Rishi Sunak's rise is a symbol of change in Britain as Tories shed their old, white image


Tim Stickings
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It is no secret that Britain’s Conservative Party is older and whiter than the country it governs.

Yet it was the Tories who delivered a milestone in British history this week by choosing 42-year-old Rishi Sunak as the UK’s first British Asian prime minister.

In a moment laden with symbolism, Britain’s first Hindu leader assumed power during Diwali and, wearing a garland of flowers, celebrated the festival of lights on his first full day in 10 Downing Street.

Tories of all backgrounds savoured the moment as Mr Sunak handed them a weighty rebuttal to the claim that the Conservatives, or the country they lead, are racist or xenophobic.

Prime Minister Rishi Sunak during his first Prime Minister's Questions in the House of Commons, London. PA
Prime Minister Rishi Sunak during his first Prime Minister's Questions in the House of Commons, London. PA

The sun shone on Tuesday over a country with a Christian monarch, a Hindu prime minister, a Muslim mayor of London and, until Mr Sunak's reshuffle, a Jewish home secretary, as one MP pointed out.

As symbols of diversity go, it was a catchy accompaniment to Britain's eclectic cuisine and the names of its coming storms ― Priya and Khalida ― but many are sceptical that a real meritocracy has arrived.

Tories savour Sunak's rise

Mr Sunak’s rise was no fluke. The Tories have increased their minority representation at every election since 2005. Four of the eight candidates who qualified for the leadership race this summer were from a minority background.

All four ― Mr Sunak, Suella Braverman, Kemi Badenoch and Nadhim Zahawi ― are now in the Cabinet.

And after providing all three of Britain’s female prime ministers to date, the Tories have now put forward the second from an ethnic minority after Benjamin Disraeli, who was Jewish.

When the Labour Party sniffed at Mr Sunak’s mostly male Cabinet, Conservative MP Andrew Bowie retorted that today’s Tories were “not going to take any lectures” on diversity.

Yet the story is not quite that simple. Even a multiracial Tory leadership does not always preach tolerance, and perspectives vary on whether racism still blights British society.

Parveen Akhtar, an Aston University expert on minorities in Britain, said it was notable that some British Asians, such as Ms Braverman and Priti Patel, were firmly on the right of the party.

“Patel and now Braverman in the Home Office are able to talk about issues around immigration in a way that maybe a white male politician wouldn't be able to,” she told The National.

Senior Labour figures were careful to applaud Mr Sunak’s achievement even as they challenged his policies.

"I do congratulate Rishi as the first Asian prime minister and in terms of what he has achieved I think it’s hugely significant," Labour MP Khalid Mahmood, who was born in Kashmir, told The National.

"To be the first Asian prime minister in the United Kingdom is a huge thing and I think that can’t be detracted from him whatever I say about policy or anything else."

When left-wing MP Nadia Whittome, who is of Punjabi heritage, went off message and said Mr Sunak’s rise was “not a win for Asian representation”, Labour chiefs ordered her to delete the tweet.

Different perspectives

But she was the only one to dissent from the view that Britain and its governing party are now a model of tolerance and meritocracy.

Former Tory minister Matt Hancock said the different religions represented in high office were a “wonderful demonstration of modern Britain”.

“I’m proud to live in such a diverse and tolerant country,” he said.

Still, ugly episodes such as the racist abuse of England’s Euro 2020 footballers, and cases of racism in police ranks, tell a rather different story.

Dr Akhtar said that while Britain was generally a tolerant country, it was hard to draw conclusions from Mr Sunak's rise because he was not chosen at a general election.

Rishi Sunak becomes prime minister - in pictures

  • Britain's new Prime Minister Rishi Sunak delivers a speech outside Number 10 Downing Street. Reuters
    Britain's new Prime Minister Rishi Sunak delivers a speech outside Number 10 Downing Street. Reuters
  • King Charles III invites Mr Sunak to become prime minister and form a new government in an audience at Buckingham Palace. PA
    King Charles III invites Mr Sunak to become prime minister and form a new government in an audience at Buckingham Palace. PA
  • Mr Sunak promised to bring stability amid what he called a “profound economic crisis”. PA
    Mr Sunak promised to bring stability amid what he called a “profound economic crisis”. PA
  • The new prime minister is applauded as he enters Number 10. Photo: Simon Walker/ No 10 Downing Street
    The new prime minister is applauded as he enters Number 10. Photo: Simon Walker/ No 10 Downing Street
  • Mr Sunak is greeted by Cabinet Secretary and Head of the Civil Service Simon Case as he enters 10 Downing Street. AFP
    Mr Sunak is greeted by Cabinet Secretary and Head of the Civil Service Simon Case as he enters 10 Downing Street. AFP
  • A worker loads a removal van with boxes outside 10 Downing Street. Reuters
    A worker loads a removal van with boxes outside 10 Downing Street. Reuters
  • Members of the public wait for the arrival of Mr Sunak near Downing Street. AP
    Members of the public wait for the arrival of Mr Sunak near Downing Street. AP
  • Staff in the Foreign and Commonwealth Office watch from the windows as Mr Sunak arrives in Downing Street. PA
    Staff in the Foreign and Commonwealth Office watch from the windows as Mr Sunak arrives in Downing Street. PA
  • An Indian artist in Mumbai creates a painting to congratulate Mr Sunak on becoming prime minister. EPA
    An Indian artist in Mumbai creates a painting to congratulate Mr Sunak on becoming prime minister. EPA
  • Mr Sunak arrives at Buckingham Palace. PA
    Mr Sunak arrives at Buckingham Palace. PA
  • Incoming prime minister Rishi Sunak arrives at the Conservative Party's headquarters with a wave. AFP
    Incoming prime minister Rishi Sunak arrives at the Conservative Party's headquarters with a wave. AFP
  • Rishi Sunak is greeted by colleagues upon his arrival. AFP
    Rishi Sunak is greeted by colleagues upon his arrival. AFP
  • Conservative MPs applaud as Rishi Sunak arrives. Reuters
    Conservative MPs applaud as Rishi Sunak arrives. Reuters
  • Rishi Sunak departs after making a statement inside the Conservative Party's headquarters. PA
    Rishi Sunak departs after making a statement inside the Conservative Party's headquarters. PA
  • Mr Sunak meets the 1922 Committee in Parliament after he was announced as the new leader of the Conservative Party when Penny Mordaunt dropped out. PA
    Mr Sunak meets the 1922 Committee in Parliament after he was announced as the new leader of the Conservative Party when Penny Mordaunt dropped out. PA
  • Sir Graham Brady, chairman of the 1922 Committee, announces Mr Sunak as the new leader of the Conservatives and therefore the prime minister. PA
    Sir Graham Brady, chairman of the 1922 Committee, announces Mr Sunak as the new leader of the Conservatives and therefore the prime minister. PA
  • Members of the media work outside No 10 Downing Street, the official residence of Britain's prime minister, in central London, as they await announcements. AFP
    Members of the media work outside No 10 Downing Street, the official residence of Britain's prime minister, in central London, as they await announcements. AFP
  • Mr Sunak leaves his campaign office in London. AP
    Mr Sunak leaves his campaign office in London. AP
  • A billboard of Liz Truss, the departing prime minister, in London. Bloomberg
    A billboard of Liz Truss, the departing prime minister, in London. Bloomberg
  • Members of the public look through the gates into Downing Street. Reuters
    Members of the public look through the gates into Downing Street. Reuters
  • Mr Sunak leaves his home in London on Monday morning. AFP
    Mr Sunak leaves his home in London on Monday morning. AFP
  • Leader of the House of Commons and Conservative leadership candidate Penny Mordaunt speaks to the media on Sunday. Ms Mordaunt pulled out of the race moments before the deadline for nominations. PA
    Leader of the House of Commons and Conservative leadership candidate Penny Mordaunt speaks to the media on Sunday. Ms Mordaunt pulled out of the race moments before the deadline for nominations. PA

A 2021 report commissioned by Boris Johnson’s government, which said people should not adopt a “fatalistic narrative that says the deck is permanently stacked against them" in Britain, was dismissed as a whitewash by some.

While 70 per cent of ethnic minority people think it is easier to get ahead as a white person, only 47 per cent of white people agree, according to another 2021 report by British Future.

Memories of injustices at the hands of Conservative governments still linger, such as the harassment of the Windrush generation who arrived after the Second World War.

The words of the late Enoch Powell, the Conservative MP who said in 1968 that mass migration would end with “rivers of blood”, have not been forgotten even half a century on.

More recently, Ms Braverman caused an outcry when she said it was her dream to deport failed asylum seekers to Rwanda.

Rishi Sunak's childhood landmarks - in pictures

  • Rishi Sunak was born in Southampton on the south coast of England. Here he is pictured visiting his family's old business, Bassett Pharmacy, in Southampton, during his campaign to be leader of the Conservative Party in August. PA
    Rishi Sunak was born in Southampton on the south coast of England. Here he is pictured visiting his family's old business, Bassett Pharmacy, in Southampton, during his campaign to be leader of the Conservative Party in August. PA
  • The childhood home of Mr Sunak: 21, Spindlewood Close, in Southampton. Getty Images
    The childhood home of Mr Sunak: 21, Spindlewood Close, in Southampton. Getty Images
  • The former Oakmount Prep School where Rishi Sunak was a pupil before going on to Winchester College. The school closed in 1989. Getty Images
    The former Oakmount Prep School where Rishi Sunak was a pupil before going on to Winchester College. The school closed in 1989. Getty Images
  • The Vedic Society Hindu Temple in Southampton, which was established by Ramdas Sunak, Mr Sunak's grandfather. Getty Images
    The Vedic Society Hindu Temple in Southampton, which was established by Ramdas Sunak, Mr Sunak's grandfather. Getty Images
  • The Vedic Society Hindu Temple prepares to celebrate the Hindu New Year. Mr Sunak's family were regulars at the temple during his childhood. Getty Images
    The Vedic Society Hindu Temple prepares to celebrate the Hindu New Year. Mr Sunak's family were regulars at the temple during his childhood. Getty Images
  • The Raymond Road Doctors Surgery where Yashvir Sunak, Rishi Sunak's father, practiced medicine in Southampton. Getty Images
    The Raymond Road Doctors Surgery where Yashvir Sunak, Rishi Sunak's father, practiced medicine in Southampton. Getty Images
  • The former site of Kuti's Brasserie in Oxford Road Southampton, where Mr Sunak worked shifts in the 1990s. Getty Images
    The former site of Kuti's Brasserie in Oxford Road Southampton, where Mr Sunak worked shifts in the 1990s. Getty Images
  • Southampton Football Club's St Mary's Stadium. Mr Sunak claims to be a big fan of his home-town team. Getty Images
    Southampton Football Club's St Mary's Stadium. Mr Sunak claims to be a big fan of his home-town team. Getty Images

Some sceptics seized on a comment by a self-described Tory member, who called in to a radio show to falsely claim that Mr Sunak was “not British”, to suggest that racism was alive and well in the party.

And another line of argument is that the wealthy Mr Sunak, who owns a country mansion and was educated at some of England’s most elite institutions, is hardly representative of the average British Indian.

“I hope that Sunak will acknowledge that not everybody has enjoyed his advantages in life,” Sunder Katwala, the head of British Future, said in a statement.

But, he said: “This will be a source of pride to many British Asians ― including many who do not share Rishi Sunak’s Conservative politics.

“We should not underestimate this important social change. When Sunak was born in Southampton in 1980, there had been no Asian or black MPs at all in the post-war era.”

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Indeed, as late as 2001, the first election of this century, not one black or Asian person was elected a Conservative MP. There were two in 2005.

David Cameron, who became Conservative leader in 2005, took some of the credit for progress made since then after identifying “A-list” candidates, many of them from minority backgrounds, to fight winnable seats.

“We were the oldest political party in the world ― and we looked it,” Mr Cameron later said.

His election victory in 2010 brought 11 minority MPs on to the Tory benches, and a record 22 were elected in Mr Johnson’s landslide win in 2019.

As well as Mr Sunak and his Cabinet members, they included heavyweight figures such as Ms Patel and former health secretary Sajid Javid.

Meanwhile, as Conservative MP Paul Bristow crowed, Labour is led by “yet another North London white male” in Sir Keir Starmer.

Labour has answers to some of this. About 20 per cent of its MPs are from a minority background, compared with 13 per cent of the population and 6 per cent of Tory MPs.

Labour can snipe that having a diverse cast of prime ministers is easier when you burn through them at the rate the Tories have been doing. The Conservatives have had five since 2010, Labour six since the dawn of time.

That does not answer the fact that Labour has never elected an ethnic minority leader, even in opposition, or come very close doing so.

But surveys show that non-white voters typically side with Labour, who won an estimated 64 per cent of the vote among black and ethnic minority people in 2019.

One question for Mr Sunak will be whether British Asians who applaud his rise to power will now be moved to side with the Tories.

Dr Akhtar said the family-oriented social conservatism of many British Asians tended to be outweighed by Labour’s pro-immigration stance and emphasis on social justice.

“Margaret Thatcher famously did little to support the cause of women in politics. Though just her presence in that role was important in terms of women's political aspirations,” she said.

“I suspect it will be similar for British Asians in relation to Sunak.”

Rishi Sunak through the years - in pictures

  • British Prime Minister Rishi Sunak announces July 4 as the date for the 2024 general election at No 10 Downing Street. Here, The National looks back at his political career. Getty Images
    British Prime Minister Rishi Sunak announces July 4 as the date for the 2024 general election at No 10 Downing Street. Here, The National looks back at his political career. Getty Images
  • Mr Sunak during local election campaigning in Teesside in May 2024. Getty Images
    Mr Sunak during local election campaigning in Teesside in May 2024. Getty Images
  • Mr Sunak presents cupcakes to journalists on board a plane on the way to Warsaw in April 2024. Getty Images
    Mr Sunak presents cupcakes to journalists on board a plane on the way to Warsaw in April 2024. Getty Images
  • Mr Sunak during a press conference in Downing Street in January after the Safety of Rwanda Bill passed its third reading in the House of Commons. Getty Images
    Mr Sunak during a press conference in Downing Street in January after the Safety of Rwanda Bill passed its third reading in the House of Commons. Getty Images
  • Being applauded after his speech at the Conservative Party conference in October 2023. Getty Images
    Being applauded after his speech at the Conservative Party conference in October 2023. Getty Images
  • Looking pensive alongside then-home secretary Suella Braverman at No 10 in October 2023. She didn't last much longer in the cabinet. Getty Images
    Looking pensive alongside then-home secretary Suella Braverman at No 10 in October 2023. She didn't last much longer in the cabinet. Getty Images
  • Mr Sunak sits in an old Special Branch police vehicle which was used to transport former prime minister Margaret Thatcher, in July 2023. Getty Images
    Mr Sunak sits in an old Special Branch police vehicle which was used to transport former prime minister Margaret Thatcher, in July 2023. Getty Images
  • On board Border Agency cutter HMC Seeker during a visit to Dover in June 2023. Getty Images
    On board Border Agency cutter HMC Seeker during a visit to Dover in June 2023. Getty Images
  • Mr Sunak alongside European Commission President Ursula von der Leyen, Canada's Prime Minister Justin Trudeau, US President Joe Biden, French President Emmanuel Macron and German Chancellor Olaf Scholz during the G7 Summit in May 2023. Getty Images
    Mr Sunak alongside European Commission President Ursula von der Leyen, Canada's Prime Minister Justin Trudeau, US President Joe Biden, French President Emmanuel Macron and German Chancellor Olaf Scholz during the G7 Summit in May 2023. Getty Images
  • Mr Sunak and his wife Akshata Murty arriving in Japan ahead of the G7 Summit in May 2023. Getty Images
    Mr Sunak and his wife Akshata Murty arriving in Japan ahead of the G7 Summit in May 2023. Getty Images
  • Mr Sunak and Chancellor Jeremy Hunt sending a message at Accrington Market Hall in January 2023. Getty Images
    Mr Sunak and Chancellor Jeremy Hunt sending a message at Accrington Market Hall in January 2023. Getty Images
  • Mr Sunak and Ukrainian President Volodymyr Zelenskyy meet in Ukraine's capital Kyiv in November 2022. Getty Images
    Mr Sunak and Ukrainian President Volodymyr Zelenskyy meet in Ukraine's capital Kyiv in November 2022. Getty Images
  • King Charles III welcomes Mr Sunak during an audience at Buckingham Palace, where he invited the newly elected leader of the Conservative Party to become Prime Minister and form a new government in October 2022. Getty Images
    King Charles III welcomes Mr Sunak during an audience at Buckingham Palace, where he invited the newly elected leader of the Conservative Party to become Prime Minister and form a new government in October 2022. Getty Images
  • Mr Sunak makes a statement outside No 10 in October 2022 after taking office. Getty Images
    Mr Sunak makes a statement outside No 10 in October 2022 after taking office. Getty Images
  • Mr Sunak arrives inside Number 10 in October 2022. Photo: Simon Walker/ No 10 Downing Street
    Mr Sunak arrives inside Number 10 in October 2022. Photo: Simon Walker/ No 10 Downing Street
  • Greeted by colleagues at Conservative Party HQ after having been announced winner of the leadership contest in October 2022. Getty Images
    Greeted by colleagues at Conservative Party HQ after having been announced winner of the leadership contest in October 2022. Getty Images
  • Mr Sunak at Westminster Hall in London following the death of Queen Elizabeth II in September 2022. PA
    Mr Sunak at Westminster Hall in London following the death of Queen Elizabeth II in September 2022. PA
  • Mr Sunak visits his family's old business, Bassett Pharmacy, on the campaign trail in August 2022. Getty Images
    Mr Sunak visits his family's old business, Bassett Pharmacy, on the campaign trail in August 2022. Getty Images
  • Mr Sunak looks at an NLAW anti-tank launcher during a visit to the Thales Defence System plant in Belfast in August 2022. Getty Images
    Mr Sunak looks at an NLAW anti-tank launcher during a visit to the Thales Defence System plant in Belfast in August 2022. Getty Images
  • At a hustings event in Exeter in August 2022. Getty Images
    At a hustings event in Exeter in August 2022. Getty Images
  • Celebrates England's first goal as he watches the Women's Euro 2022 final in Salisbury in July 2022. Getty Images
    Celebrates England's first goal as he watches the Women's Euro 2022 final in Salisbury in July 2022. Getty Images
  • Mr Sunak and Ms Truss take part in the BBC Leadership debate at Victoria Hall, Hanley, in July 2022. Getty Images
    Mr Sunak and Ms Truss take part in the BBC Leadership debate at Victoria Hall, Hanley, in July 2022. Getty Images
  • With daughters Krisna and Anoushka and wife Akshata Murthy in July 2022. Getty Images
    With daughters Krisna and Anoushka and wife Akshata Murthy in July 2022. Getty Images
  • Opening the Great Ayton Village Fete during the queen’s Platinum Jubilee celebrations in June 2022. Getty Images
    Opening the Great Ayton Village Fete during the queen’s Platinum Jubilee celebrations in June 2022. Getty Images
  • Mr Sunak and Ms Murthy speak to then-Prince Charles at a British Asian Trust event in February 2022. Getty Images
    Mr Sunak and Ms Murthy speak to then-Prince Charles at a British Asian Trust event in February 2022. Getty Images
  • Mr Sunak arrives at COP26 in Glasgow in November 2021 when he was chancellor. Getty Images
    Mr Sunak arrives at COP26 in Glasgow in November 2021 when he was chancellor. Getty Images
  • Holding the budget box as he departs 11 Downing Street to deliver his Autumn Budget in October 2021. Getty Images
    Holding the budget box as he departs 11 Downing Street to deliver his Autumn Budget in October 2021. Getty Images
  • At a press conference on the 2021 Budget in London in March 2021. Getty Images
    At a press conference on the 2021 Budget in London in March 2021. Getty Images
  • With former prime minister Boris Johnson during a visit to PD Ports on the River Tees in March 2021. Getty Images
    With former prime minister Boris Johnson during a visit to PD Ports on the River Tees in March 2021. Getty Images
  • Mr Sunak poses with the budget box at 11 Downing Street in March 2021. Getty Images
    Mr Sunak poses with the budget box at 11 Downing Street in March 2021. Getty Images
  • Meeting staff back at work after being furloughed at Hamleys toy shop in London, December 2020. Photo: HM Treasury
    Meeting staff back at work after being furloughed at Hamleys toy shop in London, December 2020. Photo: HM Treasury
  • Mr Sunak visits the Imperial Clinic Research Facility at Hammersmith Hospital, London, in November 2020. Getty Images
    Mr Sunak visits the Imperial Clinic Research Facility at Hammersmith Hospital, London, in November 2020. Getty Images
  • Lighting a candle for Diwali on Downing Street, November 2020. Getty Images
    Lighting a candle for Diwali on Downing Street, November 2020. Getty Images
  • Working on a speech in his flat above 11 Downing Street in November 2020. Photo: HM Treasury
    Working on a speech in his flat above 11 Downing Street in November 2020. Photo: HM Treasury
  • Mr Johnson and Mr Sunak visit the headquarters of Octopus Energy in London in October 2020. Getty Images
    Mr Johnson and Mr Sunak visit the headquarters of Octopus Energy in London in October 2020. Getty Images
  • With his 'Winter Economy Plan' outside 11 Downing Street in September 2020. AFP
    With his 'Winter Economy Plan' outside 11 Downing Street in September 2020. AFP
  • Decorating a plate at Emma Bridgewater pottery in Stoke pottery in September 2020. Getty Images
    Decorating a plate at Emma Bridgewater pottery in Stoke pottery in September 2020. Getty Images
  • Promoting 'eat out to help out' on the Isle of Bute, Scotland, in August 2020. Getty Images
    Promoting 'eat out to help out' on the Isle of Bute, Scotland, in August 2020. Getty Images
  • A member of the public takes a selfie with Rishi Sunak during a visit to Scotland in August 2020. AFP
    A member of the public takes a selfie with Rishi Sunak during a visit to Scotland in August 2020. AFP
  • Visiting a Wagamama restaurant in central London in July 2020. Photo: HM Treasury
    Visiting a Wagamama restaurant in central London in July 2020. Photo: HM Treasury
  • Rishi Sunak visits a Pret A Manger in Westminster in July 2020. HM Treasury
    Rishi Sunak visits a Pret A Manger in Westminster in July 2020. HM Treasury
  • With Mr Johnson at his first Cabinet meeting after a reshuffle at 10 Downing Street in February 2020. Getty Images
    With Mr Johnson at his first Cabinet meeting after a reshuffle at 10 Downing Street in February 2020. Getty Images
  • Mr Sunak speaks during a general election debate in Cardiff in November 2019. Getty Images
    Mr Sunak speaks during a general election debate in Cardiff in November 2019. Getty Images
How the bonus system works

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The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

Expert advice

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Empty Words

By Mario Levrero  

(Coffee House Press)
 

RESULT

Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')

 

Man of the Match: Aaron Mooy (Huddersfield Town)

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

How to donate

Text the following numbers:

2289 - Dh10

6025 - Dh 20

2252 - Dh 50

2208 - Dh 100

6020 - Dh 200 

*numbers work for both Etisalat and du

MATCH INFO

Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)

Mumbai Indians won by three runs

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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Updated: November 04, 2022, 6:42 PM