The investable wealth of the world’s richest people reached a record high of $46.2 trillion US in 2012, a report by RBC Wealth Management and the consulting firm Capgemini has found.

The annual World Wealth Report, released Tuesday, found that the wealth of so-called high net worth individuals, or HNWIs, grew by 10 per cent last year, and the number of individuals included in the high net worth category grew by a comparable amount, rising 9.2 per cent to 12 million people worldwide.

HNWIs are defined as people who have investable assets of $1 million or more, excluding “primary residence, collectibles, consumables, and consumer durables (which include things like furniture and appliances).” Ultra high net worth individuals have assets of $30 million or more.

North America had the greatest number of high net worth individuals and saw the number increase by 11.5 per cent in 2012 to 3.73 million people, who were worth a total of $12.7 trillion. Americans, at 3.436 million, made up the bulk of that group while Canada had 298,000 HNWIs, an increase of 6.5 per cent over 2011.

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What are SCB’s priorities for 2013?

SMITH: SCB’s priorities for 2013 will be focusing on the regulatory landscape, operational efficiency, and we will also be focused on people.

What major changes in regulatory landscape do you see on the horizon?

SMITH:The introduction of the Securities Industries Act (SIA) in 2011 brought a lot of changes. The act was designed with a lot of flexibility. This means we have a number of guidelines and rules that we are now in the process of implementing. This entails a process that will go on for several weeks at a time, and that will take us into 2014.

How would you describe the growth and development of financial services in The Bahamas?

SMITH: Financial services in The Bahamas has been somewhat in sync with what has been happening in the global market, particularly at the Commission, where we regulate several sectors, specifically the securities industry, and the fund services industry. What we have seen in fund services is that we have lost some value on the management side, but that was on par with the pace of the global economy.

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Bonita Morgan of the Caribbean Tourism Organization says that training in the hospitality industry could be extended beyond the tourism sector.
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Bahamian entertainer Preston “Puzzle” Wallace is helping to promote The Bahamas as a tourism destination through his music and performances. Watch an interview with him here.
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SEATTLE, June, 2013 /PRNewswire/ — Itineraries up to 25 days, diverse ports of call and a rare mid-size ship experience highlight Holland America Line’s 2013-14 Caribbean season that features eight of the line’s premium vessels sailing round-trip from either Fort Lauderdale or Tampa, Fla. All Fort Lauderdale itineraries feature a call at Half Moon Cay, the line’s award-winning private Bahamian island known for its pristine beaches, exciting shore excursions, exclusive beach cabanas and kid-friendly activities.

From October 2013 through April 2014, ms Eurodam, ms Maasdam, ms Nieuw Amsterdam, ms Noordam, ms Ryndam, ms Veendam, ms Westerdam and ms Zuiderdam sail a total of 109 seven-, 10-, 11- and 14-day cruises that can be combined into longer Collectors’ Voyages ranging from 14 to 25 days. The itineraries span the Caribbean on eastern, western and southern routes, as well as a partial transit of the Panama Canal.

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The Insurance Commission of The Bahamas (ICB) in collaboration with the Bahamas Financial Services Board (BFSB) will host an industry briefing in the Governor’s A Ballroom of the British Colonial Hilton Hotel in Nassau, June 26 starting at 10:00 am.

This industry briefing will provide an opportunity for the regulator to update industry participants on its risk-based supervisory regime for the captives sector.

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While wrapping up debate on the 2013/2014 Budget, Prime Minister Perry Christie explained that despite challenges, the country is now being positioned for great economic benefits.
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A delegation from The Bahamas, including the Governor General’s wife Lady Joan Foulkes, are in China this week to attend Chinese Culture Seminars, which will be held in Beijing and the Nanjing University of Information and Science and Technology (NUIST) from June 16 to 24.

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COLUMBIA, MD. June 19, 2013 /PRNewswire/ — MICROS Systems, Inc (NASDAQ: MCRS), a leading provider of information technology solutions for the hospitality and retail industries, is pleased to announce that Morgans Hotel Group has chosen to implement cloud-based MICROS OPERA across its hotel portfolio, which includes 13 locations.  The solution will be hosted in the MICROS US Datacenter.  MICROS OPERA Property Management Solution (PMS) will be implemented initially at Hudson inNew York, and is planned to be deployed at all Morgans Hotel Group properties by the end of 2013.

Situated in midtown Manhattan just steps away from Central Park, Hudson is Morgans Hotel Group’s largest property, featuring 866 guestrooms. With MICROS OPERA, Morgans Hotel Group will be able to utilize a more advanced and user-friendly system to manage the day-to-day hotel operations more efficiently.  By implementing a hosted solution, IT can allocate resources to other important areas.

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The Bahamas Financial Services Board (BFSB) brought its Bahamas Landfall event to London yesterday with a technical presentation and cocktail reception at the Mandarin Oriental Hotel in London’s Knightsbridge.

The successful format attracts investors, high-net-worth individuals, financial services providers and other intermediaries. The London event follows on from similar presentations in Brazil and Mexico earlier in the year.

Speaking during the opening of the technical presentation, managing director and chief executive officer of the BFSB Aliya Allen said that The Bahamas offered a wide range of products and services to high-net-worth individuals looking to invest.

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