SERETIS NOTES

  Strong financial markets fueled enormous gains in wealth last year, as the rich got richer by even bigger margins, according to the annual UBS Global Wealth Report published on Tuesday. Global personal wealth jumped 10.8% in 2025, topping gains of 4.6% a year earlier and 4.3% in 2023, and the number of millionaires in U.S. dollar terms rose by one million individuals, expanding in every market tracked by UBS. It was the fastest rate of growth in wealth since 2017.

  With Iran blocking the Strait of Hormuz, the United States has quietly become the world's oil safety net — sending record amounts of crude to Asia to replace supplies that can't pass through. It's a strong display of U.S. energy power, and it is helping prevent the crisis from worsening. But there's a complication in the data: a large share of that oil is being drawn directly from the U.S. Strategic Petroleum Reserve, the country's emergency stockpile. The U.S. can continue to plug the gap — but only for a limited time.

  Military planners, diplomats and defence chiefs are heading into one of Asia’s most important security summits under a growing shadow: fears that a future conflict over Taiwan could spiral far beyond conventional warfare. According to Reuters , Fresh analysis released ahead of this weekend’s Shangri-La Dialogue security conference in Singapore warns that a military clash between the United States and China carries a genuine risk of nuclear escalation.

Economic divide widens: Fed data shows more low-income Americans skipping meals and draining savings, while higher earners benefit from asset gains and strong spending. Corporate warning signs: McDonald's CEO says conditions for low-income consumers are worsening, prompting menu strategies for both budget-conscious and affluent customers. Global cost pressures: Rising energy prices, war-related disruptions, and higher food costs are fueling inflation, with UK retail data showing similar persistent pressures.

A senior Trump administration official privately notified Iran on Sunday about an upcoming U.S. mission to escort vessels through the Strait of Hormuz and cautioned Tehran against taking action, according to a U.S. official and an informed source. Why it matters: The confidential notice indicates the White House sought to reduce the chance of escalation. Nevertheless, after the warning, Iranian forces carried out multiple attacks targeting U.S. Navy ships, commercial vessels, and assets belonging to the United Arab Emirates.

  Federal taxes are due on April 15, but a growing number of Americans are refusing to pay as an act of resistance against President Donald Trump’s administration. Attorney Rachel Cohen is one of them. Cohen is an organizer who has been pepper-sprayed and tear-gassed for protesting Immigration and Customs Enforcement’s violent deportations. This year, she decided she needed to withhold payment of her federal tax dollars as another form of protest.