Ranked: Countries Where Youth are the Most Unhappy, Relative to Older Generations

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May 17, 2024 Graphics/Design:

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Countries with the Biggest Happiness Gaps Between Generations

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“They say a person needs just three things to be truly happy in this world: someone to love, something to do, and something to hope for.” — Tom Bodett

Measuring happiness is tricky business, more so when taking into account how different regions, cultures, and faiths define it. Nevertheless, the World Happiness Report attempts to distill being happy into a single score out of 10, and then ranks countries by their average score.

We’ve visualized the high-level findings from the latest happiness report in this series of maps. However, the report also dives deeper into other significant trends in the data, such as a growing disparity in happiness between age groups within countries themselves.

In the chart above, we list countries by the biggest gaps in happiness ranks between young adults (30) and older adults (60+). A higher number indicates a larger gap, and that the youth are far unhappier than their older counterparts.

Where are Youth Unhappier than Older Adults?

Mauritius ranks first on this list, with a massive 57 place gap between older adult and youth happiness. The 1.26 million-inhabited island nation briefly reached high income status in 2020, but the pandemic hit hard, hurting its key tourism sector, and affecting jobs.

The country’s youth unemployment rate spiked to close to 25% that year, but has since been on the decline. Like residents on many similarly-populated islands, the younger demographic often moves abroad in search of more opportunities.

RankCountryYouth Happiness RankOlder Adult
Happiness RankHappiness Gap 1🇲🇺 Mauritius852857 2🇺🇸 U.S.621052 3🇨🇦 Canada58850 4🇺🇿 Uzbekistan712249 5🇨🇳 China793049 6🇯🇵 Japan733637 7🇲🇳 Mongolia865333 8🇩🇿 Algeria936231 9🇱🇾 Libya805030 10🇸🇬 Singapore542628 11🇰🇿 Kazakhstan694227 12🇵🇭 Philippines704327 13🇱🇦 Laos1047727 14🇩🇪 Germany472126 15🇪🇸 Spain552926 16🇲🇹 Malta573126 17🇧🇭 Bahrain775126 18🇰🇬 Kyrgyzstan815526 19🇲🇷 Mauritania1199326

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Apollo and Sony to reconsider $26bn Paramount deal

Paramount Global was heading for a rocky start to trading today CNBC reported overnight that Sony Pictures is reconsidering its bid for the business.

Stories last week were that Sony and private equity group Apollo planned to sell Paramount’s streaming services and TV channels if their US$26 billion joint bid goes ahead.

Sony would become Paramount’s majority shareholder and would run its operations and Apollo would have a minority stake.

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CNBC suggested last night though that the Japanese giant is getting cold feet about the whole deal.

“People close to the situation that I’ve been speaking to of late indicate that the likelihood of a bid, at least for the full company, seems to be fading a bit,” CNBC’s David Faber said.

Sony Pictures has more than 3,500 movies in its library, including franchises such as “Jumanji”, “Resident Evil” and “James Bond”.

Paramount allowed an offer from Skydance to lapse, which had involved paying $2 billion to acquire the Redstone family’s holding company, National Amusements, which holds 77% of Paramount’s voting shares followed by a reverse takeover.

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Some private equity firms are under pressure from their limited partners to consider these novel options, EQT AB Chief Executive Officer Christian Sinding said at the Qatar Economic Forum.

“Right now, there’s a big push for various forms of exit in our industry from all of our companies.” Sinding said in an interview with Bloomberg Television. “We’ve invested a lot of capital in our whole industry but we haven’t been able to do enough exits.”

Private equity relies on the cycle of raising money to make acquisitions, exiting via a sale or IPO and then returning money to investors. Buyout firms then go out to many of the same investors and ask for more funds to do it all again.

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Blackstone-led consortium bids Haldiram Snacks at $8.5 billion

A consortium including Blackstone Singapore state fund GIC and Abu Dhabi Investment Authority (ADIA) is in talks with India’s Haldiram’s for a majority stake in its snacks business at a valuation of up to $8.5bn, two sources with direct knowledge said.

Haldiram’s, a household name in India, has more than 150 restaurants selling local food, sweets and western cuisine. It also has a popular snacks business for which the deal talks are currently ongoing, said the sources, who declined to be named as the discussions are private. Get the week’s top news delivered directly to your inbox – Sign up for our newsletter

The consortium, led by Blackstone, has submitted a non-binding bid for a 75% stake and the talks are in early stages, the sources said, adding that the final percentage and valuation has not yet been decided.

GIC and ADIA – both investors in Blackstone’s funds – are part of the non-binding bid, the sources added. India’s Economic Times newspaper first reported the deal talks.

Haldiram’s CEO Krishan Chutani, ADIA and Blackstone declined to comment while GIC did not immediately respond.

Last year, Reuters reported India’s Tata Group was in talks with Haldiram’s to acquire a majority stake in the entire snacks and restaurants business. Haldiram’s at the time was seeking a valuation of $10 billion.

Those talks have ended and no Tata deal is in the works, a third source with direct knowledge said on Tuesday.

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Eurazeo’s private debt AUM grows by 11% to €7.4bn

Eurazeo saw its private debt assets under management (AUM) rise by 11 per cent year-on-year to €7.4bn (£6.4bn) in its latest annual results, meaning that the asset class now makes up 21 per cent of the European investment manager’s portfolio.

The Paris-headquartered firm reported that fee-paying private debt AUM rose by 10 per cent year-on-year to €5.76bn in the 12 months to 31 March 2024.

Eurazeo’s overall AUM rose by eight per cent over the period to €34.8bn, while fee-paying AUM amounted to €25.6bn, also up eight per cent over 12 months.

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Private equity makes up the lion’s share of Eurazeo’s business, equating to 73 per cent of its AUM, followed by private debt and then real assets, which account for six per cent of the book.

Despite the growth in assets, fundraising was significantly down in the first quarter of this year compared to the same period last year.

Eurazeo’s private debt strategies raised €80m in the first quarter of 2024, compared to €512m in the first quarter of 2023.

“Fundraising from institutional clients (LP) was limited in the first quarter of 2024 due to the closing schedule of the main funds, Eurazeo said. “The group confirms its positive fundraising outlook for 2024, given its rich and diversified fundraising pipeline. In a contrasted fundraising environment that is gradually recovering, the group’s commercial activity is satisfactory, particularly in the private debt (launch of EPD VII), buyout, mandates and sustainable infrastructure segments.”

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EBRD and Credo Bank support MSMEs in Georgia

The European Bank for Reconstruction and Development (EBRD) is providing a financing package to Credo Bank to support the development of micro, small and medium-sized enterprises (MSMEs) in Georgia.

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Credo Bank will provide financing in foreign and local currencies through its countrywide branch network and digital channels, continuing to support women-led businesses and other underserved groups.

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At a signing ceremony at the EBRD’s Annual Meeting 2024 in Yerevan, Francis Malige, EBRD Managing Director for Financial Institutions, said: ‘This $10 million investment with our longstanding partner Credo Bank illustrates our unwavering commitment to supporting Georgia’s MSMEs, enhancing financial inclusivity, and empowering economic growth, particularly for women-led businesses. We are dedicated to furthering Georgia’s prosperity and market orientation.’

Zaza Pirtskhelava, Credo Bank’s Chief Executive Officer said: “With this transaction Credo Bank and the EBRD are reaffirming their longstanding strategic collaboration to support the growth and development of businesses in Georgia. Over the years, the EBRD has made substantial investments in Credo Bank and its customers, totalling more than GEL 120 million, to advance financial inclusion, promote sustainability and empower women-led businesses. Credo Bank remains committed to providing affordable and innovative financial products and services to local MSMEs.”

Credo Bank is the EBRD’s longstanding partner and is the fifth largest commercial bank in Georgia. It boasts a widespread rural presence, with 90 branches and digital infrastructure catering to over 480,000 active customers, with a noteworthy emphasis on empowering women entrepreneurs. It is owned by international social impact and development finance institutions such as Access Microfinance Holding AG (Germany), responsAbility Investment Management AG (Switzerland), Triodos Investment Management BV (the Netherlands) and Proparco (France). 

To date, the EBRD has invested more than €5 billion in 296

US fund Warburg to buy Shriram Housing Finance

India’s Shriram Finance said on Monday it will sell its entire stake in affordable housing finance unit Shriram Housing Finance to U.S. private equity firm Warburg Pincus in a deal valued at $554.59m.

Warburg Pincus, through its affiliate Mango Crest Investment, will now fully own the unit in a market that is seeing a boom in demand for housing loans. It also bought the stake in the unit held by private equity firm Valiant Partners.

Shriram Finance will receive a minimum of 39.10 billion rupees for the unit, with additional amounts contingent on specified events, the company said, without elaborating on the triggers.

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The housing finance unit reported a revenue of 14.30 billion rupees in fiscal 2024 and contributed 3.93% to Shriram Finance’s revenue.

Post the deal, Shriram Housing Finance will operate as a standalone entity, with Ravi Subramanian continuing as Managing Director and Chief Executive Officer of the housing finance unit.

“Shriram Finance will continue to focus on growth led by the short to medium-tenor consumer finance business,” said Y.S. Chakravarti, MD and CEO of Shriram Finance.

Other private equity firms such as Bain Capital and CVC Capital were among those in the fray to buy Shriram Housing Finance, local media had reported earlier this year.

The deal is expected to be completed by Feb. 2025.

Warburg Pincus also holds a stake in affordable housing financier Home First Finance Company, according to its website.

JM Financial, Barclays and Avendus acted as financial advisors to Shriram Finance, Shriram Housing Finance and Valiant.

Shriram Finance, whose stock was included in the blue-chip Nifty 50 index this year beat expectations for fourth-quarter profit last month, boosted by a strong demand for loans.

Shares of Shriram Finance have gained 12% so far this year, compared to a 1% drop in the Nifty Financial Services index.