Month: November 2023

Luckin Coffee, the technology-driven coffee chain, has achieved a significant milestone by opening its 10,000th store in Xiamen. This marks an impressive surge in growth for the company, with nearly 500 new stores added in January 2023 alone. It's worth noting that Luckin Coffee had just reached the 9,000-store mark by the end of the first quarter. This milestone signifies a remarkable turnaround for the company, which faced a financial scandal in 2020 leading to significant changes in its management, delisting from the Nasdaq, and filing for bankruptcy in the US. Founded in late 2017, Luckin Coffee reported a remarkable 84.5% year-on-year revenue growth, amounting to RMB 4.4 billion (approximately $646 million) in the three months ending March 31, 2023. The company's impress...

There are currently 28,420 centi-millionaires in the world, more than double the number 20 years ago, according to the 2023 Centi-Millionaire Report released by wealth and investment migration advisors Henley & Partners. The report featured exclusive data from global wealth intelligence firm New World Wealth indicating that the amount represents an increase of 12 per cent compared to this time last year. According to Henley & Partners in a statement, this fast-growing global elite of highly influential super-wealthy movers and shakers boast investable assets of US$100 million or more. (US$1=RM4.72) As outlined in the inaugural report last year, at a country level, most centi-millionaires (or ‘centis’) are concentrated in the United States (US) with 38 per cent, follow...