Contrary to Dubai, a state with not much oil and thus aspiring to diversify away into financial services and tourism, Abu Dhabi controls approximately 8% of the world’s oil and one of the largest Sovereign Wealth Funds (SWF).

It remains to be seen how the RBA will go about doing that using all tools at their disposal. They deserve to be mentioned as one of the most credible central banks, though, as seen by them being so far effective in guiding long-term interest rates, thus reflecting the market’s trust in them.

There are shifts in the concentration of millionaire population. While US, Japan and Germany still account for 54% of HNWIs in the world, China has now moved into 4th position surpassing UK. Similarly Brazil has now moved ahead of Australia and Spain in the 10th position.
The study also forecasts that the HNWI wealth will recover to $48.5 Trillion by 2013 and the Asia-Pacific will overtake North America as the largest region for HNWI financial wealth.

China’s inflation reached a 16- month high, industrial output climbed and new loans exceeded forecasts, adding to the case for the government to pare back stimulus measures.

Japan’s economy expanded less than initially estimated in the fourth quarter as companies pared spending and stockpiles as deflation deepened.

Bank of Korea Governor Lee Seong Tae kept the benchmark interest rate unchanged at his final meeting as the government pressed for low borrowing costs to spur investment and cut unemployment.