He has been dubbed the “Wunderwuzi” of Austrian politics and looks set to steal the crown of youngest head of government from other European leaders.
Sebastian Kurz, 31, emerged from weekend voting in Austria as the leading force in country’s politics. Should he seal a coalition agreement, probably with the anti-immigration Freedom Party, the unmarried Kurz will take the rise of youthful European statesmen to a new demographic, the millennials.
As prime minister, Mr Kurz would take the crown from Ireland’s Leo Vardarkar, 38, who pipped France’s Emmanuel Macron, 39, to the distinction earlier this year. Mr Kurz is also younger than the 33-year-old North Korean dictator Kim Jong-un.
The Austrian People’s Party took around 32 per cent of the vote and, without a majority, will most likely form a coalition with the anti-immigration Freedom Party (FPO). It was fighting for second place with the centre-Left party of Chancellor Christian Kern with both hovering around 26 per cent with postal votes still to be counted.
Born in the Austrian capital in 1986, Mr Kurz studied law at the University of Vienna after completing compulsory military service.
Having been elected chairman of the youth branch of the conservative Austrian People’s Party in 2009, Mr Kurz became a member of parliament in 2013. In December that year he became Austria’s foreign minister and rose to become leader of his party in May 2017 succeeding Reinhold Mitterlehner.
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Read more:
Kurz's OVP 'wins Austrian election', exit polls suggest
Far-right party tipped to become kingmaker in Austrian elections
'Burka Ban' law signals rightward political turn in Austria
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After taking over his party, he ended a grand coalition with the Social Democrats (SPO) but in the wake of his victory yesterday, he was careful not to rule out any option for composing his new government.
“Neither a coalition with the far-right FPO nor one with the SPO has been agreed,” Mr Kurz told broadcaster ORF. “We have to wait for the result.”
Mr Kurz’s elevation has moved his party to the right, and he won the election with a campaign mainly based around immigration.
"Mr Kurz used his personal popularity and his rebranding of the OVP to push the party into first place," Pepijn Bergsen, Austria analyst at the Economist Intelligence Unit said. "Mr Kurz has tapped into frustrations around this and around the European migrant crisis by emulating much of the FPO's [far-right] platform."
He has pledged to take a hard line on refugees and prevent a repeat of Europe's migration crisis, which has appealed to more conservative, right-leaning voters.
Domestic policies include shutting main migrant routes into Europe, capping benefits for refugees and barring foreigners from receiving benefits until they have lived in the country for five years.
"We must stop illegal immigration to Austria because otherwise there will be no more order and security," Mr Kurz told tabloid daily Oesterreich ahead of his election.
On the European stage, he is also likely to push for much tougher measures on shoring up Europe’s borders. "The strong performance of FPO is likely to bring a tough stance on migration to the European debate," Barclays Bank said in a note to clients.
Outside of politics, Mr Kurz is unmarried and dating finance ministry worker Susanne Their, who he met at the age of 18.
During his electoral campaign, out went the party’s trademark colour black to make way for dashing turquoise blue. Gone too were the party’s letters ÖVP on the campaign posters: beside a photo of the ‘Wonder Kid’ staring in the distance, they were replaced by ‘Kurz 2017’.
Mr Kurz cultivates a clean cut image, sporting mostly slim-cut suits and tieless white shirts. At campaign events fans in turquoise T-shirts chant his name and women ask if they can hug him. Selfie sessions with the wonderwuzi can last over two hours.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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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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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
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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
if you go
