We will all remember the lockdowns, Covid-19 tests and other disruptions to our lives in 2021, but the year was also full of extraordinary and sometimes inspirational images. One of the most memorable was also the most bizarre, the QAnon "shaman".
You will recall this tattooed and bearded Trump supporter wearing a buffalo head-dress, yowling at the heavens inside the home of American democracy, Washington’s Capitol building, as part of the violent protest against US President Joe Biden’s election victory. I suspect buffalo-man and his friends may haunt our future, but we’ll get to that in a moment.
First, the inspirational image of 2021 for me in Britain was also the saddest. Her Majesty the Queen sat alone in Windsor, socially distanced, wearing a mask, mourning the death of her life-companion Prince Philip. They spent 73 years together. The grief was obvious through the mask. So was the sense of duty and profound dignity of a monarch who has served the UK for seven decades and who spans the great generation of the Second World War through the end of the British empire and in to the 21st century information age.
At a time when some British politicians, including the prime minister, have often made the UK appear incapable of living up to the standards we expect from people in public life, the Queen has been faultless, a solid British rock in a sea of political foolishness.
Yet for many of us it was coronavirus itself which repeatedly supplied the most profound images of 2021.
We will remember the queues of those waiting to be vaccinated, or the faces of health care workers exhausted after long hours in hospital intensive care units.
And who can forget the lines on their cheeks as they took off their masks, images which – more than words – told us everything we need to know about the sacrifices nurses, doctors and other health workers make everyday on our behalf.
The Queen has been faultless, a solid British rock in a sea of political foolishness
There was a flip side to this, however. We also saw the images of irrational hatred from anti-vaccination protesters. Curiously those who most loudly trumpeted their so-called “libertarian" views in 2021 and claimed the right to their “personal choice” not to accept coronavirus vaccines were often violently furious that millions of other citizens had a different personal choice and welcomed the protection of vaccines.
In 2021 the word “libertarian” increasingly sounded like a synonym for “selfish” or perhaps just dim. One British anti-vaxxer group tried to storm what they thought were BBC headquarters in west London. Sadly these anti-vaxxer luminaries failed to notice that the BBC had moved out of the Television Centre complex a decade ago, in 2012. The same inability to get a grip on facts and reality led to images of another group of anti-vaxxers protesting at the Apple store in central London.
In the anti-vaxxer world, Bill Gates is supposed to be a controlling figure in the great vaccination conspiracy. Unfortunately for this theory Bill Gates is not involved in the vaccination programme, nor is he involved with Apple. Apple’s founder was Steve Jobs, who died a decade ago. But facts really don’t matter to conspiracy theorists, even if they do matter to the rest of us.
The stunning extreme weather images of 2021 surely proved even to the most recalcitrant climate change deniers that the threat to all human existence is real.
Floods – some deadly – hit Germany, Belgium, Myanmar, the US and other countries. Out-of-control fires destroyed vast areas in Siberia, Australia, California, Canada and elsewhere. Climate activists picketed Cop-26 in Glasgow demanding that governments do more, and yet despite the scientific evidence – and the images of destruction – the result was a somewhat half-hearted and disappointing agreement about real solutions. And the problems of governments to act bring us back to the QAnon "shaman" and the Capitol Hill riot, because that assault on US democracy casts a shadow over all of us in the year ahead.
The "shaman" like the anti-vaxxers, is not a joke. Together these images are emblems of a world in which fantasy and nonsense shout so loudly they risk drowning out reason, science, and traditional norms of behaviour. Donald Trump’s reaction to his defeat in November 2020’s presidential election, and the subsequent assault on the US Capitol in January 2021 led the US World Values Survey to note:
“Elections are the heart of liberal democracy. Losers voluntarily leave office. Winners assume rightful power. There is nothing in the US Constitution mandating that presidents concede graciously, but it is a centuries-old practice. When faith in these fundamental norms of democracy fades, when comity between opponents erodes, so does our civic culture.”
Faith in “fundamental norms” of decent and reasonable behaviour did indeed fade in 2021. The images of 2021 capture this reality for our lives. But they also capture the bizarre unreality of the lives of those whose irrational and sometimes violent behaviour will, unfortunately, still be with us in 2022, and beyond.
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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.”
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