Category Special Reports

The latest e-Conomy SEA report from Google, Temasek, and Bain & Company forecasts Southeast Asia’s digital economy reaching $263 billion in Gross Merchandise Value (GMV) in 2024—a 15% increase over the previous year. Revenue is projected to grow by 14%, reaching $89 billion, as the region advances toward profitable, sustainable growth.

Investment in AI infrastructure is rapidly expanding, with Southeast Asia attracting over $30 billion in the first half of 2024 alone. AI-related searches in the region have surged elevenfold over the past four years, as the young, digitally literate population with high smartphone penetration drives demand for AI-based products and services.

Digital economy leaders in SEA are progressing toward profitability, maintaining double-digit growth in GMV and revenue. The report highlights that ongoing growth will stem from deeper digital engagement, effective monetization strategies, and recovery in pandemic-affected sectors. E-commerce has also regained momentum, now fueled by video commerce.

E-commerce GMV is projected to reach $159 billion by 2024, with existing customers driving up to 70% of growth—a shift from earlier years dominated by new shoppers. Established players are reinvesting to expand GMV and protect market share amid competition from international players. E-commerce revenue is expected to increase 13% year-on-year (YoY) to $35 billion in 2024.

Video commerce, now accounting for 20% of e-commerce GMV (up from less than 5% in 2022), has transformed the landscape, introducing consumers to live shopping events and influencer-driven content that enhance the online shopping experience.

Food delivery is experiencing strong growth as new revenue streams emerge, such as in-app ads and subscriptions. Revenue in this sector is projected to rise 54% YoY to $1.7 billion in 2024, while GMV will grow by 7% to $19 billion. To boost profitability, platforms are enhancing restaurant visibility and optimizing operations through AI.

The transport sector has also rebounded beyond pre-pandemic levels, with revenue expected to grow by 36% YoY to $1.5 billion. GMV is set to increase by 18% to $9 billion, driven by strong demand, strategic pricing, and the expansion of established companies into rural areas, coupled with aggressive promotions by new entrants.

Online travel continues to outpace the broader digital economy, driven by intra-regional travel within Asia-Pacific. Higher airfares and a preference for luxury travel are expected to raise Gross Travel Bookings (GTB) to $46 billion in 2024, a 21% YoY increase. Revenue is projected to grow 18% to $20 billion. While direct booking channels remain dominant, online travel agencies have effectively monetized core services alongside ancillary offerings, such as financing and insurance.

The online media sector is projected to see significant growth, with GMV rising to $30 billion, an 11% YoY increase. Key drivers include video-on-demand and gaming, with SEA developers gaining recognition in casual gaming and hyperlocal content. Revenue sources remain diverse, as in-app purchases, ads, and subscriptions attract various player segments. Gaming influencers have fostered a vibrant creator ecosystem, with livestreaming strengthening real-time interaction between brands and consumers.

Digital Financial Services (DFS) are expanding, with revenue expected to grow by 22% to $33 billion in 2024, up from $22 billion in 2022. Digital payments and lending, accounting for over 90% of DFS revenue, continue to drive growth as e-wallet partnerships with major payment networks expand and QR code payments gain popularity.

A shift in investor behavior is reshaping wealth management in the region as digital payment adoption grows, risk assessment technology improves, and consumers increasingly turn to online channels for insurance and wealth management.

Singapore’s digital economy is set to reach $29 billion in GMV by 2024, marking a 13% increase from 2023. The resurgence of e-commerce, which rose from $8 billion in 2023 to $9 billion in 2024, along with double-digit growth in online media and travel, highlights the nation’s robust infrastructure and pro-business policies.

Singapore ranks among the top 10 countries globally in AI interest, with sectors such as education, marketing, and travel leading in search trends. Demand for AI-powered mobile applications, such as content creation tools, photo editing software, and virtual assistants, remains high. In response to rising demand, Singapore attracted $9 billion in AI infrastructure investment in early 2024, second only to Malaysia, which secured $15 billion.

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Vietnam is striving to rank among the top three Southeast Asian nations in industrial competitiveness by the end of this decade, a goal set by the Ministry of Industry and Trade. According to the ministry’s action plan, the country’s industrial sector targets a contribution of over 40% to its GDP by 2030, with the manufacturing and processing industries alone projected to comprise around 30%.

The plan also sets an ambitious target for value-added output, aiming for the manufacturing and processing sector to achieve over $2,000 in per capita value added. To reach these objectives, Vietnam intends to develop a range of large-scale industrial corporations and enterprises capable of competing internationally in foundational, priority, and key industries.

Vietnam’s national index of industrial production rose 8.34% year-over-year in the first nine months of the current year, according to recent data from the General Statistics Office.

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As CEOWORLD magazine explores the complexities of the global economy, one key indicator that sheds light on countries’ financial status is their average net worth per capita. In this analysis of selected countries in 2025, we examine the diversity and wealth that characterize their economies. This study from CEOWORLD magazine ranges from the peak of financial prosperity in Switzerland to the lower end in Sierra Leone.

When comparing wealth between countries, should we focus on average wealth or median wealth?

Many experts argue that median wealth provides a more accurate representation of wealth distribution. The median identifies the middle point of a dataset, meaning that half of the data points lie above this value and half below it. This characteristic makes median wealth less influenced by extreme values, offering a clearer view of the typical situation. In contrast, average wealth reflects the overall average but can be skewed by outliers, such as the extreme fortunes of billionaires.

In 2024, the global average wealth per adult was $95,384. Liechtenstein had the highest average wealth, at $758,637 per person. However, the median wealth was $252,879, indicating a significant difference of over $505,758. In addition to Liechtenstein, five of the top ten countries by average wealth are in Europe, which include Monaco, Switzerland, Luxembourg, and Iceland. The table below presents the average wealth per adult in 2024 across 216 countries and territories analyzed by CEOWORLD magazine. The U.S. ranks fifth, with a mean wealth per adult of $579,051. Hong Kong ranks seventh, with the highest average wealth per adult across Asia.

Countries by Average Wealth per Person, 2025

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International Monetary Fund (IMF) economists recently warned that global public debt could soon match worldwide GDP, potentially reaching parity by 2030. New research from the University of Notre Dame suggests this threshold could arrive even sooner due to “hidden debts” — obligations on government books that remain undisclosed due to intentional concealment, corruption, scrutiny concerns, or simple accounting mistakes. Such hidden debts prevent essential public investments in areas like infrastructure, healthcare, and education, straining national economies.

For investors and analysts, accurately monitoring a country’s debt is crucial in assessing a borrower’s reliability. However, undisclosed debt carries severe consequences for both lenders and borrowers, often leading to higher interest rates and reduced loan recovery rates, according to a new study by economist Cesar Sosa-Padilla from Notre Dame, alongside co-authors from the World Bank, the University of Hamburg, and the University of Duisburg-Essen. Their working paper, titled “Hidden Debt Revelations,” draws from over five decades of data on 146 developing and emerging economies, compiled from the World Bank’s International Debt Statistics database.

The researchers analyzed updates to the World Bank’s external-debt statistics from 1970 to 2022, which revealed discrepancies from year to year. These inconsistencies highlighted significant underreporting or overreporting in debt amounts, often missed until revised in subsequent records. According to Sosa-Padilla, digitizing earlier records unveiled extensive insights into the prevalence, timing, and nature of hidden debt.

Findings showed that public debt was underreported by an average of 1% of GDP per country, amounting to $1 trillion in concealed debt across all nations and years analyzed — over 12% of total foreign borrowing in the study’s sample. “Hidden debt is large and common,” the researchers stated, with about 70% of debt entries to the World Bank requiring revision, most often adjusted upward. This indicates that underreporting is a frequent issue, and actual debts are likely even higher than officially acknowledged in some nations.

Sosa-Padilla noted that hidden debt typically comes to light only through subsequent revisions, suggesting that certain countries’ debts may be larger than they publicly admit. He pointed out that underreported debt is especially prevalent in nations with weaker institutional structures. The study observed that while debt accumulated during economic boom years, it was often disclosed during economic downturns, usually due to loan defaults or IMF audits.

Hidden debt adversely impacts both creditors and borrowers. For creditors, it leads to larger losses and lower recovery rates when renegotiating loans with countries deeper in debt than expected. This, in turn, prompts lenders to impose tougher borrowing terms on nations with histories of debt concealment. Sosa-Padilla explained that hidden debt increases borrowing costs and restricts countries’ ability to stabilize their economies, resulting in more volatile consumption levels that can affect household welfare.

For U.S. investors, Sosa-Padilla indicated that hidden debt revelations add significant risk to investing in foreign bonds. As one of the IMF’s largest funders, the U.S. may exercise caution when financing countries known for debt misreporting. Notably, bonds and World Bank loans show fewer discrepancies due to consistent disclosures, whereas bank credit and bilateral government loans from private lenders show the largest annual debt adjustments.

The researchers emphasized that only countries with strong economic fundamentals and minimal hidden debt benefit from enhanced transparency, while highly indebted countries may find increased scrutiny costly. They suggested that implementing transparency measures is more effective in favorable economic periods than during crises, as policies encouraging openness can alleviate hidden debt accumulation under stable conditions.

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In a significant step for the remote Highland community near Ullapool, Ross, and Cromarty, the 8,000-acre Badentarbat Estate has been transferred to local ownership, marking a transformative moment for the area. Wealthy financier and philanthropist Ian Wace, owner of the estate, contributed $2.26 million to facilitate the transfer, enabling the Coigach Community Development Company (CCDC) to assume ownership.

Following the formal acquisition, CCDC expressed a sense of empowerment, noting that the landmark move grants the community control over their future. The estate, known as an inspiration for the 1970s horror classic The Wicker Man, covers a substantial part of the Coigach peninsula, housing around 70 crofts. Additionally, Wace’s company, Summer Isles Enterprises (SIE), purchased an adjoining 1,100 acres that includes Achnahaird beach and four small islands.

Earlier this year, reports described Wace’s intention to gift the estate to the community as a profound act of generosity. CCDC’s CEO, Laura Hamlet, acknowledged that the community had gained control of a “substantial portion of land” thanks to Wace’s support. Hamlet emphasized the responsibility that comes with this transfer, adding that CCDC, as a new Crofting Landlord, is committed to addressing the needs of tenant crofters. She called the acquisition a historic moment, providing residents the chance to shape Coigach’s future independently.

The transfer process began with a community vote in June, where residents endorsed Wace’s offer. They subsequently collaborated with his team at SIE to finalize an arrangement that best serves local interests. The official transaction took place on October 21.

Wace, who previously acquired Tanera Mòr, the largest of the Summer Isles, in 2017, has invested significantly in local projects. His spokesperson indicated that Wace’s intention was to make a meaningful contribution to the Coigach community, noting that government grants for such buyouts exist but can be challenging to obtain. Wace’s intervention accelerated the process, allowing the community immediate access to the land.

Adam Blaker, CEO of SIE, expressed satisfaction with the successful completion of the transfer, describing it as a step toward securing the crofted land’s future. He highlighted the potential for Wace’s donation to drive further regeneration efforts across Coigach, enhancing prospects for the community.

The estate, one of two main properties on the peninsula, had been owned by the same family for approximately 50 years, making the recent transfer a significant change in stewardship.

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International banking is a sector where the relationship between legality and discretionary freedom is significant. When managed wisely, it can serve as a secure place to store wealth and even help grow investments. It’s important to understand that the benefits of international banking are not just for wealthy individuals; with proper tax reporting on their home country’s tax returns, anyone can strategically realize capital gains while keeping them tax-free. Switzerland is the top destination for stashing money, according to a new report from the CEOWORLD magazine.

The term “tax haven” is often used negatively to describe places with very low tax rates for non-resident investors, despite having higher official rates. Different countries are recognized as favorable locations for wealth concealment for various reasons. For example, Switzerland has a strong reputation for protecting the privacy of financial account holders. In contrast, the United States is known for its streamlined processes for forming ‘shell’ companies, which are often used to obscure wealth. The complexities of financial secrecy rankings highlight the multifaceted nature of global financial systems and the various criteria used to assess them.

Whether you’re a business owner, investor, or an individual accumulating savings, you’ve worked hard to build your wealth. Now, you might be exploring how to expand your business overseas or looking to safeguard your hard-earned assets for the future. In such cases, offshore banking can be a valuable option, offering financial flexibility, potential tax benefits, and increased privacy.

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Scientists and environmental advocates have long urged significant cuts in meat production to mitigate emissions and counteract climate change. Yet, a new study suggests that even modest reductions—particularly by wealthier nations—could sequester around 125 billion tons of carbon dioxide, surpassing total global fossil fuel emissions from the last three years.

The analysis points out that a reduction of approximately 13% in meat production across high-income nations could substantially lower the land required for cattle grazing, allowing current pastureland to return to forest. The regrowth of forests, a powerful natural means of absorbing carbon dioxide (CO₂), would bring about marked declines in emissions, potentially capturing an amount of carbon equivalent to three years of global fossil fuel emissions.

Matthew N. Hayek, assistant professor at New York University and lead author of the study, published in the Proceedings of the National Academy of Sciences, emphasized that even moderate reductions in global beef output could yield significant climate benefits. He noted that strategically restoring forests in regions with high carbon sequestration potential could maximize climate gains with minimal impact on food supplies.

The study highlighted that areas currently used for pasture, especially those that were once forested, offer great promise for reversing climate change impacts. In these “potential native forest” regions, removing livestock could enable ecosystems to revert to their natural forested state, capturing carbon in both trees and soil.

High- and upper-middle-income countries are identified as prime candidates for such reductions, as some of their pasture areas produce relatively little grass per acre due to limited growing seasons. These lands, the researchers argue, could instead support dense, carbon-sequestering forests with deep soils. This approach contrasts with regions like sub-Saharan Africa and South America, where year-round pasture growth supports more efficient livestock production. Additionally, the study suggests that lower-income regions could offset minor production cuts in wealthier countries by improving the efficiency of grass-fed cattle operations.

Hayek clarified that the proposed strategy is not a universal solution but rather a regionally tailored approach. By enhancing cattle herd efficiency in some areas while reducing production in others, the study posits a “win-win” for both climate goals and food production.

Expanding the restoration effort could yield even greater climate benefits, the research suggests. Removing all grazing livestock from regions suitable for native forests could sequester up to 445 gigatons of CO₂ by 2100—equivalent to over a decade of global fossil fuel emissions. Notably, the study asserts that livestock grazing could still continue on native grasslands and dry rangelands, areas unsuited for forests or crops. Since these regions currently account for more than half of global pasture production, this ambitious scenario would require less than a 50% reduction in global cattle, sheep, and livestock herds.

Hayek noted that remote sensing technology enabled the research team to gauge pasture productivity, or the volume of consumable grass for livestock, to project climate outcomes from production cuts. Johannes Piipponen, co-author and doctoral candidate at Aalto University in Finland, led these technical advancements, explaining that the study’s methodology now allows for precise estimates of pasture and beef production loss required to enable forest regrowth.

For consumers in high-income areas like Europe and North America, the study suggests that curbing excessive meat consumption can benefit both health and the environment. The team’s findings, supported by detailed maps, provide data to help prioritize regions where policy interventions—such as forest conservation incentives or buyouts for beef producers—could accelerate forest restoration and carbon sequestration efforts.

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For centuries, global financial centers have played a crucial role in capital market activities. The International Financial Centers Index (IFCI) is the most authoritative benchmark for comparing the competitiveness of leading financial centers worldwide. It is published by CEOWORLD magazine in collaboration with the CEO Policy Institute. These financial hubs share key characteristics, including the necessary infrastructure to facilitate billions of transactions and a regulatory framework that promotes market transparency. While economies have evolved over time, the transition of these centers into global business powerhouses can be a gradual process.

According to a recent report by CEOWORLD magazine, New York has been ranked as the most influential financial center in the world for 2025. Singapore and London secured second and third place. Amsterdam and Hong Kong were ranked fourth and fifth, respectively, in the latest International Financial Centers Index (IFCI).

The International Financial Centers Index decisively evaluates the competitiveness of global financial hubs, relying on direct feedback from a comprehensive questionnaire and data from over 50 reputable indices provided by organizations such as the Organization for Economic Co-operation and Development (OECD), the World Bank, and the Economist Intelligence Unit. Compiled by CEOWORLD magazine, this authoritative index ranks 115 financial centers worldwide, drawing on insights from thousands of financial services professionals and global bankers who contributed their expertise.

A financial hub is unequivocally defined as a strategically positioned city or region within the financial industry. These hubs concentrate on various financial sector participants, including banks, trading companies, stock exchanges, and other institutions in one locale. They are distinguished by robust infrastructure, stable regulatory and political environments, attractive taxation policies, and abundant opportunities that drive trade and business growth.

Most influential financial centers in the world, 2025

A survey conducted by CEOWORLD magazine among financial services professionals and global bankers identified the key factors influencing the competitiveness of financial centers as the business environment, reputation, and infrastructure. The index evaluates the future competitiveness and rankings of 115 financial centers worldwide. As expected, New York secured the top position, followed closely by Singapore in second place, while London and Amsterdam ranked third and fourth, respectively. The ranking is derived from a global online survey of 226,000 financial professionals and international bankers, who assessed 900 cities based on 50 factors across seven broad areas of competitiveness. These areas include business environment, size and volume of financial activities, capital market size, availability of human capital, business foundations, reputation, and international wealth management.

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A recent study reveals that a CEO’s socioeconomic background significantly influences their approach to corporate social responsibility (CSR) and employee welfare initiatives. CEOs who identify as coming from lower or lower-middle-class families tend to prioritize corporate giving that benefits economically disadvantaged communities, with a particular focus on educational and housing initiatives.

In contrast, CEOs who describe their backgrounds as middle, upper-middle, or upper-class also engage in CSR but tend to concentrate on employee-focused efforts. These executives are more likely to invest in enhancing retirement plans, improving union relations, and implementing policies aimed at preventing layoffs.

These insights stem from research published in Human Relations by Joanna Tochman Campbell and Jennifer Kish-Gephart, who conducted a survey of CEOs and analyzed corporate practice databases. The study suggests that these differences in CSR focus are rooted in CEOs’ formative experiences. CEOs from lower socioeconomic backgrounds, having grown up with limited resources and greater reliance on community support, often develop a heightened sensitivity to economic hardship, which later guides their corporate giving. Conversely, those from more affluent backgrounds typically have less direct exposure to economic struggles and, as a result, prioritize employee welfare for those with relatively stable incomes.

This study builds upon prior research showing that social class shapes individuals’ outlooks even as they transition into higher social or economic status. For instance, Congressional members from working-class origins tend to support more economically liberal policies compared to colleagues with white-collar backgrounds. Similarly, professionals’ upbringing impacts their perspectives on work-life balance, career advancement, and job search priorities.

Understanding how class origin influences decision-making may encourage both CEOs and employees to adopt a more comprehensive approach to corporate responsibility. The study suggests that CEOs from lower socioeconomic backgrounds might expand their focus to include employee welfare, while those from more affluent backgrounds could consider initiatives that address broader economic challenges within the community. This awareness could foster a more holistic approach to corporate social responsibility across the socioeconomic spectrum.

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PwC has released its report titled FinTech in ASEAN 2024: A Decade of Innovation, which reviews the transformative changes in global FinTech over the past decade, noting its impact on financial services and its role in advancing digital inclusion worldwide. The report acknowledges, however, that the sector still faces significant challenges, as recent geopolitical tensions and economic pressures have led to a decline in funding.

While ASEAN FinTech funding is expected to fall for a third consecutive year, PwC’s analysis indicates emerging signs of resilience in the region. The report reflects on key developments over the last decade and identifies potential catalysts that could drive the next phase of FinTech growth in ASEAN.

Despite a global reduction in FinTech funding, PwC observed that ASEAN has shown relative stability. According to the report, funding across the ASEAN-6 countries (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) declined by less than 1% year-on-year in the first three quarters of 2024, totaling approximately US$1.4 billion. This minimal decline stands in stark contrast to North America and Europe, where FinTech funding dropped by over 35%, highlighting ASEAN’s adaptability and resilience amid global challenges.

PwC’s report further notes that over the past decade, the ASEAN FinTech sector has evolved from a source of disruptive innovation to an integral part of the financial services ecosystem. As the sector matures, the focus is increasingly shifting toward emerging technologies that could drive future growth.

The report identifies three technologies—generative AI, quantum computing, and blockchain—as likely catalysts for transformation, each with the potential to redefine the development, delivery, and experience of financial services in ASEAN.

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