The Millennials, or Generation Y, have been called many things in recent times, mostly unflattering.
Born post 1980s, they have been described as "disengaged, narcissistic, distrustful, and anxious" by psychologist Dr Jean Twenge in her book Generation Me, while Mark Bauerlein has called them "the dumbest generation" in his book bearing the same title.
Others have called them the lazy and coddled “Entitlement Generation”, while in some countries of Asia, they are referred to as the “Strawberry Generation”. Why? Because they are really soft.
That, perhaps, explains Nick Kyrgios’s “When things get tough, I’m just a little bit soft” comment following his drubbing by Andy Murray at Wimbledon. And also Bernard Tomic “The Tank Engine” and his “Would you care if you were 23 and worth over $10 million?” taunt.
Those descriptions, in fact, would sit well with many of tennis’ Millennials. The immensely talented Grigor Dimitrov is a great example. He might have never said it, but the Bulgarian has been guilty of being as soft as Kyrgios when things have got tough. Once billed as the future world No 1, “Baby Federer” – which now seems an apt description – is currently No 40 in the world.
Look at the list of the men’s grand slam champions and you will not find a single Millennial on it. The nearest to the 1990s-born are Juan Martin del Potro and Marin Cilic (both born in 1988), and then we have Novak Djokovic and Andy Murray (1987).
See also:
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• Rafael Nadal: Race against time to qualify for Rio Olympics
If you believe the youngsters on the men’s tour have had it tough because of the unrelenting hold of the Big Four, then, pray, why are the Millennials missing from the honours roll on the women’s tour too?
There are two grand slam champions from their lot – Petra Kvitova (1990) and Garbine Muguruza, who won the French Open last month, born in 1993.
Serena Williams, who will be celebrating her 35th birthday in September, has won nine of her 22 grand slams since turning 30. Francesca Schiavone (1980), Li Na (1982), Flavia Pennetta (1982), Samantha Stosur (1984) and Marion Bartoli (1984) all won a first major over the past seven years. In that time, Kim Clijsters (1983) has retired, returned after giving birth to win three grand slams, and retired again.
So, as the grand slam plaques suggest, tennis’ Generation Y have not done much to disavow the tags their fellow Millennials have earned elsewhere and, sadly, the withdrawals from the Rio Olympics, starting next month, only serves to ensure some of that dirt sticks.
Look at the list: four of the six top 20 men’s players to withdraw from the Rio Games, for reasons ranging from genuine to laughable (schedule conflict), are Millennials: Milos Raonic, Dominic Thiem, Kyrgios and Tomic. David Goffin is the only top 20 Millennial who will probably be present in Rio.
On the women’s side, only two of the top 20 (aside from Victoria Azarenka who is pregnant) have pulled out and both are Millennials: World No 5 Simona Halep and world No 7 Karolina Pliskova.
To be fair, seven of the nine Millennials on the WTA top 20 will still be going to Rio. At least, that is what we can assume because they have not announced otherwise, and a big majority of the tennis players at the Games, men and women, will probably be members of Generation Y.
The problem is, the ones who will be present in Rio, at least on the men’s side, are not the faces of the Millennials. The Kyrgios, Thiems and Raonics are.
Kyrgios pulled out citing the “unfair and unjust treatment” he has received from the Australian Olympic Committee, like he had no role to play in their public mudslinging.
Tomic, on the other hand, has made himself unavailable because of his “extremely busy playing schedule”. Was he not aware of the Olympic dates when he drew up his 2016 schedule?
Thiem has not offered a reason for his decision, but reports suggest he shares the same belief as John Isner, who has been honest enough to say tennis “is not really a traditional Olympic sport” and without ranking points (and the prize money, perhaps) the Games are not worth attending.
Raonic, along with Halep and Pliskova, have opted out because of their concerns over the Zika virus. Tomas Berdych, not a Millennial, has given the same reason for his withdrawal from the Games.
To each his own, and Zika is indeed a legitimate concern, but if Novak Djokovic, Andy Murray and Roger Federer, all with young families, are getting ready to board their flights to Rio, along with an estimated 500,000 athletes and fans, then the explanations of the Raonics and Haleps sound a little weak.
If an injured Rafael Nadal says he will do everything possible to be in Rio and a 22-time grand slam champion Serena Williams is willing to put her aching limbs to the test, then all that whining about schedules, points and prize money seems lame.
But then, Nadal and Williams belong to a different generation. The values of “Generation Me” seem to be completely different.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
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The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
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The Written World: How Literature Shaped History
Martin Puchner
Granta
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The biog
Favourite pet: cats. She has two: Eva and Bito
Favourite city: Cape Town, South Africa
Hobby: Running. "I like to think I’m artsy but I’m not".
Favourite move: Romantic comedies, specifically Return to me. "I cry every time".
Favourite spot in Abu Dhabi: Saadiyat beach
The biog
Name: Sarah Al Senaani
Age: 35
Martial status: Married with three children - aged 8, 6 and 2
Education: Masters of arts in cultural communication and tourism
Favourite movie: Captain Corelli’s Mandolin
Favourite hobbies: Art and horseback ridding
Occupation: Communication specialist at a government agency and the owner of Atelier
Favourite cuisine: Definitely Emirati - harees is my favourite dish
