• 1. AUCKLAND, NEW ZEALAND: This city climbed five spots from its 2020 ranking and secured top spot this year after the Covid-19 pandemic resulted in a major shake-up. Reuters
    1. AUCKLAND, NEW ZEALAND: This city climbed five spots from its 2020 ranking and secured top spot this year after the Covid-19 pandemic resulted in a major shake-up. Reuters
  • 2. OSAKA, JAPAN: Osaka was one of two Japanese cities to feature on the top ten list following analysis in February and March this year. AFP
    2. OSAKA, JAPAN: Osaka was one of two Japanese cities to feature on the top ten list following analysis in February and March this year. AFP
  • 3. ADELAIDE, AUSTRALIA: As per the report, Adelaide scored an overall ranking of 94 on the index and secured a mark of 100 in the healthcare and education categories. Getty
    3. ADELAIDE, AUSTRALIA: As per the report, Adelaide scored an overall ranking of 94 on the index and secured a mark of 100 in the healthcare and education categories. Getty
  • 4. WELLINGTON, NEW ZEALAND: Wellington also gained from New Zealand’s relative freedom throughout the pandemic, moving from 15th place in 2020 to joint fourth place in the current rankings. Getty
    4. WELLINGTON, NEW ZEALAND: Wellington also gained from New Zealand’s relative freedom throughout the pandemic, moving from 15th place in 2020 to joint fourth place in the current rankings. Getty
  • 4. TOKYO, JAPAN: Tokyo is the second Japanese city to appear on the top ten list and with an overall index rating of 93.7. AFP
    4. TOKYO, JAPAN: Tokyo is the second Japanese city to appear on the top ten list and with an overall index rating of 93.7. AFP
  • 6. PERTH, AUSTRALIA: In western Australia, especially Perth, the strategy of dealing with the outbreak, including mandatory masks, social restrictions and an emphasis on testing, tracing and isolating potentially exposed people, has worked. AFP
    6. PERTH, AUSTRALIA: In western Australia, especially Perth, the strategy of dealing with the outbreak, including mandatory masks, social restrictions and an emphasis on testing, tracing and isolating potentially exposed people, has worked. AFP
  • 7. ZURICH, SWITZERLAND: Zurich is one of two cities in Switzerland to be featured among the ‘most liveable cities’. Alamy
    7. ZURICH, SWITZERLAND: Zurich is one of two cities in Switzerland to be featured among the ‘most liveable cities’. Alamy
  • 8. GENEVA, SWITZERLAND: Geneva tied in eighth place with Melbourne in Australia and secured an overall index ranking of 92.5. Reuters
    8. GENEVA, SWITZERLAND: Geneva tied in eighth place with Melbourne in Australia and secured an overall index ranking of 92.5. Reuters
  • 8. MELBOURNE, AUSTRALIA: Melbourne was one of the biggest movers up the rank this year, and that was in large part to the way the local government have handled the covid-19 outbreak. Getty
    8. MELBOURNE, AUSTRALIA: Melbourne was one of the biggest movers up the rank this year, and that was in large part to the way the local government have handled the covid-19 outbreak. Getty
  • 10: BRISBANE, AUSTRALIA: Number 10 on the list is Brisbane, the capital of Queensland in Australia. In recent months, the large city has enforced local, temporary lockdowns to act as circuit breakers when cases have been identified in certain areas. Getty
    10: BRISBANE, AUSTRALIA: Number 10 on the list is Brisbane, the capital of Queensland in Australia. In recent months, the large city has enforced local, temporary lockdowns to act as circuit breakers when cases have been identified in certain areas. Getty

Best cities to live in 2021: New Zealand and Australia dominate post-pandemic list


Kelly Clarke
  • English
  • Arabic

Auckland in New Zealand has come out on top in a global ranking of cities that offer the best quality of life for residents.

Named the world’s most liveable city in a new report by the Economist Intelligence Unit, the buzzing metropolis stole the top spot, in large part, for the way it has handled the current Covid-19 pandemic.

This is the first time the city has led the rankings.

The Liveability Index examined 140 cities worldwide to quantify the challenges presented to an individual’s lifestyle in the past year, taking into account the disruption caused by the virus outbreak.

With a population of more than 4.9 million people, New Zealand has reported only 26 deaths from the disease since Covid-19 was declared a pandemic.

And while many cities around the world were in the midst of strict lockdowns last year, residents of Auckland, on the North Island, were already attending music concerts with thousands of revellers in tow.

The global contenders for the list were scored from one to 100 – 100 being the best – across five categories including stability, health care, culture and environment, education and infrastructure.

Osaka in Japan came in a close second, scoring top marks in the stability and healthcare index.

Interestingly, of the top 10 cities ranked most liveable, six are in New Zealand and Australia.

The data was gathered between February and March this year, when cities were at different stages of their battle against the pandemic.

Auckland

Auckland climbed five spots from its 2020 ranking and secured top spot. Reuters
Auckland climbed five spots from its 2020 ranking and secured top spot. Reuters

Auckland climbed five spots from its 2020 ranking and secured top spot this year after the Covid-19 pandemic resulted in a major shake-up.

New Zealand’s elimination of the virus within its borders, and a consequently low Covid-19 case count, fared well for its cities.

For most of the past 15 months, New Zealand has been able to keep its theatres, restaurants and other cultural attractions open.

“Auckland, in New Zealand, is at the top of The Economist Intelligence Unit’s Liveability rankings, owing to the city’s ability to contain the coronavirus pandemic faster and thus lift restrictions earlier, unlike others around the world,” the report read.

The city scored top marks of 100 in the education sector as pupils have been able to continue going to school throughout the pandemic.

Osaka

Osaka was one of two Japanese cities to feature on the top 10 list following analysis in February and March this year.

With a population of about 2.6 million, it scored an overall mark of 94.2 on the index, and secured top marks in the stability and healthcare categories.

Recently, however, Japan has hit the headlines as the government declared a state of emergency in Tokyo, Osaka and the surrounding areas in April in an effort to stem the spread of Covid-19 in the lead up to the hosting of the summer Olympics.

Adelaide

In third place is Adelaide in Australia. Getty
In third place is Adelaide in Australia. Getty

In third place is Adelaide in Australia, which also imposed a ban on international travel to stem the spread of infection early on.

As per the report, the coastal city, in south Australia, scored an overall ranking of 94 on the index and secured a mark of 100 in the healthcare and education categories.

While the healthcare scores fell after the onset of the pandemic in most cities across the world, the least affected cities were concentrated in western Europe and the Asia-Pacific region.

Adelaide was one of four Australian cities to make the top 10 list.

Wellington

Like its close neighbour Auckland, Wellington also gained from New Zealand’s relative freedom throughout the pandemic, moving from 15th place in 2020 to joint fourth place in the current rankings.

The New Zealand capital, which boasts a powerful mix of culture, history and nature, received top marks for how it handled education during the outbreak, as pupils attended in-person lessons throughout.

With an overall ranking of 93.7, it tied with Tokyo in Japan.

Tokyo

Tokyo is the second Japanese city to appear on the top 10 list and with an overall index rating of 93.7. AFP
Tokyo is the second Japanese city to appear on the top 10 list and with an overall index rating of 93.7. AFP

Tokyo is the second Japanese city to appear on the top 10 list and with an overall index rating of 93.7, it scored 100 across the stability and healthcare categories, 84 for culture and environment, 91.7 for education and 92.9 for infrastructure.

Osaka and Tokyo “ranked second and fourth, respectively, owing to continued high stability scores”, the report said.

Unsurprisingly, the majority of the healthcare scores in The Liveability Index rankings were affected badly by the pandemic. Compared with six months ago, the average city score for health care dropped by nearly five points.

Perth

Australia’s tough-on-coronavirus stance has resulted in numerous cities from the country making the top 10 list this year.

In western Australia, especially Perth, the strategy of dealing with the outbreak, including mandatory masks, social restrictions and an emphasis on testing, tracing and isolating potentially exposed people, has worked.

“Since the pandemic started, curbs on public gatherings have also had a major impact on scores under the culture and environment category,” the report said.

“The average score for this category fell by 14 points compared with the autumn 2019 survey. Some of the social and cultural restrictions have been lifted since September 2020 in some parts of the world

“New Zealand and Australian cities have benefited the most from this trend.”

As per the latest rankings, Perth scored 100 in health care, education and infrastructure. It’s overall index ranking was 93.3.

Zurich

Zurich is one of two cities in Switzerland to be featured among the ‘most liveable cities’.Reuters
Zurich is one of two cities in Switzerland to be featured among the ‘most liveable cities’.Reuters

Zurich is one of two cities in Switzerland to be featured among the ‘most liveable cities’.

With an overall index score of 92.8, it fared well in the healthcare category, securing a score of 100.

The European city has been able to ease restrictions on outdoor gatherings as case numbers have dropped in recent months.

For the culture and environment category, Zurich scored 85.9. To move up the rankings for the next liveability, the city could improve green spaces as the pandemic has made residents value more outdoor space so they can safely socially distance.

Geneva

Over recent weeks, Switzerland has further relaxed its Covid-19 restrictions as infection rates stabilise and the vaccination rollout accelerates across the country.

The vaccination rollout has accelerated, reaching between 60,000-90,000 jabs a day. And between December and June, more than 5.1 million Covid-19 vaccination doses were administered to residents.

Geneva tied in eighth place with Melbourne in Australia and secured an overall index ranking of 92.5. Similarly to Zurich, the city scored the top mark of 100 for the healthcare category.

Melbourne

Melbourne was one of the biggest movers up the ranks this year. Getty
Melbourne was one of the biggest movers up the ranks this year. Getty

Melbourne was one of the biggest movers up the rank this year, and that was in large part to the way the local government have handled the covid-19 outbreak.

With an overall index ranking of 92.5, it gained an additional five points since its last appearance on the list. It also moved 16 places up the leader board.

Brisbane

Number 10 on the list is Brisbane, the capital of Queensland in Australia.

In recent months, the large city has enforced local, temporary lockdowns to act as circuit breakers when cases have been identified in certain areas.

Designed to immediately minimise everyone’s number of close contacts until the local government can establish whether an individual has caught the virus from the one known case, in large part, it has worked.

The city scored an impressive 100 in two categories, health care and education and an overall score of 92.4.

“The pace of recovery of liveability in most regions will be determined by how effectively the health risks of the pandemic can be controlled, through a combination of vaccination, testing, tracing and quarantine measures,” the report said.

“Barring huge setbacks, such as the emergence of vaccine-resistant variants, scores for culture and environment should improve.”

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Name: Hassan Mohsen Elhais

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

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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Richard Flanagan
Chatto & Windus 

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Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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