We estimate that in 2022-23 the current-account surplus of the Gulf’s petrostates may hit two-thirds of a trillion dollars. Yet outside central banks, which no longer collect much of the bounty, the region’s treasure troves are notoriously opaque
hungry headhunters has descended on Europe’s financial quarters. Over coffee in the mid-morning lull, they tempt staffers at blue-chip investment funds with tax-free jobs, golden visas and gorgeous vistas at the firms’ clients: sovereign-wealth funds in the Gulf.
. To map where exactly the money is going,has scrutinised government accounts, global asset markets and the deal rooms of firms tasked with investing the windfall. Our investigation suggests that less of the money is returning to the West. Instead, a growing share is being used to advance political aims at home and gain influence abroad, making global finance a murkier system.
In the past the majority of this would have gone straight into central banks’ foreign-exchange reserves. Most members of thepeg their currencies to the dollar, so they must set aside or invest hard currency during booms. This time, however, central-bank reserves seem to be hardly growing. Their interventions on foreign-currency markets have also been rare, confirming that the usual guardians of state riches are not getting the surplus.
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