If you’ve got it, they say, flaunt it. But not, perhaps, in China, where displays of wealth are frowned on these days. Many rich Chinese are heading for Dubai, where the skies are sunny and taxes are low. Plenty of Chinese companies, fed up with miserly consumers at home, are following them.

After four years of war against Ukraine, Russia’s economy is ailing. It isn’t about to collapse, writes Alexandra Prokopenko in a guest essay. But it has entered what mountaineers call the “death zone”: the point, at high altitude, at which the body consumes itself faster than it can be repaired.