Former President Barack Obama's A Promised Land sold about 890,000 copies in the US and Canada in the first 24 hours of its release, putting it on track to be the bestselling presidential memoir in modern history.
The first-day sales, a record for Penguin Random House, includes pre-orders, e-books and audio.
"We are thrilled with the first day sales," says David Drake, publisher of the Penguin Random House imprint Crown. "They reflect the widespread excitement that readers have for president Obama's highly anticipated and extraordinarily written book."
The only book by a former White House resident to come close to the early pace of A Promised Land is the memoir by Obama's wife, Michelle Obama, whose Becoming sold 725,000 copies in North America on its first day and has topped 10 million worldwide since its release in 2018. Becoming is still so in demand that Crown, which publishes both Obamas, and reportedly paid about $60 million for their books, has yet to release a paperback.
As of midday on Wednesday, November 18, A Promised Land was No 1 on Amazon.com and Barnes & Noble.com. James Daunt, chief executive of Barnes & Noble, says that the superstore chain easily sold more than 50,000 copies on its first day and hoped to reach half a million within 10 days.
"So far it has been neck and neck with Michelle Obama's book," he says.
By comparison, Bill Clinton's My Life sold about 400,000 copies in North America its first day and George W Bush's Decision Points about 220,000, with sales for each memoir currently between 3.5 and 4 million copies. The fastest-selling book in memory remains JK Rowling's seventh and final Harry Potter novel, Harry Potter and the Deathly Hallows, which came out in 2007 and sold more than 8 million copies within 24 hours.
Obama's 768-page memoir, which came out on Tuesday, November 17, had unusually risky timing for a book of such importance to the author, to readers and to the publishing industry. It came out just two weeks after US Election Day and could have been overshadowed had the race still been in doubt or perhaps unwanted by distressed Obama fans if President Donald Trump had defeated Democratic nominee Joe Biden. But Biden won and his victory likely renews interest in an era when he was Obama's trusted and popular vice president.
Obama himself acknowledges that he didn't intend for the book, the first of two planned volumes, to arrive so close to a presidential election or to take nearly four years after he left the White House — months longer than for My Life and two years longer than Decision Points.
In the introduction to A Promised Land, dated August 2020, Obama writes that "the book kept growing in length and scope" as he found he needed more words than expected to capture a given moment — a bind many authors well understand. He was also working under conditions he "didn't fully anticipate", from the pandemic to the Black Lives Matter protests, to, "most troubling of all", how the country's "democracy seems to be teetering on the brink of crisis".
Because of the pandemic, Obama will not go on the all-star arena tour Michelle Obama had for Becoming. But he benefits from the attention of any memoir by a former president and by the rare stature he holds among politicians for writing his own books and for attracting as much or more attention for how he tells a story than for the story itself.
Obama has already written two acclaimed, million-selling works, Dreams from My Father and The Audacity of Hope, which came out in 2006. His new book covers some of the same time period as his previous ones, while continuing his story through the first two-and-a-half years of his presidency and the 2011 killing of Osama bin Laden by the Navy Seals.
Publishers Weekly praised the book as "shot through with memorable turns of phrase", while other reviews were more qualified, calling the book all too reflective of Obama's thoughtful, even-handed style. The New York Times's Jennifer Szalai wrote that the "most audacious thing" about A Promised Land is "the beaming portrait" of Obama on the cover. The Washington Post's Carlos Lozada noted that in "domestic policy and foreign affairs, in debates over culture and race, Obama splits differences, clings to the middle ground and trusts in process as much as principle".
"It turns out he is not a 'revolutionary soul' but a reformist one, 'conservative in temperament if not in vision.' Behind those dreams, the audacity and all that promise is a stubborn streak of moderation," Lozada writes.
Obama's book is the highlight of publishing's holiday season and for some independent bookstores, the potential difference between remaining in business or closing. Sarah McNally, owner of McNally Jackson Books in Manhattan, says she sold about 600 copies in the first 24 hours, a pace exceeded only by the final Harry Potter book.
"It's not hard to be a bright spot this year, a year when we would have gone out of business without federal aid," McNally says. "But Obama does feel like a saviour, as do our customers for buying this from us."
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
The details
Heard It in a Past Life
Maggie Rogers
(Capital Records)
3/5
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Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Racecard
6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m
7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m
7.40pm: Handicap (TB) $135,000 (D) 1,200m
8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m
8.50pm: Handicap (TB) $135,000 (T) 1,000m
9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m
10pm: Handicap (TB) $175,000 (T) 2,410m
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Started: 2018
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Manchester United: Rashford (78')
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Ministry of Interior
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