Passport Power Rankings:

Passport strength is not just a reflection of diplomatic agreements; it also reflects economic stability, political trust, and global partnerships . A powerful passport can significantly improve access to global opportunities for education, employment, business, and personal freedom.

Experts at Henley & Partners note that mobility inequality remains high, even as the number of countries offering digital visas and visa waivers continues to grow. The gap between the top and bottom-ranked passports is now the widest it’s been in 20 years, highlighting continued global travel inequality.

Here’s a breakdown of the number of people without social protection by region:

Sub-Saharan Africa alone accounts for over 40% of the global population lacking protection, underscoring the urgent need for reform and investment in these areas.

Why are so many still uncovered?

Several key factors contribute to the growing global social protection gap:

Why it matters

Social protection systems—including health coverage, unemployment benefits, pensions, and child support—are fundamental human rights and key to reducing poverty and inequality. Without them, communities are more susceptible to hunger, illness, and economic shocks.

Investing in social protection is not just a moral imperative; it’s an economic one. According to the ILO and World Bank , every dollar spent on inclusive protection yields long-term benefits such as improved health, education, productivity, and social cohesion.

Sudan’s inflation rate continued its downward trajectory, falling to 145.14% in January, according to data released by the Central Bureau of Statistics on Sunday. This marks a significant decline from 187.83% in December 2024. According to Sudan Tribune , the latest figures indicate a sustained easing of inflation over recent months. In November, inflation stood at 198.22%, down from 211.48% in October and 215.52% in September. The trend suggests ongoing stabilization efforts in the country's economy, though inflation remains high. The inflation rate measures the percentage change in the general price level compared to the same month in the previous year, reflecting shifts in purchasing power and economic conditions.

UAE pledges additional $200m Sudan funding

The United Arab Emirates (UAE) has pledged an additional $200 million (AED 734 million) in humanitarian assistance to Sudan, raising its total contribution to $3.5 billion. As reported by ARN News , the announcement was made during the High-Level Humanitarian Conference for the People of Sudan held in Addis Ababa. In a statement on X (formerly Twitter), the UAE Ministry of Foreign Affairs emphasized the significance of the conference, describing it as the first major humanitarian gathering for Sudan in 2025. The ministry highlighted that the event aims to pave the way for future international conferences focused on providing essential support to the Sudanese people.

UN appeals for $6 billion for Sudan crisis aid in 2025

The United Nations has launched a $6 billion appeal to provide critical aid to 26 million people affected by Sudan’s ongoing war and the millions fleeing dire conditions. Since April 2023, Sudan has been engulfed in conflict between army chief Abdel Fattah Al-Burhan and Rapid Support Forces leader Mohamed Hamdan Dagalo. The war has displaced 12 million people, with 3.5 million seeking refuge abroad, according to OCHA and UNHCR, Arab News reports.

AU calls for immediate ceasefire amid worsening Sudan crisis

The African Union (AU) has urged Sudan’s warring factions to enforce an immediate ceasefire and initiate a political transition amid an escalating humanitarian crisis, AU Commissioner Bankole Adeoye said at the 38th AU Summit in Addis Ababa, calling Sudan’s war the worst humanitarian crisis in Africa and beyond, Adeoye condemned violations, particularly against women and children. The conflict, which began in April 2023 between the Sudanese Armed Forces (SAF) and Rapid Support Forces (RSF), has killed over 28,700 people and displaced 14 million. Despite Sudan's AU suspension since 2021, Adeoye emphasized that the crisis remains a priority for the AU and global peace efforts, News.AZ reported.

RSF-backed parallel government plans to acquire warplanes

Al-Hadi Idris, a key figure in forming a parallel government in RSF-controlled areas, announced plans to acquire warplanes and weapons to “defend citizens.” The signing of the political charter, initially set for Tuesday, February 18, in Nairobi, has been postponed to Wednesday, February 19, to accommodate more signatories, with constitutional arrangements and government formation to follow. Idris stated the new government aims to create a unified army from various factions, including the RSF, to protect against air and land attacks. Sudan Tribune reports that it will rely on self-sustained resources, opening border crossings and airspace, while welcoming international support. Regarding financial pledges, the UAE committed $200 million, Ethiopia $15 million, and Kenya $1 million for humanitarian aid, earmarked specifically for the peace government.

The data also reveals interesting insights into global wealth concentration.

Here are the top 10 countries with the highest percentages of millionaires relative to their adult populations:

Switzerland

Switzerland tops the list with the highest percentage of millionaires. Approximately 15.6% of the adult population in Switzerland are millionaires. The country's stable economy, robust financial sector, and favourable tax policies contribute to this high concentration of wealth.

Hong Kong

Hong Kong boasts a high percentage of millionaires, with 9.9% of its adult population falling into this category. Its status as a global financial hub and its strategic location in Asia contribute to its wealth concentration.

Australia

Australia has 9.4% of its adult population classified as millionaires. The country's strong economy, high standard of living, and significant investments in real estate and resources are key factors.

United States

The United States, with its large population, has a significant number of millionaires. About 9% of American adults are millionaires. The US economy's diversity and innovation, particularly in technology and finance, play a crucial role in wealth creation.

Netherlands

The Netherlands has a millionaire percentage of 8.6%. Its advanced economy, high level of social welfare, and strong financial sector support wealth accumulation.

Norway

In Norway, 8.2% of the adult population are millionaires. The country's strong social welfare system, high standard of living, and innovative industries contribute to this wealth distribution.

Denmark

Denmark has 8.0% of its adult population classified as millionaires. Its northern location in Europe, strong economy, and high quality of life are key factors.

New Zealand

New Zealand has 7.0% of its adult population being millionaires. The UK's diverse economy, strong financial sector, and high levels of foreign investment support wealth accumulation.

Singapore

Singapore, known for its business-friendly environment and strategic location, has 6.7% of its adult population as millionaires. The city-state's robust financial services sector and high levels of foreign investment are major contributors.

Canada

Canada has a millionaire percentage of 6.7%. Its stable economy, high quality of life, and strong real estate market help in wealth creation.

What is the percentage of millionaires in your country?

In a recent statement, she highlighted the need for close cooperation on various global challenges, including geopolitical tensions, economic stability, and technological advancements.

Von der Leyen's call for a robust transatlantic alliance comes amid ongoing conflicts and the rise of new global powers, underscoring the necessity for the EU and the US to work together to ensure peace and prosperity.

Recent research by  the World Gold Council  reveals significant increases in gold holdings by several countries, reflecting their proactive approach to economic stability. China has emerged as a leading buyer, maintaining a 15-month streak of gold purchases. This move aligns with Beijing's broader efforts to diversify its foreign exchange reserves and reduce reliance on the U.S. dollar. With global trade dynamics shifting and geopolitical risks on the rise, China's aggressive accumulation of gold underscores its commitment to securing its economy against external shocks.

Russia's focus on gold reflects its strategy to shield national wealth from the effects of dollar dependency and international sanctions. The country has prioritized building gold reserves as a way to counterbalance financial risks tied to geopolitical instability. Similarly, Turkey has significantly bolstered its gold reserves in response to domestic currency volatility and high inflation. Turkey is committed to fortifying its economic resilience in an increasingly unpredictable global environment by strengthening its holdings.

India has also made notable strides, adding 264.3 tonnes of gold to its reserves since 2015. As one of the world's fastest-growing economies, India views gold as a stabilizing force, supporting fiscal security while accommodating the demands of its expanding economic landscape. This steady accumulation highlights the Reserve Bank of India's long-term focus on preserving monetary stability.

Gold remains a cornerstone of central banks’ strategies for good reason. As inflation rises and global crises become more frequent, the precious metal offers unparalleled stability. According to the 2024 Central Bank Gold Reserves Survey, 29% of central banks plan to increase their gold holdings in the coming year, marking the highest level of intent recorded since 2018. This growing demand underscores the enduring appeal of gold as a hedge against economic uncertainty.

The surge in gold reserves signals a broader rethinking of how nations manage financial risk. Gold provides a universal safeguard in an era of debt crises, currency devaluations, and political instability. Its intrinsic value, independent of the complexities of fiat currencies, makes it an indispensable asset for central banks aiming to instil confidence in their economies and navigate turbulent times.

As global financial markets remain volatile, central banks are doubling their commitment to gold. The actions of nations like China, Russia, Turkey, and India reflect a growing consensus: in a world of increasing uncertainty, gold stands as a timeless symbol of stability and strength. The global gold rush is more than just a trend—it’s a testament to the enduring importance of tangible assets in preserving economic security.

In a Global South World exclusive, the former head of state expressed that the country's challenges have been made worse by high government expenditures under the Akufo-Addo administration. Mahama shared that the utility bills and housing facilities provided for political appointees compounded the country's debts.

"I mean, at a point, this government had 125 ministers. You know. And I mean, that clearly is excessive. Even now they have 87 ministers. And so we have promised that we're going to cut that down to 60 ministers. We're going to cut down the number of political appointees. I mean, when you do that, you're cutting down the number of houses you have to provide for these appointees. You are cutting down the number of vehicles you have to buy for them. You're cutting down the amount of fuel they have to use. You are cutting down the electricity and utility bills that you normally provide for such people," he said.

Beyond cutting down government expenditure, Mahama, who is contesting the presidential election for the fourth time, suggested that Ghana needs a "total reset" to have economic stability.

"We've hit a dead end. Our economy is in crisis, and everything else has a linkage to the economy. Inflation is up," Mahama said. "When you use your phone and it gets frozen, what do you do? You reset it; you restart it. And so we need to restart.”

As of July 2024, Ghana's finance minister, Mohammed Amin Adam, announced that the country's debt had shot up from the GH¢658 billion ($42.9 billion) recorded in February 2024 to GH¢742 billion (US$50.9 billion).

Watch the full interview below:

India has implemented a strict food safety protocol, rejecting imports from various countries due to concerns over quality and safety. The Food Safety and Standards Authority of India (FSSAI) has exposed instances of substandard products, notably mouldy areca nuts from Sri Lanka and heavy metal contamination in Chinese sushi. The FSSAI utilises its Food Import Rejection Alert (FIRA) portal to affirm its dedication to public health by rapidly communicating details of rejected food items, derived from a robust three-tier verification process ensuring compliance with safety standards, reports Ada Derana .

Debt swap terms

The Steering Committee of the Ad Hoc Group representing Sri Lanka's bondholders has shown a favourable disposition towards the country’s debt restructuring terms concerning approximately $12.55 billion in sovereign bonds. The committee incorporates major asset management entities like BlackRock and Morgan Stanley, advocating for a collaborative approach with the Local Consortium of Sri Lanka. According to Ada Derana , since the 2022 default, the Ad Hoc has worked with Sri Lankan authorities to establish restructuring agreements aligned with an IMF-supported programme, which introduces innovative financial instruments like Macro-Linked Bonds and Governance-Linked Bonds.

Adani Group scandal probe

An investigation has been launched by Sri Lanka's government regarding the Adani Group's wind power project worth $442 million amidst bribery allegations against its founder. Under the auspices of President Anura Kumara Dissanayake's administration, the review of this infrastructure project is indicative of a broader initiative to combat corruption and recover misappropriated assets. The Adani Group has refuted the allegations, branding them as unfounded, as reported by My News .

$14.2 billion debt restructuring agreement

In a move to solidify its financial standing, Sri Lanka has ratified a $14.2 billion debt restructuring agreement that was initiated by the previous government, aimed at achieving the debt sustainability necessary for compliance with the IMF. Following a provisional agreement with the IMF for a further tranche of its ongoing bailout, this restructuring will see the exchange of new bonds for existing liabilities. The current administration is keen on continuing these frameworks, anticipating further negotiations with other nations to ensure sustainable debt by year-end, according to Business Standard . Presently, Sri Lanka's external debt totals $37 billion, with substantial portions owed to international creditors.

Entrepreneurship rate low

The National Enterprise Development Authority (NEDA) revealed that only 3 percent of Sri Lanka’s working population is involved in entrepreneurship. NEDA Director Dhanuka Liyanagamage described this figure as “pathetic” compared to regional peers and emphasised the need to promote entrepreneurship more widely. He noted that parents and universities in Sri Lanka rarely encourage entrepreneurship, focusing instead on job opportunities. Despite this, Liyanagamage acknowledged progress since the 2022 crisis in recognising the importance of entrepreneurs for national development. He stressed the need to increase the entrepreneurship rate to at least 10 percent within the next 3-5 years and highlighted bureaucratic red tape as a major obstacle that the new administration must address, as reported by Killer Startups .

The reaction across Uruguay has been mixed, reflecting the country's diverse political landscape. Supporters of Orsi celebrated his victory as a return to progressive policies and a promise of a "modern left" approach.

Many gathered in Montevideo , waving flags and chanting slogans to support the new president. "This is a victory for equality and social justice," said Maria Fernandez, a long-time supporter of the Broad Front

"Look, I think it's a wonderful choice, and if you want, I can elaborate a bit more: geopolitically impeccable, it's a blow to Argentina, a boost for [Brazilian President Luiz Inacio Lula da Silva] Lula, and honestly, the Uruguayan people are very democratic," Monica Redondo, a psychologist told AFP.

On the other hand, Delgado's supporters expressed disappointment but remained hopeful for the future. "We may have lost the election, but our fight for a better Uruguay continues," said Carlos Martinez, a supporter of the National Party.

Delgado conceded defeat gracefully, congratulating Orsi and emphasising the importance of democratic stability.

"I'm also more aligned with a right-wing party, and I believe that's the direction we should take economically. I see this [the election result] as somewhat of a setback or at least pulling the handbrake with this big shift back to the Left," Felipe Nunez told AFP.

Beyond the victories and disappointments, a neutral side believes whoever comes into power is expected to do one job: provide jobs and financial stability because power changes people.

"I'm not interested in the runoff election because once they're in power, things change, people change. What I really want is for there to be more jobs for people, to help them, but not by giving them something for nothing. In other words, give them work so they can earn their daily bread," Diego Gonzalez.

Orsi's campaign, however, focused on addressing critical issues such as crime, unemployment, and the high cost of living. He has promised to lead an open government and to call for national dialogue repeatedly.

"I am going to be the president who calls for national dialogue again and again," Orsi stated in his victory speech.

"The arrangement of a 6 trillion yuan debt limit to replace the existing hidden debts of local governments is a major decision made by the Party Central Committee after fully considering the international and domestic development environment, ensuring the smooth operation of the economy and finance, the actual debt of local governments and other factors. It is the highlight of a series of incremental policies this year," Finance Minister Lan Fo’an said during a press conference.

The debt swap plan allows local governments to issue new bonds to replace existing off-balance-sheet debt, often called "hidden debt." This hidden debt, accumulated over the years through local government financing vehicles, has significantly burdened regional economies.

By swapping this debt, local governments can reduce their interest payments and free up resources for investment and consumption.

The move would raise "the local government debt limit by six trillion yuan, which will be used to replace existing hidden debts, freeing up space for local governments to better develop the economy and protect people's livelihood," state broadcaster CCTV said. 

China's economy has been struggling with several challenges, including the aftermath of strict pandemic controls, a real estate crisis, and a slowdown in global demand.

The debt swap is part of a broader strategy to mitigate these issues and ensure economic stability. The plan includes raising the local government debt ceiling to 35.52 trillion yuan, allowing for the issuance of six trillion yuan in special bonds over three years.

Finance Minister Lan Fo’an highlighted that the debt swap could save around 600 billion yuan in interest payments over five years. This saving is expected to boost local economies by providing much-needed funds for infrastructure projects and other growth-stimulating activities.

According to the Corruption Perceptions Index (CPI) by Transparency International, these countries, especially Somalia demonstrate the most severe mismanagement of public funds and corruption.

The CPI ranks 180 countries and territories by their perceived levels of public sector corruption on a scale from 0 (highly corrupt) to 100 (very clean). In 2023, the global average score was 43, indicating that corruption remains a significant challenge worldwide.

Here is a list of the 10 most corrupt countries in the world with their scores:

Somalia - 11

Venezuela - 13

Syria - 13

South Sudan - 13

Yemen - 16

North Korea - 17

Nicaragua - 17

Haiti - 17

Equatorial Guinea - 17

Turkmenistan - 18

Lybia - 18

Join us as we explore the largest central banks around the world and how much they are worth in trillion dollars!

Here is a list of 10 such central banks:

Federal Reserve System (USA) - $7.45 trillion

Bank of Japan - $5.21 trillion

People's Bank of China - $5.14 trillion

Deutsche Bundesbank (Germany) - $2.72 trillion

Bank of France -$1.72 trillion

Bank of Italy - $1.55 trillion

Bank of Spain - $1.31 trillion

Bank of England - $1.29 trillion

Swiss National Bank (Switzerland) - $1.03 trillion

Reserve Bank of India - $0.81 trillion