collaboration enables us to offer our customers an even broader range of travel experiences across Asia Pacific, combining Almosafer’s deep local expertise in the Middle East with Traveloka’s strong regional inventory and capabilities. As part of this partnership, Almosafer will provide Traveloka products and services to its vast base of B2B & B2C partners and customers in KSA and beyond, whilst our destination management company, Discover Saudi, will respectively distribute Saudi hotel offerings and other products to Traveloka and its customer base.” 

As cross-border travel demand surges across the Gulf and Indian subcontinent as well as Southeast Asia, Traveloka’s participation at ATM underscores its strategic commitment to building cross-border B2B partnerships that drive mutual growth.

Photo – https://laotiantimes.com/wp-content/uploads/2025/05/traveloka_almosafer_pr.jpg

USA Wealth Report 2025: America Tops Global Wealth Growth — But the Wealthy Eye Opportunities Abroad

NEW YORK, May 20, 2025 /PRNewswire/ — Despite a turbulent start to 2025, the US continues to stand as the world’s foremost private wealth hub. Home to over six million high-net-worth individuals with investable wealth of USD 1 million or more, the country commands an extraordinary 34% of global liquid wealth and houses 37% of the world’s millionaire population. And this wealth dominance extends across all brackets, with 36% of the world’s centi-millionaires (those with USD +100 million) and 33% of its billionaires residing in the US, according to the USA Wealth Report 2025, published by international wealth and investment migration specialists Henley & Partners.

While the US remains one of the top destinations for global wealth migration, an increasing number of affluent Americans are actively seeking alternative residence and citizenship options abroad. So far in 2025, US citizens account for over 30% of all investment migration applications submitted through Henley & Partners — nearly double the combined total of the next five investor nationalities, which include Turkish, Indian, and, British.

“We’re seeing a new level of sophistication in how wealthy Americans manage and diversify their assets,” says Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America. “Pursuing alternative residences and citizenships is smart risk management. Investment migration offers a strategic ‘Plan B’, enhancing resilience, expanding opportunity, and securing legacy across borders.”

Benchmarking US wealth

Over the past 10 years, the US has surged ahead in wealth generation. From 2014 to 2024, the country’s millionaire population grew by 78%, slightly outpacing China’s 74%, and significantly exceeding growth in other nations. Top of the W10 (the 10 wealthiest countries in the world when ranked by resident millionaires), America now boasts approximately 6,041,600 millionaires, 10,800 centi-millionaires, and over 850 billionaires. China follows with around 827,900 millionaires, 2,250 centi-millionaires, and about 280 billionaires, significantly trailing when it comes to private wealth numbers despite its rapid growth.

In contrast, other major W10 economies have shown markedly slower growth. Germany’s millionaire population increased by just 10% over the past decade, Japan’s by 5%, and, notably, the UK’s shrank by -9%, suggesting significant millionaire flight and economic stagnation. Australia (+30%), Switzerland (+28%), Canada (+26%), and Italy (+20%) performed better, although they all lag far behind the US in absolute millionaire numbers and wealth growth rates.

Inside America’s wealthiest cities

The report highlights the continued dominance of traditional American wealth hubs alongside the rapid ascent of emerging urban centers. New York City remains the wealthiest in the US (and the world), with 384,500 millionaires, including 818 centi-millionaires and 66 billionaires. The Bay Area follows closely with 342,400 millionaires, including 756 centi-millionaires and the nation’s highest concentration of billionaires at 82. Over the past decade, the Bay Area’s millionaire population surged by 98% — the highest wealth growth among America’s Top 10 Wealthiest Cities.

Scottsdale has emerged as the fastest growing wealth hub in the US by millionaire population, with a remarkable 125% increase between 2014 and 2024, primarily driven by its rapidly expanding tech sector.

Commenting in the report, Prof. Peter J. Spiro, of Temple University Law School, observes that “as Donald Trump’s second term unfolds with historic unpredictability, more Americans are confronting a stark reality: US citizenship alone no longer feels like a sufficient safeguard. Dual citizenship, once a luxury, is becoming the new American dream. In an era of rising uncertainty, many are seeking not just the right to stay, but the right to leave.”

Read the Full Press Release