MANILA David Luiz Jersey , June 26 (Xinhua) -- Troops from the Philippines and the United States began on Thursday their annual joint naval exercises.
The 20th annual Cooperation Afloat Readiness and Training ( CARAT) Philippines 2014 is part of a broader bilateral exercise series the U.S. Navy conducts with nine partner navies in South and Southeast Asia.
The U.S. embassy in Manila said in a statement that CARAT exercises are aimed at addressing shared maritime security priorities, strengthen maritime partnerships and enhance interoperability among participating navies.
This year's CARAT Philippines will focus on combined operations at sea, amphibious landings, diving and salvage, and maritime patrol and reconnaissance flights.
Exercises will be held in several locations ashore and at sea including Subic Bay Danny Drinkwater Jersey , San Antonio in the northern Philippine province of Zambales and Sangley Point in Cavite City and Ternate in western Philippines.
As in years past, the sea phase of the exercises will take place in international waters west of Subic Bay.
The Philippines has participated since the series began in 1995. The U.S. embassy said CARAT exercises are "clear examples" of the long-standing and close relationship between the navies of the Philippines and the United States.
The U.S. embassy said CARAT promotes regional maritime cooperation with many participating navies and "is not in response to current events."
The number of millionaires in the world rose by nearly 8 percent last year to an all-time high of around 16.5 million people, with record total wealth of $63.5 trillion (55.70 trillion pounds), according to a report by global consultancy firm Capgemini.
The wealth of high net worth individuals (HNWI) -- which Capgemini defines as those with investable assets of $1 million or more, excluding the primary residence Charly Musonda Jersey , collectibles and consumables -- rose 8.2 percent on the year in 2016 and is on track to surpass $100 trillion by 2025.
Some 1.15 million people became millionaires last year, the report said.
The United States, Japan, Germany and China boast the highest numbers and together make up for almost two-thirds of the total.
In the United States, their ranks rose to 4.8 million from 4.46 million Cesc Fabregas Jersey , while the number of millionaires in China rose to 1.13 million from just over 1 million.
The Asia-Pacific, Europe and North America contributed equally to the rise in wealth, with Russia, Brazil and Canada reversing course from declines a year ago, the report showed.
Russia Cesar Azpilicueta Jersey , helped by a rebound in its stock market, saw both the number of its millionaires and their wealth grow by about 20 percent.
A combination photo of world's top billionaires
France overtook Britain in the top five in terms of the number of millionaires, helped by a recovery in real estate, while Sweden knocked Singapore -- which saw a decline in its equity markets -- out of top 25.
Surveys on the millionaires' financial asset holdings show they held 31.1 percent in equities in the second quarter of 2017, compared with 24.8 percent in 2016.
Fixed income held steady at 18 percent Antonio Rudiger Jersey , while cash grew to 27.3 percent from 23.5 percent.
Alternative investments, such as hedge funds, derivatives, foreign currency, commodities and private equity Andreas Christensen Jersey , fell to 9.7 percent from 15.7 percent.
The report did not dive into the reasons for the reallocation, but stronger global growth, coupled with hefty liquidity after years of unprecedented stimulus by global central banks, have pushed stock markets around the world to record highs.
On the other hand, investors are wary of geopolitical risks Alvaro Morata Jersey , with tensions growing between the United States and North Korea, and are uncertain about the consequences the U.S. Federal Reserve's exit from unconventional stimulus might have on economies and markets.
Millionaires saw a 24.3 percent return on average on investment portfolios overseen by wealth managers.
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