A world of the super rich

The world’s super rich club expanded significantly over the past 10 years, with China leading the charge, according to the latest report from New World Wealth and investment migration advisor Henley & Partners. The number of centimillionaires surged 54pc worldwide over the past decade to 29,350, particularly in China and the US, according to the report. Centimillionaires are ultra-high-net-worth individuals with investable wealth of $100 million or more. China’s ascent has been the most dramatic, with its centi-millionaire population expanding by 108pc over the past 10 years — outpacing even the stellar performance of the US, whose super-wealthy ranks swelled by 81% over the same period,”. China’s growth was driven in large part by the emergence of tech centimillionaires and industrial titans, however, Since 2020, the number of ultra-rich has only risen about 10pc. There are currently 2,350 centimillionaires living in China.

(Adapted from “China’s Ultra-Rich Population Sees ‘Dramatic’ Growth In Last 10 Years, Outpacing The US, Report Shows,” by Lee Ying Shan, published on September 2024, by CNBC)

Finding ways to pay less

Bosses are quietly trying to reset worker pay levels in the US, saying the era of overpaying for talent is over. Pay for many white-collar recruits shrank last year, and now wages for new hires in construction, manufacturing, food and other blue-collar sectors appear to be ebbing too, according to an analysis of millions of jobs posted on ZipRecruiter.com. Job seekers report seeing roles that once offered salaries between $175,000 and $200,000 a year ago now being advertised for tens of thousands of dollars less, a change that has had them rethinking their pay expectations. Companies are also moving job openings to lower-cost cities or offering them as lower-paying contractor roles, recruiters and corporate advisers say. The push to reset employee salaries reflects a power shift in the cooling hiring market. Employers have more choice of who they can hire, and at what pay level, and are questioning whether they really need star hires when a workhorse will do.

(Adapted from “Bosses Are Finding Ways To Pay Workers Less,” by Ray A. Smith, Chip Cutter and Lynn Cook, published on August 29, 2024, by the Wall Street Journal)

Disliked colleague becomes boss

When a colleague you dislike — or who dislikes you — becomes your manager, it’s natural to feel a little anxious, worry about the fallout, and even think about leaving. But before making any big moves, know that it’s possible to work through this challenging situation. Interpersonal conflict often stems from differences in work speed, communication style, decision-making processes, or levels of extroversion and introversion. If you can identify the differences between you and your boss, and work to close those gaps, you may be able to improve your relationship. Don’t assume your new boss will change. Now that the power dynamic has shifted, the onus is on you to adapt your behaviour to them. Ask yourself: What new behaviours will be required from me in interactions with this person? What’s one thing I could do differently to generate the most positive impact? You can also try to identify where you’ll align in terms of attributes, values, and goals (both professional and personal).

(Adapted from “When a Coworker You Don’t Like Becomes Your Boss,” by Kelli Thompson, published by HBR Early Career)

Holding multiple jobs

The share of people holding more than one job ticked up to 5.3pc in July from 5.2pc in June. That is a significant increase from a pandemic low of 4pc in April 2020, according to US Bureau of Labour Statistics data. The figure averaged 4.94pc from 2010 through 2019. The comeback of multiple-job holders speaks to some of the mixed currents in an economy that still boasts a growing job market, but has come with higher prices on a broad variety of goods and services, and essentials like rent and insurance. “One story is that people are short of cash, and they need extra hours and the only way to pick up extra hours is by picking up a short-term job,” said Christopher Taber, chairman of the economics department at the University of Wisconsin, Madison. “Another story is that it’s easier to work two jobs now than it was before.”

(Adapted from “For Two-Job Workers, There Aren’t Enough Hours In A Day To Stay Afloat,” by Joe Barrett, published on August 30, 2024, by the Wall Street Journal)

Published in Dawn, The Business and Finance Weekly, September 23rd, 2024