The West: In Decline or Still Desirable?

Many critics of the Western civilization claim that it is in decline and that the East and Africa have nothing to learn from it. They point to its various problems, such as economic inequality, social unrest, environmental degradation, political polarization, etc. They also argue that the West has exploited and oppressed the rest of the world through colonialism, imperialism, neo-liberalism, etc.

However, these critics may not reflect the views and actions of the real people who live in different regions and countries. According to a recent analysis by Visual Capitalist, the West remains the most desired destination for emigration and studies, as well as for the wealthy and successful. The analysis shows that the top 10 countries that are likely to become home to the highest number of millionaires and billionaires in 2023 are scattered across the globe, but most of them are in the West, except for the UAE. Why the UAE and not any other conservative Arab nation? Perhaps because it has moved from an exclusively conservative country to a more liberal one, adapting a lot of Western ways, laws, and values, and focusing on economic growth and improving freedom (though it still has a long way to go).

Now we see other countries, such as Saudi Arabia, Qatar, and Morocco, investing in economic growth and leaving faith as a domain not to be dictated from the top. So are those who criticize the West ignoring its many positive aspects, which are more than what the East and Africa offer to their people?

Instead of blaming the West for their lack of progress, they should learn from what has worked to make the West become the dominant force in the world. One of the factors that led to the first Industrial Revolution, which marked the beginning of the rise of the West, was the convergence of property rights, capital market, communications, and innovation. These factors enabled economic growth and development by creating a conducive legal and institutional framework, a robust financial system, a seamless flow of information and ideas, and a culture of creativity and discovery.

Is the West in decline? Or is it still the most desirable destination for people from all over the world? Perhaps the answer is both. But I have no doubt that despite its many perceived problems, the West became more prosperous for all its inhabitants by applying these four factors. And I believe that these factors are still relevant and applicable for any region or country that wants to achieve financial inclusion and development.

From the two tables attached, it is evident that the West is still the most desirable destination for international students, economic migrants, and, although not shown in the chart, the world's millionaires and billionaires.

#wealth#poverty#growth