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No surprises: New York, London and Tokyo top the list of world’s 15 richest cities

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Boston, Calgary, Perth and Macau – all associated with material wealth – have failed to make this list of the 15 richest cities in the world, compiled by market research firm New World Wealth.

The data gathered by the researchers reflects the total amount of private wealth held by all the individuals living in each of the cities on the list. Unlike traditional ratings, this top 15 is not based on Gross Domestic Product (GDP), but reflects analysis that covers all assets, such as property, cash, equities and business interests, excluding liabilities. Government funds are included.

1. New York City – $3 trillion

2. London – $2.7 trillion

3. Tokyo – $2.5 trillion

4. San Francisco Bay Area – 2.3 trillion

5. Beijing – $2.2 trillion

6. Shanghai – $2 trillion

7. Los Angeles – $1.4 trillion

8. Hong Kong – $1.3 trillion

9. Sydney – $1 trillion

10. Singapore – $1 trillion

11. Chicago – $988 billion

12. Mumbai – $950 billion

13. Toronto – $944 billion

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14 Frankfurt – $912 billion

15. Paris – $860 billion

According to New World Wealth, wealth is a measure that differs from a GDP indicator, which is another common metric used to gauge economic power. The research firm revealed that Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich and Dallas had just missed out on the top 15.

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2nd annual Africa Business and MICE Tourism Master Class to be held in Johannesburg this June

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The 2nd edition of the Africa Business and MICE Master Class will be held in Johannesburg at the BDO South Africa offices from June 10-12, 2019. The African Tourism Board is a supporting partner for this event. This program will grant industry professionals and practitioners from across Africa an opportunity to learn from renowned industry experts, connect with like-minded individuals and benefit from first-hand advice on how to advance growth in their organisations, businesses and destinations. This class will be presented by Africa Tourism Partners and its lead strategic partners, BDO South Africa and South Africa Conference Association Industry (SAACI). “Collaboration is integral to the growth of the MICE industry across Africa. BDO is proud to be associated with the Africa MICE Masterclass program where not only newcomers benefit from the expertise of established industry players, but the experts also learn from each other,” highlights Christelle Grohmann, Director, BDO Advisory. “We look forward to hosting you from June 10-12 at our office in Johannesburg,” she adds.

This year’s program has been designed in response to the high interest and recognition that the 2018 Africa Business and MICE Master Class received, making it a sought-after Continuing Professional Development (CPD) and Capacity Building program among practitioners and professionals. The inaugural course was held at the same time last year and featured illustrious industry experts and attendees from 14 African countries including Botswana, Ghana, Madagascar, Lesotho, Malawi, Mozambique, Nigeria, Tanzania, Swaziland, Kenya, Rwanda, South Africa, Zimbabwe and Zambia. “Many attendees at the Africa MICE Masterclass 2018 voiced their satisfaction with the event indicating that the intimate and interactive format and the depth and range of knowledge of the speakers kept them absorbed throughout. Even the speakers commented on it being a well-rounded learning experience that also benefited them. This is industry learning from industry from real working examples,” states Lee-Anne Bac, Director, BDO Advisory & Masterclass 2018 Attendee.

Considering the increased number of African exhibitors and buyers who participated at the 2019 Meetings Africa held in February this year, it is apparent that more countries, tourism boards, convention bureaus, conference facilities, professional conference organizers and the entire African Business and MICE Tourism community now appreciate the significance of the sector. Speaking at the 2019 Meetings Africa, South Africa Minister of Tourism, Mr. Derek Hanekom stated that Business Tourism has earned its place at the economic table. He also revealed that the sector earned R71 billion revenue and contributed R115 billion to South Africa’s Gross Domestic Product (GDP). This buttresses the sector’s relevance in African economies.

The Master Class is a two-and-a-half day CPD program designed with a variety of theory and practical sessions and the opportunity for further engagement in the form of business-to-business meetings. It will be conducted in conjunction with BDO South Africa, and key industry associations, including SAACI. The course is delivered by faculty experts through a practical and interactive Action-Learning methodology. This approach allows attendees to gain fresh industry insights and global best practices, learn from industry experts and connect with executives from across the continent.

To register, for Business-to-Business or sponsorship opportunities please contact: Ms. Aretha Nozipho Bohlela at: aretha@africatourismpartners.com or +27 81 303 7030.

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WTTC: Travel and Tourism is Zambia’s 2018 fastest-growing national economic sector

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The World Travel and Tourism Council (WTTC) is getting ready for its Annual Summit in Seville next month, and Africa will be happy.

Report after report is confirming enormous growth potential for the African Travel and Tourism industry.

Alongside WTTC’s good numbers, a new initiative spearheaded by the eTN Corporation is the African Tourism Board which will launch on April 11 at an ATB Conference in Cape Town, South Africa.

“This all confirms the important role Africa has established globally,” said eTN President and Interim African Tourism Board Chairman Juergen Steinmetz.

Travel and Tourism is Zambia’s 2018 fastest-growing national economic sector, contributing US$1,846.9MN (ZMK19.4 billion) to national economy, reported WTTC, and 318.9 thousand jobs to the Zambian economy in 2018 while posting a +6.3% Gross Domestic Product (GDP), making it the fastest and bullish economic sector in the country.

International visitors alone spent ZMK8.4 billion representing 8.3% of the total Zambian exports, and in terms if spending characteristics the leisure sectors account for a total of 38% while business was at 62%. Domestic spending on tourism and travel stood at 47% while international spending was 53%. The industry is estimated to create a total of 464.6 thousand jobs in 2019 with an estimated 1.1million expected international visitors in 2019.  This is according to the World Travel and Tourism Council’s annual review of the economic impact and social importance of the sector released this month.

Tsogo Sun Garden Court Hotel Kitwe Zambia – Photo courtesy of Garden Court Kitwe Management

WTTC is an international non-governmental organization which represents the Travel and Tourism private sector globally with over 170 membership that includes CEOs, chairmen, and presidents of the world’s leading Travel and Tourism businesses from across the globe covering all industries. The organization works to raise awareness of Travel and Tourism as one of the world’s largest economic sectors, supporting one in 10 jobs (319 million world wide and generating 10.4% of the world GDP in 2018).

The World Travel and Tourism Council is the global authority on the economic and social contribution of Travel and Tourism. The organization promotes sustainable growth for the Travel and Tourism sector, working with governments and international institutions to create jobs, to drive exports and to generate prosperity. Together with Oxford Economics an international consulting firm headquartered in Oxford United Kingdom and prides itself as a global leader in forecasting and quantitative analysis, produces annual research that shows Travel and Tourism to be one of the world’s largest sectors. WTTC has been producing comprehensive reports quantify, compare and forecast the economic impact of Travel and Tourism on 185 economies around the world for nearly 30 years. In addition to individual country fact sheets, and fuller country reports, WTTC produces a world report highlighting global trends and 25 further reports that focus on regions, sub-regions and economic and geographic groups.

Commenting on this extraordinary data by WTTC, Zambia’s celebrated tourism pundit Dr. Percy Ngwira stated that WTTC has revealed something that needs thorough reflection and validation in line with Zambia’s national data produced relevant national competent institutions. He was, however, quick point out that the travel and tourism sector in Zambia has indeed being growing arguably so in the past five years owing to the current governments implantations of conducive policy and commitment to develop the sector.

According to the Zambia’s Minister of Tourism and Arts Charles Banda who is also UNWTO Executive Council Chair the current Zambian government has recognized prioritized the tourism and placed it as the second most important economic sector in the country that is poised to play  a significant  role in the country’s economic emancipation towards the achievement of Zambia’s  national Vision 2030, which aims to transform the country  into a prosperous middle income nation by the year  2030 and to create a new Zambia which is a strong and dynamic middle-income industrial nation that provides opportunities for improving the well-being of all, embodying values of socio economic justice.

Recently Zambia has witnessed growing investment in the tourism sector, many new hotels have been built including Hilton Hotel group that opened a $100m luxury 20-floor mixed-use Hilton Garden Inn hotel in the Zambian capital Lusaka in 2018.

The Zambian copper rich region located near the Democratic Republic of Congo also had a new state of art hotel by Tsogo Sun of South Africa Garden Court Kitwe that was open late last year.

eTN is a media partner for WTTC.

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