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<p>Few performers mirror the complexity of human experience with as much raw talent and charm as Jonathan Bailey. Celebrating his 37th birthday this month, the <em>Bridgerton</em> and <em>Fellow Travelers</em> star can credit an abundance of perseverance and passion for his successful move from child actor to major stage and screen presence. With accolades lining the walls of his career ¬– including a Laurence Olivier Award and a Critics’ Choice Television Award, Bailey’s trajectory signifies more than just talent; it represents the evolution of an artist willing to transcend boundaries.</p>



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<p>His childhood in the countryside of Oxfordshire, England, amid the nurturing gazes of four remarkable women – his mother and three elder sisters – and a father with unwavering resolve shaped Bailey’s outlook on life. His passion for acting ignited at the tender age of five when a family outing to London to see a production of <em>Oliver!</em> planted the seed of ambition in his young mind. “That was my awakening moment,” he recalls. “I was transfixed by the magic of storytelling and the ability to transport people into different worlds.”</p>


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<p>His early years were marked by performances that honed his craft, starting with primary-school plays and continuing onto stage roles with the Royal Shakespeare Company. He starred as Gavroche in a West End production of <em>Les Misérables</em> at the age of eight. Enveloped in a cocoon of creativity and ambition, he headed to the bright lights of greater stages – a path he decided to embrace fully, forgoing drama school in favour of real-world experience.</p>



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<p>“I’ve never gone in as the overdog, and that’s liberating,” he reflects. “I want my experiences to drive my performances. I think that’s what keeps me grounded.”</p>



<h3 class="wp-block-heading">Diverse Roles and Dramatic Range</h3>



<p>Bailey’s ascent in the acting world gained momentum through a host of versatile portrayals. He broke into British television playing a university freshman in the comedy <em>Off the Hook</em> (2009) and a teenage Leonardo da Vinci in <em>Leonardo</em> (2012-12), but it was his role as the earnest journalist Olly Stevens in the critically acclaimed series <em>Broadchurch</em> (2013-15) that saw him capture hearts. While that show bolstered his reputation as a dynamic actor, it was the theatre that truly showcased the depth of his artistry.</p>



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<p>Appearances in classic plays like <em>Othello</em> (2013) and contemporary works such as <em>The York Realist</em> (2018) served to solidify his status as a leading man of modern theatre. “The theatre is where I feel most secure,” he explains. “There’s a tangible energy from the audience that compels me. I thrive off their reactions.”</p>



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<p>It was also in 2018 that Bailey took a significant leap, stepping into the gender-swapped role of Jamie in a new production of the 1970 Stephen Sondheim musical, <em>Company</em>. His award-winning performance dazzled critics, marking him as a swift and nimble presence on stage. “Performing <em>Getting Married Today</em> every night felt exhilarating – it was my playground,” he recalls.</p>



<h3 class="wp-block-heading">Finding Freedom in Fame</h3>



<p>Yet, it was portraying Lord Anthony Bridgerton in the ongoing Netflix series <em>Bridgerton</em> that catapulted Bailey to global fame, serving as both a blessing and a complicating chapter of his life. The first season (2020) took social media by storm, garnering massive viewership and shadows of adoration mixed with scrutiny.</p>


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<p>“Initially, I was overwhelmed by the fame,” he admits candidly. “It felt hard-hitting, like being thrust into this whirlwind. But the support system around me has been vital.”</p>



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<p>With newfound celebrity status, he tackled the challenges of public adoration, learning to adapt and maintain a sense of normalcy amid chaos. “I’m really good now at saying no to photos, for my sanity’s sake,” he adds with a chuckle.</p>



<h3 class="wp-block-heading">Safe Haven on Stage</h3>



<p>As he navigates the glamorous yet complicated world of stardom, Bailey remains firmly rooted in his passion for storytelling and finds safety once again in a return to the theatre. He plays the titular role in <em>Richard II</em>, which runs at London’s Bridge Theatre until 10 May. “The stage has this protective aura – it’s immersive and liberating,” he reflects. “You get to explore life through characters, almost like dress-rehearsing your own existence.”</p>



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<p>His collaboration with director Nicholas Hytner marks a significant homecoming for the actor, and one that has been a foundational part of his career. “Nicholas gave me my biggest break as Cassio in <em>Othello</em>. His mentorship has shaped me significantly. I feel like I’m coming back to a safe space where I can grow and shine,” he enthuses.</p>



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<p>Bailey possesses a deep understanding of Shakespeare, bringing the flawed and complex character of King Richard to life with an acute sense of vulnerability. “How do you portray someone utterly inadequate ruling in such powerful circumstances? That’s the journey I’m eager to embrace,” he shares. Reminding the world why he has cemented his place in the hearts of theatre enthusiasts and television viewers alike, Bailey’s performance has been hailed by critics as luminous and charismatic.</p>


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<h3 class="wp-block-heading">Offstage Dreams</h3>



<p>With his career at an all-time high, conversations naturally drift towards the future – specifically, the possibility of starting a family. The generally private Bailey, who came out publicly as gay in 2018, reveals: “Yes, I desire children – it’s such a privilege for a man. But I’m conscious of my current [busy] lifestyle. I want to ensure that if and when the time comes, I can be present.”</p>



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<p>In a world that often prioritises ambition, he yearns for a balance that could offer a reimagined sense of home. “I’ve been reading about adoption and the prospects of co-parenting. I want a family, but I want to do it thoughtfully,” he emphasises.</p>



<h3 class="wp-block-heading">Man Behind the Actor</h3>



<p>Amid the glamour of fame, Bailey emphasises the importance of giving back to the community. Through his charitable efforts with Just Like Us and The Shameless Fund, which he launched last summer, he strives to raise awareness and support for LGBTQ+ issues globally. “If I can fill the spaces that I didn’t have while growing up, I feel that’s a brilliant thing,” he states.</p>


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<p>When Bailey isn’t acting, he finds solace in nature – cycling, paddleboarding and mountaineering are among his favourite pursuits. He embodies a grounded spirit, finding time to enjoy life outside the glitz and glamour of Hollywood.</p>



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<p>And clearly, this is just beginning. With a commitment to authentic storytelling, an admirable camaraderie with his fellow creatives, and a heart steadfastly directed towards making the world a better place, Jonathan Bailey’s legacy will undoubtedly inspire many generations of actors yet to come.</p>


A Bridgerton Hurrah: There’s no falling down for Jonathan Bailey, whose charisma has carried him from stage prodigy to Hollywood sensation


<p>While her Wicked success is certainly a key juncture in Ariana Grande’s phenomenal career, she is quick to cast her mind back to a Florida Panthers hockey game when she was eight years old and her rendition of The Star-Spangled Banner charmed the crowd. “It was that moment on stage that truly ignited my passion for performing,” recalls the American pop star and actress, reflecting on the early signs of her impending greatness.</p>



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<p>Ariana Grande-Butera entered the world in Boca Raton, Florida, on 26 June 1993 amid a rich cultural tapestry deeply woven with her Italian roots. “My grandmother was a huge inspiration for me as a child,” she reminisces. “She always pushed me to pursue my passions, and that childlike dream of singing became a fierce reality.”</p>



<h3 class="wp-block-heading">Early Crescendo</h3>



<p>Before her songs conquered the realm of music, she showcased her talents on the small screen, capturing the hearts of millions as the teenage Cat Valentine on the Nickelodeon sitcom Victorious. “Acting was my first love, but music was always my priority,” she explains.</p>


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<p>Her dual career blossomed during her time on Sam &amp; Cat, another Nickelodeon hit, which emphasised her knack for comedy and her timing. Channelling the playful spirit of her character, Grande’s skits were filled with her signature wit. “I wanted to create something positive for young people instead of just being a cliché,” she declares, showcasing her deep understanding of the impact of representation.</p>



<h3 class="wp-block-heading">Doing it Her Way</h3>



<p>After stepping off the stage and into the studio at age 20, she dropped her debut album, Yours Truly (2013), which catapulted her into the limelight. Its success came with the hit single The Way. “When I first heard it on the radio, I felt like I was dreaming. It was a fast track to everything I had ever wanted,” she remarks. A blend of her R&amp;B influences with a modern twist, the record set the tone for Grande’s career, proving she was more than just a former child star; she was a serious musician ready to break free from genre constraints.</p>


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<p>She did just that in her sophomore effort, My Everything (2014), which included the hit Break Free and solidified her spot in the pop universe. The album’s lead song, Problem, featuring Australian rapper Iggy Azalea, became an international sensation. Grande beams as she recounts: “It was my anthem; it felt like everyone was singing along, and I couldn’t believe it!” With hooks that got stuck in your head and beats that made you dance, she was on top of the world, juggling a successful music career with her acting roots.</p>



<h3 class="wp-block-heading">Rebounding from Atrocity</h3>



<p>As she explored deeper into her artistry, the albums Sweetener (2018) and Thank U, Next (2019) charted her evolution from pop princess to musical powerhouse. “These albums were more personal,” she admits. “After the Manchester Arena attack [in 2017], I needed to reflect and heal, and music became my therapy.”</p>



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<p>In Thank U, Next, she bravely acknowledges her past relationships with vulnerability and confidence – a powerful message that resonated with fans. “Every experience has shaped me into who I am today,” she continues. “I wanted women to know that it’s okay to embrace your journey.”</p>


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<p>The accolades poured in, with Sweetener snagging a Grammy Award. Grande, who has rapidly amassed an array of awards, insists: “These honours are nice, but the real victory is seeing how my music helps people.” Her deeply rooted philosophies on kindness and empowerment thread through her discussions, further cementing her commitment to being a symbol of resilience and inspiration.</p>



<h3 class="wp-block-heading">Voice for Women</h3>



<p>Grande’s sixth studio album, Positions (2020), marked a distinct shift as she spotlighted her role as a woman embracing her sexuality, empowerment and responsibilities. “People often think that women should fit into boxes, but I believe I can be all-encompassing,” she declares. The album’s title track, along with collaborations like Stuck with U with Justin Bieber and Rain on Me with Lady Gaga, all achieved great commercial success, further placing her at the apex of the pop landscape.</p>


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<p>As if her musical prowess wasn’t enough, Grande delved into business ventures including a cosmetics brand, R.E.M. Beauty and a stable of fragrances, the statement scent God is a Woman among them. “With every drop, I want to ensure that my fans see themselves in what I create,” she states emphatically. “It’s about building a community that keeps dreaming.”</p>



<h3 class="wp-block-heading">Kindness in Every Cadence</h3>



<p>Beyond her musical dominance, Grande has made significant strides in philanthropy and activism. From her initiatives supporting mental health and LGBTQ+ rights to her work after the Manchester bombing, she has proven to be a compassionate leader.</p>



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<p>“I believe in using my platform for good,” she states resolutely. “It might just be a small spark, but together we can create major change.” Her efforts, including organising the One Love Manchester benefit concert, have raised millions and showed her profound commitment to her fans and community.</p>



<h3 class="wp-block-heading">Glinda Glory</h3>



<p>Last year proved a milestone in her career as she stepped into the magical world of musical theatre – her self-proclaimed first love – playing Glinda in the critically acclaimed film adaptation of Broadway blockbuster Wicked. “I had dreamed of this moment since I was just a little girl,” she shares, excitement dripping from her words. This transition from sitcom star and pop icon to Hollywood actress not only showcases her vocal abilities but also her range as a performer and a person.</p>


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<p>“Finding roles that resonate with me, like Glinda, means I can inspire others to chase their dreams no matter their circumstances,” she adds, her empathy spilling over. Her performance was both universally hailed and Oscar-nominated, confirming that she has indeed paved her own path to stardom and credibility in the arts.</p>



<h3 class="wp-block-heading">Legacy of Love</h3>



<p>Ariana Grande stands poised as a cultural icon. Having sold more than 90 million records worldwide – a feat for which she might cry “I’m so xxxxin’ grateful” – she is one of the world’s most successful music artists. Yet, her relentless dedication suggests that we are far from witnessing the last of her magical touch.</p>



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<p>“Every challenge I’ve faced only makes me stronger,” she remarks. “I want to continue to create art that speaks to people and reminds them that they are loved.” Through her journey, from a child star to an adult artist, Grande not only shares her gifts but also spreads a powerful message: find your voice and soar!</p>


Grande Melody: How four-octave powerhouse Ariana Grande transformed heartbreak into chart-topping anthems while championing kindness along the way


<p>The 1.4 million tourists who flocked to Hong Kong over the Chinese New Year holiday hopefully went away impressed by their experience. Border crossings from the north peaked at 150,000 visitors per day, a record number since the pandemic. During the Golden Week period last October, the city welcomed 1.22 million people from the mainland, and hotels enjoyed a healthy 90% occupancy rate.</p>



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<p>This revival in arrivals is good news for the Hong Kong economy. As revealed in the Development Blueprint for Hong Kong’s Tourism Industry published in December, the sector accounted for 2.6 per cent of the gross domestic product in 2023, provided 150,000 employment opportunities, and contributed significantly to retail sales and the restaurant trade.</p>


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<p>Amrit Sethi, Director of local travel agency Excella Travel, views the recent surge in visitors as a positive sign for the post-pandemic recovery of the industry. “However, it’s important to consider the implications for infrastructure and service capacity to maintain high-quality visitor experiences. Proactive planning in these areas will be essential,” she stresses.</p>



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<p>Sethi praises the tourism blueprint for presenting a comprehensive vision for Hong Kong’s future in tourism. “As a tour operator, I find it particularly relevant, as it addresses key industry challenges and opportunities. Overall, it reflects a thoughtful approach to enhancing our unique offerings while laying a foundation for future growth.”</p>



<h3 class="wp-block-heading">Tourism turn-offs</h3>



<p>The report also highlights the challenges limiting Hong Kong’s capacity to receive visitors, which include the size of the city area, and the tight supply of venues for events such as conventions and exhibitions, outdoor performances and sporting competitions. Given this shortfall, better management of existing venue resources will be needed to meet the demand for different scales and types of events.</p>



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<p>Stretched manpower supply, which could impede service quality if not addressed, is another issue spotlighted in the tourism blueprint. Like all industries, local tourism also faces the effects of the global economic slowdown, and the peg to the US dollar could exacerbate this situation and increase the costs of travelling here. Hong Kong is also facing increasingly stiff competition from other tourist centres in the region which have stepped up their offerings and extended the visa period or introduced special visas.</p>



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<p>The blueprint suggests the city cannot compete on price with neighbouring destinations and should focus on high-quality attractions. The post-pandemic shift from traditional shopping tours for mainland visitors to more varied experiences reflects Hong Kong’s need to diversify its offerings to attract high-value tourism.</p>



<h3 class="wp-block-heading">Coming for quality</h3>



<p>“I agree with the emphasis on quality over quantity,” says Sethi. “Higher-value tourism products contribute significantly to our economy, but it’s essential to ensure they cater to the diverse needs of our visitors. Striking the right balance will enhance overall satisfaction and drive repeat visits.”</p>


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<p>Kevin Lau, Founding Convenor of the Hong Kong Youth Professional Global Advocacy – an organisation connecting local youngsters to the world – similarly supports prioritising quality. “High-value tourism products, such as luxury staycations or curated cultural experiences, enhance visitor satisfaction and revenue per capita,” he says. “However, ‘quality’ must be inclusive, ensuring mid-tier offerings – such as budget-friendly heritage trails – remain accessible. A balanced approach avoids alienating price-sensitive travellers while maintaining premium appeal.”</p>



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<p>To boost cruise tourism, he believes Kai Tak Cruise Terminal “requires upgrading with eco-friendly amenities to attract luxury liners”. Higher-value tourism can also be buttressed by wooing the silver-haired, family, study tour and youth sectors of the industry to Hong Kong and identifying their travel needs, according to the blueprint.</p>



<h3 class="wp-block-heading">Here on business</h3>



<p>Attracting overnight visitors is also a priority, especially by encouraging more meetings, incentives, conventions and exhibitions in Hong Kong – the MICE segment of the tourism industry. This correlates with a post-pandemic trend noted in the tourism blueprint: the rise of bleisure travel, whereby business visitors fold in leisure time with their work trips.</p>



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<p>“Increasing overnight stays is vital for maximising economic impact,” says Lau. “MICE tourism thrives on Hong Kong’s business reputation, but we must invest in specialised facilities, such as larger convention centres and tailored services like multilingual guides.”</p>



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<p>Lau outlines the three areas in which he believes Hong Kong’s tourism competitiveness can be bolstered: infrastructure modernisation, such as expanding airport capacity and improving public transport; distinctive cultural branding, including leveraging unique heritage sites like the historic Mong Kok district; and technology integration through AI-driven personalised itineraries and other innovations.</p>



<h3 class="wp-block-heading">Build and they will come</h3>



<p>Certainly, improved infrastructure facilities related to culture, sports and tourism are considered a cornerstone for Hong Kong’s competitiveness as a tourist destination. Following a series of trials involving thousands of people at Kai Tak Sports Park, the magnificent stadium at the heart of the complex opens this month; it is set to host British band Coldplay next month, followed by other top-notch performers.</p>


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<p>Last month saw the prestigious London International Horse Show canter outside its home base for the first time, landing at AsiaWorld-Expo in Chek Lap Kok. Rosanna Law, Secretary for Culture, Sports and Tourism, said this high-octane equestrian extravaganza highlighted Hong Kong’s position as a world-class premier tourism destination.</p>



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<p>Other venues have been newly completed or are under construction in a bid to attract international events or create synergy with existing happenings. These include SkyCity at the Hong Kong International Airport, the East Kowloon Cultural Centre; the Lyric Theatre Complex in the West Kowloon Cultural District; themed areas based on the Marvel films at Hong Kong Disneyland; Ma Wan Park Phase Two, and the new Adventure Zone at Ocean Park.</p>



<h3 class="wp-block-heading">On the short haul</h3>



<p>The fact that Ocean Park now boasts six giant pandas, the most living in one location outside mainland China, is another novel lure for tourists. Recent coming-out parties for twin cubs born last summer and plans for a panda museum are attractive initiatives to drive visitors to Hong Kong and into the theme park.</p>



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<p>An increased desire for short-haul travel since the pandemic was noted in the tourism report.</p>



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<p>Those popping across the border for the day or weekend may be motivated by baby bears, pop concerts and other mega events, or the latest city hotspots, walks and trends. “Additionally, promoting niche markets – such as medical tourism or eco-tours in the New Territories – could differentiate us from regional rivals like Singapore or Tokyo,” opines Lau.</p>


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<p>He also advocates the protection of natural assets like the Hong Kong Unesco Global Geopark. “Globally, Hong Kong must align with UNWTO’s [United Nations World Tourism Organization] sustainability goals and leverage international partnerships [with Unesco, for example] to showcase its heritage.”</p>



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<p>Cathay Pacific recently urged the government to roll out tailormade one-stop packages to attract transit tourism in Hong Kong, perhaps a timely initiative following the imminent opening of the three-runway system at the airport.</p>



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<p>According to Lau, the tourist ecosystem in Hong Kong requires deeper public-private synergy. “For example, hotels, airlines and attractions should co-develop bundled packages, while the government streamlines visa policies for transit tourists,” he says. A centralised digital platform for real-time data-sharing among stakeholders could optimise resource allocation and crisis management during peak seasons.</p>



<h3 class="wp-block-heading">Appropriately cultural</h3>



<p>Further integration of the city’s culture, sports and creative industries as laid out in the blueprint is considered critical to sustaining tourism growth. “Cross-promotion – such as pairing the Hong Kong Film Festival with themed walking tours of filming locations – could attract diverse audiences,” says Lau.</p>



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<p>Sports events like the Hong Kong Sevens could easily be paired with cultural festivals to extend visitor stays. “Moreover, creative industries can design immersive experiences [such as AR/VR exhibits] that showcase local art and history,” he notes.</p>



<h3 class="wp-block-heading">Smartening up</h3>



<p>The city is also being encouraged to improve smart tourism, something which will enhance the overall visitor experience and make Hong Kong more accessible, according to Sethi, though she admits challenges on this front remain.</p>


Arrivals Revival: The surge in Hong Kong visitors is welcome news to a tourism industry adapting to woo them


<p>It was not so many decades ago that alarming stories of a global population explosion were commonplace and books such as Paul Ehrlich’s The Population Bomb prophesised doom. The latest insights based on annual figures published by the United Nations paint a different story, however. Population implosion is now front and centre of many countries’ concerns.</p>



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<p>World Population Prospects 2024 outlines a predicted peak in the population on Earth within the current century at about 10.3 billion people in the mid-2080s, up from 8.2 billion last year. Indeed, one in four people globally now lives in a country where numbers have already reached their highest point – a statistic embracing 63 countries and areas containing 28 per cent of the world’s population. Some analysts believe this could have damaging consequences for social and economic progress in the likes of China, Japan, South Korea and many European nations that are already experiencing severe demographic challenges.</p>



<h3 class="wp-block-heading">Fertility fall</h3>



<p>A major cause of population decline is the low birth rate across many countries, a trend that has existed for decades in some cases, especially in Europe. As early as 1970, demographers had noted total fertility rates in 19 countries had fallen below the replacement level of 2.1 births per women – the number required for a population to maintain a constant size without migration.</p>



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<p>According to the latest UN estimates, women today bear one child fewer, on average, than they did three decades ago, and more than half of all countries and areas globally have fertility below the replacement level. Currently, the global fertility rate stands at 2.3 live births per woman, down from 3.3 births in 1990.</p>


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<p>Reduced fertility generally occurs as countries become industrialised and experience a fall in mortality and a consequent population growth, a cycle that ends when the population implements fertility control. Leading demographers such as Tim Dyson note that fertility decline has liberated women from the domestic domain. As such, their lives have become increasingly similar to those lived by men, and marriage in the sense of a life-long commitment to have and rear children is seen as increasingly unattractive. In summary, demographic history suggests that as societies become richer, people tend to have fewer children.</p>



<h3 class="wp-block-heading">Ageing expensively</h3>



<p>Highlighting the pressing nature of declining population, the number of babies born in the European Union hit a record low in 2023. The 5.5 per cent drop from the previous year was the sharpest ever – a scenario expected to heap pressure on state finances due to the shrinking size of the working population, coupled with the rising cost of healthcare and pensions in an ageing population. According to demographic experts, the trend of lower birth rates in Europe since the mid-’60s has been exacerbated by fears over climate change, inflationary pressures, and political and job uncertainty.</p>


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<p>Willem Adema, a Senior Economist at the OECD (Organisation for Economic Co-operation and Development), notes that some young people have difficulties establishing themselves in the labour market, the housing market and “perhaps also in the dating market”. This comment will have particular resonance in Japan, which is experiencing a similar, if not worse, demographic timebomb than Europe.</p>



<h3 class="wp-block-heading">Dating decline</h3>



<p>Despite increased numbers of foreign residents, Japan’s total population has declined for 15 years in a row. In 2022, when the number of newborns fell below 800,000 for the first time since records began, the figure was 122.42 million and it is expected to drop further over the coming decades. The government has gone to the extraordinary lengths of consulting young people in a bid to understand their reasons for not marrying. It recently set up a Children and Families Agency to help young people find the love of their life through dating, matchmaking and other services.</p>



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<p>According to a 2023 survey, more than 40 per cent of marriages in Japan were sexless, and fears are mounting that this apparent lack of sexual desire has percolated down to the younger population, further endangering the deteriorating birth rate. Izumi Tsuji, a Professor of the Sociology of Culture at Tokyo’s Chuo University, cited the many other distractions and hobbies of the younger generation as one reason for the decreasing value placed in dating. This latest revelation could compound concerns about a seeming unwillingness by Japanese people to marry, despite a government raft of child support packages.</p>



<h3 class="wp-block-heading">Baby boost</h3>



<p>A reluctance to get married and falling birth rates in Hong Kong have also prompted much debate. Just 32,500 births were registered in 2022, the lowest number since records began more than 60 years ago; in 2019 that figure totalled 52,900. In one particularly inventive plan to address the problem, lawmaker Bill Tang Ka-piu suggested that the prominent display of baby pictures in government offices would spark procreation among the city’s civil servants.</p>


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<p>Hong Kong’s declining birth rate has been attributed to factors including current restrictions on in vitro fertilisation (IVF), the prevalence of divorce and a lack of supportive measures for single parents. A HK$20,000 cash bonus introduced by Chief Executive John Lee Ka-chiu for parents of new-born children appears to be helping reverse the trend: the number of births increased by 9.8 per cent year on year following the October 2023 launch of the handout.</p>



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<p>Such concerns are being played out across much of the developed world. In the United States, the fertility rate is 2.08 children per woman, which is creating issues in this vast country. As people internally migrate to more prosperous areas, some places are being catapulted into ghost towns. Caught in a so-called death spiral, fewer locals then remain to pay local taxes, which exacerbates a worsening situation for those left behind.</p>



<h3 class="wp-block-heading">One no longer enough</h3>



<p>China famously introduced a one-child policy in 1979 in a bid to control a burgeoning population. Overpopulation was then viewed as a threat to economic growth and a harbinger of social and environmental problems. Beijing’s population control measures were successful in the sense that demographers suggest that by the year 2000 there were 300 million fewer people in the country than otherwise would have been the case.</p>



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<p>The one-child policy was abandoned in 2016, and like many parts of the West, China is faced by major demographic challenges as its population ages and shrinks. In 2023, only about nine million births were recorded, the lowest since 1949, and the total number of inhabitants fell for the second consecutive year. With a fertility rate of about 1.0, far short of the 2.1 replacement level, the national government has rolled out numerous incentives for families with multiple children.</p>



<h3 class="wp-block-heading">Benefits of youth</h3>



<p>According to Jeffrey Wu, Director of Hong Kong-based firm Mindworks Capital, how China navigates its demographic shift will define its economic future – it is that fundamental. To cope with the challenge, a huge boost in productivity will be needed, aided by technological innovation and capital and human capital investment. Automation and artificial intelligence, it is hoped, could potentially be a boon to productivity.</p>



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<p>This is a noble aspiration because one potential effect of a nation having fewer young people is weaker innovation and growth. A 2021 study into patents by US research organisation NBER (National Bureau of Economic Research) highlighted that the youngest inventors were those most likely to produce novel, groundbreaking work that could raise productivity substantially.</p>


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<p>Ultimately, many countries will use immigration to mitigate the demographic shortfall. As the UN suggests, those still with youthful populations but declining fertility have limited time to benefit economically from an increasing concentration of working-age citizens. In order to capitalise on this opportunity, investing in education, health and infrastructure, and implementing reforms to create jobs and improve government efficiency are essential.</p>



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<p>Of course, population decline also has its benefits, particularly in reducing the pressure on global resources and the environment – something China’s President Xi Jinping, among others, has alluded to. This is a theme that will undoubtedly be taken up in the years to follow.</p>


The Born Intensity: Baby boom turns to gloom, as nations face prosperity dips from declining populations


<p>With her powerful vocals and dynamic performances, Cynthia Erivo has not only captivated audiences but also redefined what it means to be a leading light in the modern entertainment landscape. From the London stage to the Hollywood silver screen, her journey is nothing short of extraordinary.</p>



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<p>Born on 8 January 1987, in Stockwell, South London, to Nigerian immigrants, Erivo faced challenges in childhood, particularly after her parents separated when she was still very young. Speaking about her upbringing, she reflects: “My mother has the strongest spirit I’ve ever encountered. She had to go through so much, and yet she still made sure that we had everything we needed, including love.” This early exposure to resilience undoubtedly shaped her identity as an artist.</p>



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<p>She attended a Catholic girls’ school, where she began exploring her passion for performance. “The theatre was my escape,” she says. She then enrolled at the University of East London to study music psychology but transferred to the prestigious Royal Academy of Dramatic Art (Rada) to pursue her true calling. After graduating in 2010, she broke onto the scene with stage performances that showcased her vocal prowess and emotive range.</p>



<h3 class="wp-block-heading">Setting the Stage</h3>



<p>Erivo’s rise to fame was rapid and remarkable, particularly her portrayal of Celie Harris in the 2015 Broadway revival of The Color Purple, when she stepped comfortably into shoes originally filled by Whoopi Goldberg. This performance earned her a Tony Award for Best Actress in a Musical, as well as a Grammy for Best Musical Theatre Album. “Part of me feels like I’ve always been meant to do this,” she notes, illustrating her profound connection to her craft.</p>



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<p>She expertly melded musicality with acting, performing pivotal roles in various productions. Following her Broadway success, she took her talents to film in 2018, making notable impressions in Widows and Bad Times at the El Royale. But it was her next role as American abolitionist Harriet Tubman in the biopic Harriet (2019) that solidified her status as a lead actor.</p>


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<p>“To play Harriet Tubman is to connect with the essence of courage and determination,” she said at the time. “It’s about giving voice to those who fought so hard for their freedom.” The film brought her numerous accolades, including Academy Award nominations for Best Actress and Best Original Song, further showcasing her indisputable talent.</p>



<h3 class="wp-block-heading">Musical Reality</h3>



<p>That Erivo is a gifted singer-songwriter is also undeniable. Stand Up, which she co-wrote and performed for the film’s credits, resonated with audiences worldwide. “Music is an intrinsic part of who I am; it’s my means of expression,” she says, underscoring her artistic drive.</p>



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<p>Her career has flourished further through her recent venture into the musical fantasy realm. Alongside Ariana Grande, she heads the celebrated cast of Wicked, a two-film adaptation of the iconic musical; the first instalment hit cinemas in November 2024, with Wicked Part Two scheduled for release late this year. She embodies the complex character of Elphaba, who is often seen as emblematic of the quest for self-discovery and empowerment. “Elphaba’s story is about embracing who you are, flaws and all,” she shares, echoing her own path in the industry.</p>



<h3 class="wp-block-heading">Love in the Face of Hate</h3>



<p>Beyond her professional accomplishments, Erivo’s personal life has become a topic of interest. A proud member of the queer community, she openly identifies as bisexual. “It’s essential for me to live my truth,” she asserts, taking to heart the multitude of identities she navigates.</p>



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<p>She is currently in a relationship with US actress and producer Lena Waithe, and it is a partnership is built on mutual support and understanding. She underlines the importance of love and authenticity in one’s life: “No matter the challenges you face, love should always be unfiltered, raw and honest.”</p>
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<p>Through her platform, she advocates representation and creates spaces for marginalised voices in the arts. “In a world that often silences marginalised stories, it’s crucial that we raise our voices and share our truths,” she says.</p>



<h3 class="wp-block-heading">Embracing the Light</h3>



<p>Erivo’s journey is a compelling tapestry woven from her identities as a queer individual and a Roman Catholic, both of which shape her understanding of love and faith. She eloquently expresses her belief that “God makes people as they’re meant to be”, challenging the narrow interpretations of faith that some individuals might impose.</p>



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<p>“The rules for themselves that people put upon others have nothing to do with me and my faith,” she asserts. “Faith is so big – so much bigger than set rules.” For her, religion is not about stringent doctrines; it encompasses an expansive understanding of love and compassion.</p>



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<p>Erivo firmly states the fundamental principle of her beliefs: “The main rule that we’re all supposed to follow is to love one another as you would love yourself.” This guiding tenet informs her actions and relationships, prompting her to cultivate kindness and empathy. She concludes: “If those are the things I’m following, then I think I’m following my faith.”</p>



<h3 class="wp-block-heading">Legacy Beyond Performing</h3>



<p>In embracing both her queerness and Catholicism, she not only navigates her own identity but also illuminates a path for others, inviting everyone to reflect on their own capacity for love and acceptance.</p>



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<p>She emphasises the importance of growth and adaptation too, reflecting that “as time changes, we are also meant to change”. This perspective resonates deeply with her role in Wicked, where Elphaba’s journey symbolises a struggle against societal rejection and the quest for true belonging.</p>


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<p>The actor and singer’s influence extends beyond her performances; she is also passionate about providing opportunities for emerging artists. Recently appointed as Vice-president of Rada, she sees this role as a chance to shape the future of theatre. “I feel a responsibility to uplift others and share the wisdom I’ve gained throughout my journey,” she notes.</p>



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<p>Through her production company – named Edith’s Daughter in homage to her mother – Erivo is committed to developing inclusive projects that empower underrepresented communities. “I often think about how my mother fought for her voice to be heard. It’s a legacy I intend to honour through my work,” she reveals.</p>



<h3 class="wp-block-heading">Defying Gravity</h3>



<p>In a field that values uniformity, she is tearing down barriers and defying expectations. She carries with her the dreams of many who came before her and will emerge after as she plays Elphaba in Wicked, a project that speaks to her own identity and struggle. “Above all else, I want my story to inspire others to embrace their uniqueness and defy gravity,” she says.</p>


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<p>Cynthia Erivo turns every position, every endeavour and every personal obstacle into a chance for development and transformation because of her genuineness, inventiveness and unshakable dedication to her work. Truly, she is more than just an actor and singer. An Academy Award winner this year? That would be wicked – and well deserved.</p>


Witch Way Up: The multiple talents of Wicked star Cynthia Erivo have a growing legion of admirers spellbound


<p>Hong Kong undoubtedly potted a maximum break when snooker great Ronnie O’Sullivan was lured to these shores under the Quality Migrant Admission Scheme. Having the English professional declare himself a Hong Kong resident, heralding its many charms and advantages, was a major coup for a city which has undergone difficult times of late.</p>



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<p>It appears the love affair is mutual, with Secretary for Labour and Welfare Chris Sun Yuk-han offering words of admiration for the seven-time world champion who was attracted by Hong Kong’s lifestyle, closeness to the mainland and low taxes. His arrival is part of a drive by the government to entice people with the skills and talents – and in some cases capital – urgently required by the city. A slew of new initiatives is aiming to bring in these exceptional human resources.</p>


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<p>“Seeing a global sports star like O’Sullivan here not only delights fans but also highlights Hong Kong’s reputation as a world stage, capable of hosting and appreciating excellence in all forms,” says Juan Pierre Dorfling, Gough Recruitment’s Managing Director for Asia.</p>



<h3 class="wp-block-heading">Hong Kong’s most wanted</h3>



<p>Dorfling believes O’Sullivan’s residency sets a perfect example for talented individuals around the globe, no matter their field, to envisage Hong Kong as a place where they can shine. These kinds of subliminal messages are important for anyone involved in inducing holders of sought-after skills to settle in the city since the demand for such people seems only set to rise.</p>



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<p>Deutsche Bank recently stressed the pressing need for an influx of talent as the financial market picks up and cross-border activity accelerates, and a CPA Australia survey last autumn indicated 63 per cent of executives, accountants and finance professionals expected growth in their companies over the coming year. “Broadly speaking, demand is surging for professionals with expertise in cutting-edge technology, sustainable finance, wealth management and advanced healthcare services,” says Dorfling.</p>



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<p>Hong Kong’s aspirations to be Asia’s leading fintech hub will require not only top-notch software developers and data scientists but also professionals versed in compliance, cybersecurity and global regulatory frameworks, Dorfling indicates. “The burgeoning green finance sector is another [in need of talent]. Hong Kong’s position as a major capital market is driving demand for people who can structure green bonds, advise on ESG investing, and navigate complex carbon-trading mechanisms,” he adds.</p>


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<p>The recruitment expert says there is an urgent need for talent that can connect local enterprise with international standards of excellence in these rapidly evolving fields. International lawyers, accountants and corporate strategists who understand both Asia-Pacific market dynamics and global best practices are also crucial.</p>



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<p>Ultimately, steady inflows of world-class banking and finance professionals will be required to maintain Hong Kong’s position as a world-class finance centre. These include individuals who can navigate the complexities of mainland China’s markets, spearhead sophisticated investment strategies, and handle cross-border transactions with agility and compliance.</p>



<h3 class="wp-block-heading">Thinning pipeline</h3>



<p>Despite this undoubted demand, there remains a significant shortage of talent. According to the Hong Kong Institute of Human Resource Management, nearly 70 per cent of employers have reported difficulties filling specialised roles, particularly in emerging technology and professional services. Over the past few years, various international reports and corporate surveys have indicated a thinning pipeline of talent in Asia’s major financial hubs.</p>



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<p>“Hong Kong, despite its many advantages, hasn’t been immune,” says Dorfling, indicating there is a mismatch between current skill sets in the city and the capabilities the market requires to remain globally competitive. “This shortage isn’t crippling, but it’s definitely a headwind – one that Hong Kong needs to address proactively to maintain its leadership status.”</p>


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<p>He notes that better training of local professionals in areas such as programming languages used in algorithmic trading, or leveraging artificial intelligence to improve investment strategies, could help plug the gap. Another area of concern is locating digital marketing experts who can fuse analytics with creative strategies to target China’s evolving consumer base.</p>



<h3 class="wp-block-heading">Perception problem</h3>



<p>One talented finance professional who has taken the plunge to settle in Hong Kong is Harry Bethwaite, an Investment Associate at Capital Union Investments. The Australian, a frequent traveller to the SAR for a decade, made his stay permanent in 2023 when a career opportunity arose. “Hong Kong provides a great lifestyle, easy access to the rest of Asia, competitive tax rates and an incredible blend of East-meets-West culture,” he says. “Singapore offers this to a certain degree and is catching up in many senses, but still isn’t quite to the [same] level.”</p>



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<p>Though Bethwaite elected Hong Kong over Singapore, he does concede that it has issues to overcome, in particular negative perception overseas. “I think Hong Kong currently has a marketing issue. I vividly remember reading an article before arriving in Hong Kong with the headline ‘The expat exodus,’” he recalls.</p>



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<p>Reading about thousands of expatriates who had left Hong Kong due to their experiences during the pandemic and their uncertainty about the changing landscape did prompt some initial misgivings about his decision to move here. “You rarely see any positive news abroad about Hong Kong, and without it, it’s genuinely hard to envision how life is here on a day-to-day basis or the benefits of the city,” he says.</p>



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<p>According to Bethwaite, a common error made when weighing up the merits of a potential home is to judge it on a standalone basis rather than in comparison with other locales. “From my perspective when I decided to move to Hong Kong, I thought the benefits Asia offers in terms of growth opportunities, culture, cost of living and safety outweigh the likes of London and New York,” he explains.</p>



<h3 class="wp-block-heading">Improving liveability</h3>



<p>Other professionals may be deterred by the high cost of housing or the intense work culture. Political commentator Alice Wu recently opined that the government should offer greater support to new arrivals in its attempts to plug the brain drain.</p>


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<p>“Hong Kong’s government and business community are acutely aware of these issues and are actively working to address them ¬– through housing initiatives, improving the liveability quotient, and reinforcing Hong Kong’s position as a stable, globally connected city,” says Dorfling, who foresees a renewed interest in professionals relocating to Hong Kong.</p>



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<p>Hong Kong’s leadership is actively implementing programmes and policies – such as the Top Talent Pass Scheme and enhanced visa policies – to simplify the relocation process.</p>



<h3 class="wp-block-heading">Diversity necessity</h3>



<p>For Dorfling, the stakes are high – and multi-faceted – for Hong Kong’s future as a thriving and diverse international city. “Hong Kong’s capacity to attract and retain top talent isn’t just an economic imperative – it’s also a cultural one,” he states. “By drawing in professionals from all corners of the globe, Hong Kong enriches its cultural tapestry, keeps its business environment fertile, and positions itself as a catalyst for cross-pollination of ideas.”</p>



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<p>Overseas talent serves to maintain and strengthen Hong Kong’s unique position in the world economy and bolster its standing as a truly international city – “one that can meet the evolving demands of an increasingly knowledge-based economy while offering a cosmopolitan lifestyle that reflects its East-meets-West heritage,” he says.</p>


Moving Targets: Upping the drive for quality migrants is right on cue to ensure our world-city status


<p>A recent report presents a mixed picture of the spending habits of the ultra-wealthy on art, and the state of the art market. In gloomy news for sellers, it found that high-net-worth individuals (HNWIs) reduced their average expenditure on art by almost a third last year and the share of their wealth portfolio devoted to art has dwindled. Yet analysts – including the report’s author – still point to the market’s underlying health, which will please those looking to buy art as an asset in the year ahead.</p>



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<p>Authored by Clare McAndrew of Arts Economics, the Art Basel and UBS Survey of Global Collecting 2024 acts as a microscope on the long-term dynamics of the art market. Last year’s 32% reduction in art spending by HNWIs reversed a recent trend of resilience up to 2023. Global art market sales fell to US$65 billion after two years of consecutive growth. This comes on the back of an earlier Art Basel/UBS report pointing to a cautious buying environment.</p>


<div class="wp-block-image">
<figure class="aligncenter is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/12/張大千　秋山夕照Zhang-Daqian-Autumn-Mountains-in-Twilight-547x1024.jpg" alt="" class="wp-image-84932" width="274" height="512" srcset="https://www.gafencushop.com/wp-content/uploads/2024/12/張大千　秋山夕照Zhang-Daqian-Autumn-Mountains-in-Twilight-547x1024.jpg 547w, https://www.gafencushop.com/wp-content/uploads/2024/12/張大千　秋山夕照Zhang-Daqian-Autumn-Mountains-in-Twilight-768x1438.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/12/張大千　秋山夕照Zhang-Daqian-Autumn-Mountains-in-Twilight-820x1536.jpg 820w, https://www.gafencushop.com/wp-content/uploads/2024/12/張大千　秋山夕照Zhang-Daqian-Autumn-Mountains-in-Twilight-1093x2048.jpg 1093w, https://www.gafencushop.com/wp-content/uploads/2024/12/張大千　秋山夕照Zhang-Daqian-Autumn-Mountains-in-Twilight-200x375.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/12/張大千　秋山夕照Zhang-Daqian-Autumn-Mountains-in-Twilight-800x1498.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2024/12/張大千　秋山夕照Zhang-Daqian-Autumn-Mountains-in-Twilight-scaled.jpg 1367w" sizes="(max-width: 274px) 100vw, 274px" /><figcaption class="wp-element-caption"><em>Autumn Mountains in Twilight </em>by Zhang Daqian     US$25.6 million</figcaption></figure></div>


<p>Yet, according to McAndrew, these aggregate figures hide a healthy base that is underpinning the art market as a whole. While citing “the very thin number of works over US$10 million, which have really contracted in terms of supply” as a dampener, she suggests that other parts of the market, especially at the lower end, are faring well.</p>



<h3 class="wp-block-heading">High-end stall</h3>



<p>She explains that the high end of the market is driven by the vendors and whether or not they perceive it as a good time to sell. Their decision to withhold big-ticket items from the market will be influenced by the likes of economic uncertainty and geopolitical factors including major wars and conflicts. It is a very perception-driven market, partly due to a lack of transparency in some sectors. “Dealers at fairs know it is a tough time at the higher end, so they tend to bring the things they know will sell – it becomes a little bit of a cycle that way,” notes the respected cultural economist.</p>



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<p>SVN Capital CEO Stefan Terry, who advises on all aspects of art investing, concurs that these potentially worrying figures are skewed by sales and “statistically difficult-to-read” transactions at the top end of the market, thus do not constitute a health check for the whole market. He also attributes the reduction in spending by the ultra-wealthy last year to fewer masterpieces being offered for sale.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/12/65470084-rs-sz-7Sep_JPEG-large_p-1024x627.jpg" alt="" class="wp-image-84927" width="512" height="314" srcset="https://www.gafencushop.com/wp-content/uploads/2024/12/65470084-rs-sz-7Sep_JPEG-large_p-1024x627.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/12/65470084-rs-sz-7Sep_JPEG-large_p-457x280.jpg 457w, https://www.gafencushop.com/wp-content/uploads/2024/12/65470084-rs-sz-7Sep_JPEG-large_p-768x471.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/12/65470084-rs-sz-7Sep_JPEG-large_p-1536x941.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/12/65470084-rs-sz-7Sep_JPEG-large_p-2048x1255.jpg 2048w, https://www.gafencushop.com/wp-content/uploads/2024/12/65470084-rs-sz-7Sep_JPEG-large_p-200x123.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/12/65470084-rs-sz-7Sep_JPEG-large_p-800x490.jpg 800w" sizes="(max-width: 512px) 100vw, 512px" /><figcaption class="wp-element-caption"><em>Femme nue sur un tapis (Nude on Tapestry)</em> by Sanyu     US$24 million</figcaption></figure></div>


<p>“It’s important to look at the nuances of the market, which reveal a more positive outlook,” he says. “Though the millennial market has been more cautious recently, Gen X appears to be maintaining a high level of demand for art. The same is true of buyers more generally in Asia-Pacific, where the market continues to demonstrate robust health.”</p>



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<p>Terry also alludes to the fact – as noted in the report – that HNWIs in mainland China racked up the highest expenditure on art and antiques in 2023 and the first half 2024 compared to other countries.</p>



<h3 class="wp-block-heading">Art share fall</h3>



<p>The report highlighted a fall for the second successive year in the allocation of art within HNWIs’ portfolios. It now accounts for 15% of their wealth, down from 19% in 2023, and 24% in 2022.</p>



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<p>Terry, though, remains bullish, pointing out that more than 85% of HNWIs surveyed felt art was a relatively safe investment compared to other traditional assets. He also notes that institutions have poured money into making alternative assets more appealing, and only time will tell if this is a long-term trend. “Whilst art has been transacted with the help of dealers and auction houses for hundreds of years, many of these [newer] assets are yet to prove their market depth and liquidity condition,” he says.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-9-KEES-VAN-DONGEN-1877-1968-La-Quietude_p-1024x801.jpg" alt="" class="wp-image-84930" width="512" height="401" srcset="https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-9-KEES-VAN-DONGEN-1877-1968-La-Quietude_p-1024x801.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-9-KEES-VAN-DONGEN-1877-1968-La-Quietude_p-358x280.jpg 358w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-9-KEES-VAN-DONGEN-1877-1968-La-Quietude_p-768x601.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-9-KEES-VAN-DONGEN-1877-1968-La-Quietude_p-1536x1202.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-9-KEES-VAN-DONGEN-1877-1968-La-Quietude_p-2048x1602.jpg 2048w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-9-KEES-VAN-DONGEN-1877-1968-La-Quietude_p-200x156.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-9-KEES-VAN-DONGEN-1877-1968-La-Quietude_p-800x626.jpg 800w" sizes="(max-width: 512px) 100vw, 512px" /><figcaption class="wp-element-caption"><em>La Quiétude</em> by Kees van Dongen     HK$102.3 million</figcaption></figure></div>


<p>McAndrew expressed surprise at the decline in the proportion of art in wealth portfolios, given that art is tangible and real and is generally considered a stable investment. She feels some buyers, especially in the US, may have been impacted by higher interest rates in the past few years – according to a previous report, more than 40% of HNWIs utilised lending or credit when purchasing art for their collections. “They were leveraging different parts of their wealth portfolios and they used artworks either as collateral for lending, or they used lending to purchase artwork,” she says.</p>



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<p>She also emphasised that art is a relatively illiquid asset, and as the opportunity costs of holding it increase, people may seek an investment that can be more easily liquidated.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/12/On-the-Beach_pp-1024x798.jpeg" alt="" class="wp-image-84935" width="512" height="399" srcset="https://www.gafencushop.com/wp-content/uploads/2024/12/On-the-Beach_pp-1024x798.jpeg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/12/On-the-Beach_pp-359x280.jpeg 359w, https://www.gafencushop.com/wp-content/uploads/2024/12/On-the-Beach_pp-768x599.jpeg 768w, https://www.gafencushop.com/wp-content/uploads/2024/12/On-the-Beach_pp-1536x1197.jpeg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/12/On-the-Beach_pp-2048x1596.jpeg 2048w, https://www.gafencushop.com/wp-content/uploads/2024/12/On-the-Beach_pp-200x156.jpeg 200w, https://www.gafencushop.com/wp-content/uploads/2024/12/On-the-Beach_pp-800x624.jpeg 800w" sizes="(max-width: 512px) 100vw, 512px" /><figcaption class="wp-element-caption"><em>On the Beach</em> by Marsden Hartley     US$1,865,000</figcaption></figure></div>


<p>The status-signalling aspect of buying art could be another bearish factor at play in some parts of the world. As noted during the 2007-2008 global financial crisis, purchasing high-end art may have lost its appeal for some. “If it is not perceived as a cool time to be flashing the cash, as it were, then some of the social aspects that motivate people to collect art become less of a driver, and they may hold off and wait till things pick up,” explains McAndrew.</p>



<h3 class="wp-block-heading">Framing the positive</h3>



<p>The report did highlight some positive trends that reflect well on the state of the art market. For instance, over half the spending (52%) of HNWIs was placed on new and emerging artists and the vast majority also purchased from new galleries last year. Collectors are attending more exhibitions and events than they did pre-Covid, and the survey suggests the overall volume and transactions of art sales are increasing.</p>



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<p>“This is a sign of strong resilience in the market: at a time of global uncertainty, collectors remain committed to broadening their horizons and are allocating budget to buying outside of their comfort zones,” says Terry.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-6_MICHAEL-SWEERTS_The-Artists-Studio-with-a-Seamstress_p-1024x757.jpg" alt="" class="wp-image-84929" width="512" height="379" srcset="https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-6_MICHAEL-SWEERTS_The-Artists-Studio-with-a-Seamstress_p-1024x757.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-6_MICHAEL-SWEERTS_The-Artists-Studio-with-a-Seamstress_p-379x280.jpg 379w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-6_MICHAEL-SWEERTS_The-Artists-Studio-with-a-Seamstress_p-768x568.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-6_MICHAEL-SWEERTS_The-Artists-Studio-with-a-Seamstress_p-1536x1135.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-6_MICHAEL-SWEERTS_The-Artists-Studio-with-a-Seamstress_p-2048x1513.jpg 2048w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-6_MICHAEL-SWEERTS_The-Artists-Studio-with-a-Seamstress_p-200x148.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/12/Lot-6_MICHAEL-SWEERTS_The-Artists-Studio-with-a-Seamstress_p-800x591.jpg 800w" sizes="(max-width: 512px) 100vw, 512px" /><figcaption class="wp-element-caption"><em>The Artist’s Studio with a Seamstress</em> by Michael Sweerts     US$$16.02 million</figcaption></figure></div>


<p>Another strengthening trend is the growth of online sales of artwork, a change in buying patterns which has continued from the pandemic. McAndrew believes many wealthy art buyers now prefer to do a transaction themselves at home sitting at a desk, even if they have seen the work in person. This means that galleries have to focus on both their live exhibitions and their digital programmes. Some analysts also point to latent demand in the online art sector that has yet to be filled.</p>



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<p>The market could be energised in the future by the fact that US billionaires are expected to transfer some US$6 trillion in wealth and assets to heirs and charities over the next 20 to 30 years – which will include huge art collections covering contemporary and modern artists. “Whether the recipients choose to keep or sell the artworks among these assets will have big implications for future average spending [on art],” says Terry.</p>



<h3 class="wp-block-heading">Investor opportunities</h3>



<p>Garth Grierson, founder and CEO of Hong Kong-headquartered Art Curators Hub, which connects artists with buyers, believes that Covid prompted a reset in the art market and sellers have not come to terms with the fact that many works cannot be valued against past auction records. “Prices must be set at more realistic levels, then art will begin to sell more easily,” he says.</p>



<p>“Confidence will rise and prices will climb once more.”</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/12/Durga1-1024x858.jpg" alt="" class="wp-image-84928" width="512" height="429" srcset="https://www.gafencushop.com/wp-content/uploads/2024/12/Durga1-1024x858.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/12/Durga1-334x280.jpg 334w, https://www.gafencushop.com/wp-content/uploads/2024/12/Durga1-768x643.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/12/Durga1-1536x1287.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/12/Durga1-2048x1716.jpg 2048w, https://www.gafencushop.com/wp-content/uploads/2024/12/Durga1-200x168.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/12/Durga1-800x670.jpg 800w" sizes="(max-width: 512px) 100vw, 512px" /><figcaption class="wp-element-caption"><em>Untitled (Durga) </em>by Manjit Bawa     US$1.98 million</figcaption></figure></div>


<p>Grierson sees the current situation as ideal for the acquisition of some very well-priced art, and given the reduction in the number of buyers at the high end of the market, the chance to procure excellent investment pieces. He also notes that strong Chinese demand is driven by investors deciding to put money into art and antiques rather than stocks and shares.</p>



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<p>Wealth manager Kenny Ho, founder and Managing Partner of Carret Private, highlights a recent rise in buyer interest in art as the ultra-wealthy who have made huge gains in US equities look for bargains. He notes, however, that many clients remain invested in the more liquid equity markets, where returns continue to be strong following Donald Trump’s victory in the US presidential election.</p>



<h3 class="wp-block-heading">Hong Kong hub</h3>



<p>A key finding of the 2024 Survey of Global Collecting was Hong Kong’s continued strong demand for art imports. McAndrew believes the city ticks all the boxes as an important art trade hub: a wealthy population, a comprehensive art infrastructure embracing galleries, fairs and artists, and a positive regulatory environment.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/12/Mornington-Crescent_Frank-Auerbach-1024x704.jpg" alt="" class="wp-image-84931" width="512" height="352" srcset="https://www.gafencushop.com/wp-content/uploads/2024/12/Mornington-Crescent_Frank-Auerbach-1024x704.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/12/Mornington-Crescent_Frank-Auerbach-407x280.jpg 407w, https://www.gafencushop.com/wp-content/uploads/2024/12/Mornington-Crescent_Frank-Auerbach-768x528.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/12/Mornington-Crescent_Frank-Auerbach-1536x1056.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/12/Mornington-Crescent_Frank-Auerbach-200x137.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/12/Mornington-Crescent_Frank-Auerbach-800x550.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2024/12/Mornington-Crescent_Frank-Auerbach.jpg 1830w" sizes="(max-width: 512px) 100vw, 512px" /><figcaption class="wp-element-caption"><em>Mornington Crescent </em>by Frank Auerbach     HK$55 million</figcaption></figure></div>


<p>“Art is a global market which we all know is cyclical,” says Elaine Holt, Chairman of Modern and Contemporary Art at Sotheby’s Asia. She noted a surge in new clients during their recent sales season in Hong Kong, as well as solid results in other centres, and eagerly anticipates the return of Art Basel Hong Kong in the spring: “This is one of the most exciting weeks for the art world, and this city, as collectors descend from all around the globe.”</p>


State of the art: Amid a waning appetite for artworks as assets by the rich, the market still draws investors’ confidence 


<p>Ah, Christmas! The time of year when we trade our work clothes for cosy pyjamas, throw on a ridiculous holiday sweater, and crank up the Mariah Carey playlist to levels that could wake (and annoy) the neighbours. For many, it’s a glorious mélange of twinkling lights, sugar cookies and warm memories – a magical season steeped in traditions both old and new. But what does this holiday really mean in our rapidly changing world, where technology and geographical differences challenge the way we celebrate?</p>



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<p>Gone are the days when everyone could gather in a single living room stuffing down a turkey feast while wearing matching party hats and exchanging clashing opinions about what constitutes the best holiday movie. Nowadays, our beloved family members might be convening via Zoom from halfway around the globe, often with the unfortunate candle-scented ‘Home for the Holidays’ backdrop on their screen. Yes, we live in modernity, but that doesn’t mean that the heartwarming spirit of Christmas is lost; it just takes on different shades.</p>



<h3 class="wp-block-heading">Mixed Bag of Merry</h3>



<p>Once upon a time, long before smartphones could remind you where to buy gifts (not that we’re complaining), families would unite to craft salt-dough ornaments while engaging in spirited debates about whether Die Hard qualifies as a Christmas film. Fast forward to now: with a few swifts taps, families separated by thousands of miles can video call from the comfort of their couches and witness toddlers gleefully tearing through wrapping paper. It’s technology’s silver lining!</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-1-1024x702.jpg" alt="" class="wp-image-84826" width="768" height="527" srcset="https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-1-1024x702.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-1-408x280.jpg 408w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-1-768x527.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-1-1536x1053.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-1-200x137.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-1-800x549.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-1.jpg 1985w" sizes="(max-width: 768px) 100vw, 768px" /></figure></div>


<p>Sadly, some irreplaceable traditions, like the smell of freshly baked gingerbread men wafting through the house, or singing carols in harmony (or disharmony, depending on the vocal talents involved), or the many Christmas specials lined up by TVB and ATV, have dissolved into fleeting memories overshadowed by the glow of a smartphone screen. How about sitting down together to scour those dusty photo albums? Now they’re replaced by scrolling through a digital gallery while occasionally muttering, “Well, at least we’re all present… virtually.”</p>



<h3 class="wp-block-heading">A Bit Pricy for the Inner Child</h3>



<p>On the flip side, for those navigating the holiday season alone, Christmas can morph into a DIY project for wellness. Some folks cope with the void by bringing a little of their inner child to the forefront, definitely under the influence of annual holiday sentimentality.</p>



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<p>Window shopping shifts seamlessly from indulgence to therapy. It’s not unusual to find adults buying the toys they once longed for, tucking little treasures away for moments when they need a quick dose of joy. The Harry Potter wand, the Pokémon collectibles that shimmer suggestively of lost innocence – there’s a certain charm to buying your inner child a present. Spoiler alert: it’s less about nostalgia and more about embracing the spirit of playfulness that we sometimes bury under the weight of adult responsibility.</p>



<h3 class="wp-block-heading">From Our Hearts to the World</h3>



<p>What’s remarkable is how the holiday is often less about what we take and more about what we give. We can choose to celebrate Christmas by volunteering at an orphanage or donating to an NGO, wrapping gifts not only in recycled paper but also in love and care. The sheer delight in the eyes of a child receiving their first well-deserved toy can illuminate a path toward a purpose-driven holiday.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-2-1024x699.jpg" alt="" class="wp-image-84827" width="768" height="524" srcset="https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-2-1024x699.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-2-410x280.jpg 410w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-2-768x524.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-2-1536x1048.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-2-200x136.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-2-800x546.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-2.jpg 2024w" sizes="(max-width: 768px) 100vw, 768px" /></figure></div>


<p>In these moments, generosity can take root, reminding us that our humanity flourishes when we extend kindness to those who may not have a jolly elf as their Santa. In channelling the warmth of helping others, we create Christmas memories that bond us across generations.</p>



<h3 class="wp-block-heading">Family Time Highs and Woes</h3>



<p>For the lucky ones, celebrating Christmas with family feels like a favourite movie scene – except when sibling squabbles turn into competitive charades, cancelling out any semblance of peace on Earth. Bragging rights are always the top prize, of course. However, in the end, these chaotic moments become the core memories that stick with us, the tales of family togetherness that age like fine wine.</p>



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<p>As we gather around the dinner table, raising our glasses in muzzled camaraderie and laughter, we honour all those who shaped our traditions, including those who’ve joined the choir invisible – forever held in our hearts. It’s important to acknowledge those who might not be with us this season. Every ornament hung on the tree may carry a memory of a loved one who has passed, a friend who has drifted out of touch, or even a family member swallowed up by an unforgiving work schedule. Absence can echo loudly in our celebrations, but in a way it binds us closer to the true spirit of the season.</p>



<h3 class="wp-block-heading">Embracing The Here and Now</h3>



<p>If there’s one thing we’ve all learned from the whirlwind of modern existence, it’s that time, like an errant Christmas bauble, can sometimes feel like it’s rolling down the street instead of hanging from the tree. Between busy schedules and invasive technology vying for our attention, the importance of living in the moment with the younger family members cannot be overstated. These fleeting moments become the core memories that shape who they become – and our own legacy.</p>


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<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-4-1024x703.jpg" alt="" class="wp-image-84829" width="768" height="527" srcset="https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-4-1024x703.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-4-408x280.jpg 408w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-4-768x527.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-4-1536x1054.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-4-2048x1406.jpg 2048w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-4-200x137.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-4-800x549.jpg 800w" sizes="(max-width: 768px) 100vw, 768px" /></figure></div>


<p>So how do we revitalise those traditions while infusing a bit of contemporary flair? First, gather the kiddos and have a holiday film festival – who doesn’t love a good binge-watch of Home Alone 1 and 2 (3 can be filed away under ‘unmentionable’)? This exercise not only preserves the cinematic magic of our youth, but also creates a space for laughter, togetherness and the occasional cheeky commentary on Kevin McCallister’s antics.</p>



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<p>And for Christians, let’s not forget the centrepiece of Christmas – celebrating the birth of Jesus. Walk the line between reverence and revelry by incorporating traditions that emphasise gratitude and appreciation for our loved ones. Why not recreate the legend of the Three Wise Men with your own family members pretending to be the benevolent gift bearers? Present your quirky gifts with loving zeal, as you all share in a feast of appreciation (and a ridiculous amount of food).</p>


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<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-3-660x1024.jpg" alt="" class="wp-image-84828" width="330" height="512" srcset="https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-3-660x1024.jpg 660w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-3-180x280.jpg 180w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-3-768x1192.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-3-990x1536.jpg 990w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-3-200x310.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-3-800x1242.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2024/12/ILLUSTRATION-3.jpg 1114w" sizes="(max-width: 330px) 100vw, 330px" /></figure></div>


<p>Close to home, Filipino Christmas traditions are a delightful blend of joy, family, and a dash of humor, making it one of the most special celebrations in the world. It all kicks off in September, when the “-ber” months begin. Yes, you heard that right—September! While the rest of the world is still savoring their summer barbecues, Filipinos are already decking the halls and blasting Christmas carols. It’s the longest Christmas season ever, and everyone jokes that by the time December rolls around, you might as well be planning your New Year’s resolutions!.</p>



<h3 class="wp-block-heading">Wrapped with a Bow</h3>



<p>So whatever way you choose to celebrate – whether with family across the globe, alone basking in a sea of soft toys and takeout, or giving back with your heart – remember that Christmas is an occasion to cherish those moments of connection and gratitude.</p>



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<p>The holiday is ultimately about creating a vibrant legacy through the acts of kindness and love we share with those who matter most. As we gather around our trees, both real and virtual, let’s make memories that will warm our hearts for a lifetime to come. After all, the best way to cherish this season is to live in the moment, letting the love flow – one ornament, one gift, and one laugh at a time.</p>



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<p>Merry Christmas, one and all!</p>


Jingle All The Way: Christmas presents many faces in the modern world, but its true spirit can still be unwrapped


<p>The advantages accrued to the United States by its dollar being the world’s leading safe-haven asset are legion and ultimately help succour American power. Indeed, the US dollar’s status as the predominant reserve currency is known as the ‘exorbitant privilege’, enabling the country to borrow a lot of money relatively cheaply.</p>



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<p>Though economists and historians may argue about how long this privileged position may last in a rapidly changing world, there is less dispute over the numerous benefits it brings to the US economy, businessaes and consumers. Enzio von Pfeil, a prominent financial commentor in Hong Kong, cites the US Treasury’s ability to issue as much debt as it wants as a key bonus, as well as the elimination of transaction costs. “All of America’s international transactions are done via her own US dollar, thus obviating any foreign exchange risk as well as foreign exchange conversion costs,” he says.</p>



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<p>US government debt is also cheaper than that issued by non-reserve currencies. “Most reserves are held in US Treasury bills and bonds. Thus, strong global demand for USD Treasuries means that their yields are low,” explains von Pfeil, highlighting how the government can infinitely fund its federal debt at very low rates.</p>



<h3 class="wp-block-heading">Financial gains</h3>



<p>Other financial advantages derive from the depth of the dollar-dominated global payments system – all global US dollar transactions are easily processed via Swift (the interbank financial telecommunications network) – and the US dollar’s broad acceptance. American consumers also benefit from the willingness of countries to hold the US dollar as part of their reserves portfolio since this cushions their exchange rate.</p>



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<p>As Professor Kent Matthews of Cardiff Business School in the United Kingdom outlines, short-term inflows and outflows are absorbed by the global currency markets without much change in the price of the dollar. “This means that the dollar exchange rate has a marginally higher value relative to other currencies. This is the dollar premium,” he says.</p>



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<p>There are political advantages, too. “Owning the world’s predominant currency, the Americans can weaponise it by freezing another nation’s dollar assets, denying other nations any access to the dollar, or blocking their access to Swift,” notes von Pfeil.</p>



<h3 class="wp-block-heading">Historical fluctuations</h3>



<p>However, having a powerful global currency can also be a curse. “The yen and the pre-euro Deutschmark resisted attempts by the global market to make them larger internationalised currencies because upward pressure on their respective exchange rates would hurt their exporters,” explains Matthews of Japan and Germany’s export-led economies.</p>



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<p>While any credible challenge to US dollar supremacy remains a subject of speculation, the same was once said of the British pound, which had prevailed for a century in the Pax Britannica period prior to the First World War (1914-1918). “Sterling lost its dominance because the immutability of its value was lost as it was weakened after the First World War. Its net foreign asset position declined dramatically after this war, and fell to zero after the Second World War,” says Matthews.</p>



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<p>“It was losing in terms of trade dominance and capital dominance. At the same time there was a credible alternative,” he adds, referring to the eventual succession of the US dollar.</p>



<h3 class="wp-block-heading">Dollar supremacy</h3>



<p>Jean-Marie Mercadal, CEO of Hong Kong-headquartered Syncicap Asset Management, points out that the supreme strength of the dollar as the international currency of reference is justified in several respects – including that the US is the world’s largest economy with more than 25% of global GDP; US equities account for nearly 65% of international equity indices; it is the greatest military power; US soft power is strong, culturally and technologically; and the dollar is accepted everywhere.</p>



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<p>This all-powerful position of American economic and political dominance is echoed in financial statistics cited by von Pfeil: “88% of foreign exchange trades involve US dollars; 80% of all foreign trade is conducted in US dollars, and about 60% of all foreign currency reserves consist of US dollars.”</p>


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<p>At this stage, von Pfeil sees no real prospect of the dollar being usurped; the euro, the world’s second most important currency, commands just 20% of global total reserves. He also notes that any moves to create a Brics – the Brazil, Russia, India and China-founded international organisation – digital currency or gold-backed stablecoin are still in their embryonic stages, plus such initiatives could be derailed by internal competition between its member states.</p>



<h3 class="wp-block-heading">Rise of the renminbi?</h3>



<p>The renminbi, von Pfeil believes, is not ready to be a contender. “The yuan is a controlled currency, meaning that the RMB is neither freely convertible nor tradeable,” he says, also pointing to a dwindling share of renminbi global forex reserves since 2022. Furthermore, there is no legal framework for global renminbi transactions on the scale, or with the depth, of Swift.</p>



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<p>According to Matthews, Beijing’s tight control of fund flows under its capital account is the standout hurdling block to the yuan becoming the dominant currency. He acknowledges that “the renminbi is a threat to the dominance of the dollar” but only in the long term in the event of further relaxation of flow restrictions.</p>



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<p>Other financial experts are more bullish about the currency of the world’s second-largest economy, and highlight that the US dollar is beginning to face competition from the renminbi. In March last year, the latter overtook the dollar to become the ascendant currency in China’s own cross-border payments, according to China’s State Administration of Foreign Exchange. “China now exports more than 50% to other emerging countries that can be paid in renminbi that they get in return for their sales of raw materials,” says Mercadal. “Saudi Arabia, for example, sells oil to China and buys high value-added manufacturing goods in return, such as solar panels.”</p>



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<p>He sees great significance in such transactions, noting that compared to 20 years ago China now has a wealth of high-quality manufactured products to trade, attracting countries that can pay with commodities or agricultural goods.</p>



<h3 class="wp-block-heading">Risks and rewards</h3>



<p>Despite this, the ability to settle trades in renminbi alone is unlikely to boost its use, according to Sam Kima, Senior Vice-President of bullion services provider First Gold. He points out that the volume of such trades depends on exporters’ willingness to accept the currency for payment, which in turn depends on their ability to use the yuan accrued.</p>


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<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-1024x885.jpg" alt="" class="wp-image-83886" width="512" height="443" srcset="https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-1024x885.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-324x280.jpg 324w, https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-768x664.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-200x173.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog-800x691.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2024/11/Chart-2-Dollar-Dominance-Recedes-Blog.jpg 1430w" sizes="(max-width: 512px) 100vw, 512px" /></figure></div>


<p>“As the renminbi is not broadly used in international trade and finance, there are relatively few outlets to spend these proceeds. Cumulating the inflow would therefore incur substantial costs and raise currency risks,” he says. “The yuan may gain ground through bilateral agreements and economic growth, but the dollar’s established trust, transparency and stability give it a significant advantage.</p>



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<p>“Furthermore, the US political system, despite its complexities, provides a stable and predictable environment for investors. The rule of law, property rights and institutional stability in the US create a favourable climate for the dollar to remain the preferred reserve currency.”</p>



<h3 class="wp-block-heading">Money as a weapon</h3>



<p>Perversely, any real threat to the US dollar could be as a result of its strength. Von Pfeil explains: “Weaponisation is the key threat to the popularity of the US dollar. If a country knows that its US dollar assets will be frozen (step in Russia), or that it will be denied access to US dollars, not to mention denied access to Swift, then why trade in US dollars?”</p>


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<p>Escalating geopolitical events, shifting national interests and growing non-US trade, particularly with Asia, have spurred some emerging economies to consider diversifying their external relations. “Countries in the Middle East and North Africa are becoming acutely aware of the risks emanating from their dependence on the US dollar. Dollar dependence also limits their economic sovereignty by increasing their vulnerability to fluctuations in the US economy,” says Kima, who notes that higher international borrowing costs from hikes in US interest rates are another concern.</p>



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<p>As many commentators indicate, any shift from one currency dominance to another can take several decades. “For now, there are no real competitors to the dollar,” affirms Mercadal. “The renminbi is not yet freely convertible, and the euro is a political construct that can be fragile.”</p>


Buck Whizz: The rise and fall of global currencies is a process which reflects new realities


<p>Standing highest on the podium to receive an Olympic gold medal is the achievement of a lifetime, stirring up feelings of supreme pride and fulfilment. It can also bring immense financial rewards, as well as personal and social benefits that are beyond monetary calculation. But just how financially enriching is Olympic glory?</p>



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<p>As the joyous celebrations of the Paris Olympics fade into memory, it is worth considering that in many places around the world, especially Asian cities like Hong Kong, building a career based on unconventional activities like sports in the headlong pursuit of Olympic triumph was once frowned upon. But Hong Kong’s success in the last two Games, in 2021 in Tokyo and now Paris, especially in fencing, has meant many parents now question this dogma and encourage offspring who want to pursue dreams of sporting glory.</p>



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<p>Those that do so received a tremendous boost when the Hong Kong Jockey Club announced just prior to the Paris Olympics that it had increased its cash rewards to high-performing athletes representing Hong Kong, China. Payments from the Jockey Club Athlete Incentive Awards Scheme rose by 20% for both teams and individuals compared to the Tokyo Games. This meant that Hong Kong’s two gold medallists, Edgar Cheung Ka-long and Vivian Kong Man-wai, each received HKS6 million. Handouts were scaled down successively according to finishing position, with those placed from fifth to eighth receiving the lowest amount of HK$375,000.</p>



<h3 class="wp-block-heading">Gifts for glory</h3>



<p>Hong Kong athletes were in the enviable position of being some of the best earners at the Olympics. Indeed, foil champion Cheung reportedly received an additional HK$3 million through the Outstanding Athletes Incentive Awards Scheme of his alma mater, Lam Tai Fai College, after defending the title he had won in Tokyo. </p>



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<p>Rewards offered by countries to incentivise their athletes participating in the greatest athletic show on earth varied considerably. Singapore badminton star Loh Kean Yew’s exit at the quarter-final stage cost him a possible golden payout of SG$1 million (about HK$5.8 million), a sum just shy of Hong Kong’s top reward. Serbia and Malaysia offered considerable cash incentives to reach the centre podium as well as the carrot of a lifelong pension. Thus, Serbia’s Zorana Arunović and Damir Mikec, following their success in the 10m air-pistol mixed team event, will be the lucky recipients of their national pension when they reach the venerable age of 40.</p>



<h3 class="wp-block-heading">Lifetime of ice cream</h3>



<p>All those years of unending training and physical exertion will certainly be worthwhile for gymnast Carlos Yulo of the Philippines, who won two gold medals in Paris. His list of rewards seems almost endless: a generous cash prize mandated by law; the Senate Medal of Excellence; gifts of condos and houses from big business and property agents; free flights with Philippine Air; shopping perks; a lifetime of free pizza from Pizza Hut and ice cream by Dairy Queen; a Land Cruiser Prado from Toyota; and even three personalised gold bars gifted by a pawn shop. Filipino band Moonstar88 have also promised to play at his wedding.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="661" src="https://www.gafencushop.com/wp-content/uploads/2024/10/2024-08-03T134923Z_2032080392_UP1EK8312E9OA_RTRMADP_3_OLYMPICS-2024-ARTISTICGYMNASTICS_2024_08_03_22_02_21_2-1024x661.jpeg" alt="" class="wp-image-83585" srcset="https://www.gafencushop.com/wp-content/uploads/2024/10/2024-08-03T134923Z_2032080392_UP1EK8312E9OA_RTRMADP_3_OLYMPICS-2024-ARTISTICGYMNASTICS_2024_08_03_22_02_21_2-1024x661.jpeg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/10/2024-08-03T134923Z_2032080392_UP1EK8312E9OA_RTRMADP_3_OLYMPICS-2024-ARTISTICGYMNASTICS_2024_08_03_22_02_21_2-434x280.jpeg 434w, https://www.gafencushop.com/wp-content/uploads/2024/10/2024-08-03T134923Z_2032080392_UP1EK8312E9OA_RTRMADP_3_OLYMPICS-2024-ARTISTICGYMNASTICS_2024_08_03_22_02_21_2-768x496.jpeg 768w, https://www.gafencushop.com/wp-content/uploads/2024/10/2024-08-03T134923Z_2032080392_UP1EK8312E9OA_RTRMADP_3_OLYMPICS-2024-ARTISTICGYMNASTICS_2024_08_03_22_02_21_2-1536x991.jpeg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/10/2024-08-03T134923Z_2032080392_UP1EK8312E9OA_RTRMADP_3_OLYMPICS-2024-ARTISTICGYMNASTICS_2024_08_03_22_02_21_2-2048x1322.jpeg 2048w, https://www.gafencushop.com/wp-content/uploads/2024/10/2024-08-03T134923Z_2032080392_UP1EK8312E9OA_RTRMADP_3_OLYMPICS-2024-ARTISTICGYMNASTICS_2024_08_03_22_02_21_2-200x129.jpeg 200w, https://www.gafencushop.com/wp-content/uploads/2024/10/2024-08-03T134923Z_2032080392_UP1EK8312E9OA_RTRMADP_3_OLYMPICS-2024-ARTISTICGYMNASTICS_2024_08_03_22_02_21_2-800x516.jpeg 800w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>To put these rewards into context, sporting nations like Great Britain, Sweden and Norway do not offer their athletes any financial incentives for winning gold at the Olympics. It is expected, though, that such success will lead to other opportunities for making money through brand sponsorships and partnerships.</p>



<h3 class="wp-block-heading">Increased marketability</h3>



<p>According to Tom Potter, CEO of Rush Sport &amp; Entertainment, the marketability of sports stars depends on a combination of their association with a popular sport, their individual qualities, excellence in performance, and sometimes personal aesthetics. “The dynamics of these relationships can change based on the athlete’s performance, public image and the evolving landscape of sports and marketing,” he says.</p>



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<p>Though not referring specifically to Olympic triumph, Potter believes sporting success is bound to inflate the marketability of an athlete. “The individual qualities of a sports star, including their sporting excellence and fair play, may contribute significantly to their marketability. Fans admire and respect athletes who excel in their respective sports, and these qualities can enhance the positive image of a brand associated with them,” he says, adding: “While it’s not a strict requirement, reaching a high level of excellence often increases a sports star’s appeal to brands.”</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="768" src="https://www.gafencushop.com/wp-content/uploads/2024/10/gettyimages-1332438895-fad0d353b53a6fef29f171dd4c5b6b2ef568091c-1024x768.jpg" alt="" class="wp-image-83589" srcset="https://www.gafencushop.com/wp-content/uploads/2024/10/gettyimages-1332438895-fad0d353b53a6fef29f171dd4c5b6b2ef568091c-1024x768.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/10/gettyimages-1332438895-fad0d353b53a6fef29f171dd4c5b6b2ef568091c-373x280.jpg 373w, https://www.gafencushop.com/wp-content/uploads/2024/10/gettyimages-1332438895-fad0d353b53a6fef29f171dd4c5b6b2ef568091c-768x576.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/10/gettyimages-1332438895-fad0d353b53a6fef29f171dd4c5b6b2ef568091c-1536x1152.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/10/gettyimages-1332438895-fad0d353b53a6fef29f171dd4c5b6b2ef568091c-2048x1536.jpg 2048w, https://www.gafencushop.com/wp-content/uploads/2024/10/gettyimages-1332438895-fad0d353b53a6fef29f171dd4c5b6b2ef568091c-200x150.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/10/gettyimages-1332438895-fad0d353b53a6fef29f171dd4c5b6b2ef568091c-800x600.jpg 800w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>China’s teenage diving sensation, Quan Hongchan, already has an estimated net worth of between US$1.5 million and US$2 million. This year’s successful defence of her Olympic crown added to her wealth – including a reported 450,000 yuan (US$63,700) from the sale of the car she was awarded. Her rise to stardom has been meteoric, and her earning potential will surely rocket as leading brands seek to tap into her reflected glory.</p>



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<p>Generally speaking, athletes who consistently perform well, break records or achieve remarkable feats tend to attract more lucrative sponsorship deals. Interestingly, those who do not win but have other qualities can also strike valuable brand-association deals. They may be loveable underdogs with big personalities or possess real character, and despite not being great champions, add entertainment value to the sport and have a strong fanbase.</p>



<h3 class="wp-block-heading">Endorsement queen</h3>



<p>Some stars have struck short-term deals with major brands to capitalise on this festival of sport, such as US gymnast Simone Biles who joined hands with Uber Eats for the Tokyo Olympics. “This allowed Uber Eats to capitalise on Biles’ popularity and relevance during key moments, without committing to a long-term arrangement,” says Potter.</p>



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<p>This is on top of her slew of multi-year endorsement deals with major brands like Athleta, the Gap-owned athletic apparel line she jumped to from previous sponsor Nike in 2021. These are companies that are keen to forge a deeper connection with a sportsperson, thereby fostering authenticity. Such endorsements far exceeded the estimated US$100,000 Biles pocketed directly from gymnastics last year; according to Forbes, she landed US$7.1 million in total earnings in 2023.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="708" src="https://www.gafencushop.com/wp-content/uploads/2024/10/JPVAWQ3XQZMXJBVQ23P7NC5NMM-1024x708.jpg" alt="" class="wp-image-83591" srcset="https://www.gafencushop.com/wp-content/uploads/2024/10/JPVAWQ3XQZMXJBVQ23P7NC5NMM-1024x708.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/10/JPVAWQ3XQZMXJBVQ23P7NC5NMM-405x280.jpg 405w, https://www.gafencushop.com/wp-content/uploads/2024/10/JPVAWQ3XQZMXJBVQ23P7NC5NMM-768x531.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/10/JPVAWQ3XQZMXJBVQ23P7NC5NMM-200x138.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/10/JPVAWQ3XQZMXJBVQ23P7NC5NMM-800x553.jpg 800w, https://www.gafencushop.com/wp-content/uploads/2024/10/JPVAWQ3XQZMXJBVQ23P7NC5NMM.jpg 1185w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>While financial success is no doubt welcomed, the gymnastic idol has subjected herself to mental anguish and sacrifices in the pursuit of glory. In Tokyo on a vault routine, she could not sense up from down and withdrew from her remaining apparatus events. She has since been candid about her mental health, revealing that she sees a therapist once a week. In Paris, she won a further three gold medals to add to her collection.</p>



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<p>Other stars, such as US sprinter Noah Lyles, have talked about the pressures of being a top-tier athlete. Lyles said he suffered from depression during the pandemic. But after a disappointing performance in Tokyo, he recovered sufficiently to achieve gold in the 100 metres in Paris.</p>



<h3 class="wp-block-heading">Athletic presence</h3>



<p>In a Forbes’ list of the highest-paid athletes at the Paris Olympics, it was those in mainstream sports such as basketball, tennis and golf that dominated the rankings. The richest is billionaire LeBron James, whose annual endorsements top even his hefty NBA salary of some US$50 million a year.</p>



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<p>Athletics, which gains such prominence during the Olympics, perhaps lacks visibility outside this elite occasion. The Financial Times revealed moves are afoot to raise its profile beyond the Games and increase the number of high-paying meets. If there is not a path to a good living, some sports will struggle to attract the best athletes, indicated one insider.</p>



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<p>Two-time Olympic badminton champion Viktor Axelsen echoed these sentiments at the Hong Kong Open last month. The Dane said he would be the cheerleader to give the sport greater global attention outside the glare of the Olympics.</p>



<h3 class="wp-block-heading">Riches &amp; rewards</h3>



<p>Another issue is funding of athletes to train and be ready to compete at the highest level. In Hong Kong, there has been much debate about increasing the financial support offered and improving the governance of sports associations. Local badminton star Lee Cheuk-yiu has called for more attractive annual remuneration packages to help aspiring Olympians make ends meet.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://www.gafencushop.com/wp-content/uploads/2024/10/Simone_Biles_na_prova_final_da_trave_nos_Jogos_Olimpicos_Rio_2016-1024x683.jpg" alt="" class="wp-image-83592" srcset="https://www.gafencushop.com/wp-content/uploads/2024/10/Simone_Biles_na_prova_final_da_trave_nos_Jogos_Olimpicos_Rio_2016-1024x683.jpg 1024w, https://www.gafencushop.com/wp-content/uploads/2024/10/Simone_Biles_na_prova_final_da_trave_nos_Jogos_Olimpicos_Rio_2016-420x280.jpg 420w, https://www.gafencushop.com/wp-content/uploads/2024/10/Simone_Biles_na_prova_final_da_trave_nos_Jogos_Olimpicos_Rio_2016-768x512.jpg 768w, https://www.gafencushop.com/wp-content/uploads/2024/10/Simone_Biles_na_prova_final_da_trave_nos_Jogos_Olimpicos_Rio_2016-1536x1024.jpg 1536w, https://www.gafencushop.com/wp-content/uploads/2024/10/Simone_Biles_na_prova_final_da_trave_nos_Jogos_Olimpicos_Rio_2016-2048x1365.jpg 2048w, https://www.gafencushop.com/wp-content/uploads/2024/10/Simone_Biles_na_prova_final_da_trave_nos_Jogos_Olimpicos_Rio_2016-200x133.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2024/10/Simone_Biles_na_prova_final_da_trave_nos_Jogos_Olimpicos_Rio_2016-800x533.jpg 800w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Ultimately, to become an Olympic champion, and achieve the riches this accrues, requires an impressive mental and physical toolbox. Aside from the lottery of life determining which nation you represent, the amount an athlete can earn depends on a whole range of factors. Endorsements and personal brand development are the real goldmine, but gaining recognition through sport can also deliver education and employment opportunities.</p>



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<p>Some athletes like to give back, such as épée gold-medallist Kong, who aims to set up a charity with her winnings to promote sports development in Hong Kong. She is someone who undoubtedly knows the sacrifices and tough mentality needed to make it to the top of the sporting money tree.</p>


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