Facebook</tle><path fill-le="evenodd" clip-le="evenodd" d="M22 12.0611C22 6.50451 17.5229 2 12 2C6.47715 2 2 6.50451 2 12.0611C2 17.0829 5.65686 21.2452 10.4375 22V14.9694H7.89844V12.0611H10.4375V9.84452C10.4375 7.32296 11.9304 5.93012 14.2146 5.93012C15.3087 5.93012 16.4531 6.12663 16.4531 6.12663V8.60261H15.1921C13.9499 8.60261 13.5625 9.37816 13.5625 10.1738V12.0611H16.3359L15.8926 14.9694H13.5625V22C18.3431 21.2452 22 17.0829 22 12.0611Z" fill="currentColor"></path></svg></button><button variant="outled" tle="Share this article on Twter (opens a new wdow)" class="InButton_wrapper-PBF2kzmcg- InButton_outled-Oh-MpS0sdbc- InButton_flt-Xscx5rAv9h8- in-button" data-ponent="in-button" type="button" aria-label="Share this article on Twter (opens a new wdow)"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" xmlns=" role="img" aria-label="Twter"><tle>Twter</tle><path d="M22 5.75994C21.8663 5.96888 21.7242 6.16947 21.5654 6.37005C21.4091 6.56883 21.2417 6.75857 21.0639 6.93838C20.8884 7.11389 20.6962 7.2894 20.5207 7.43984C20.3452 7.59028 20.1446 7.74908 19.9356 7.91623V8.16696C19.9442 8.26428 19.9442 8.36216 19.9356 8.45948C19.9272 9.86509 19.6667 11.2578 19.1667 12.5715C18.6768 13.9535 17.9375 15.234 16.9854 16.3492C15.9538 17.5038 14.7003 18.439 13.2996 19.0988C11.7309 19.8304 10.0156 20.1935 8.285 20.1603C7.72589 20.157 7.16757 20.1179 6.61346 20.0433C6.06192 19.9687 5.51702 19.8514 4.9837 19.6922C4.44731 19.5412 3.92451 19.3455 3.42081 19.1072C2.92938 18.8601 2.45476 18.5809 2 18.2714H2.96949C3.44825 18.2708 3.92617 18.2316 4.39866 18.1544C4.82812 18.0913 5.25066 17.9877 5.66068 17.8452C6.09688 17.7169 6.51737 17.5403 6.91433 17.3187C7.30653 17.0994 7.67607 16.8418 8.01755 16.5497C7.14915 16.5497 6.30645 16.2551 5.62725 15.714C5.28446 15.4765 4.98721 15.1792 4.74969 14.8364C4.49845 14.4784 4.30393 14.0837 4.173 13.6663C4.30262 13.6939 4.4338 13.7134 4.56582 13.7248C4.69663 13.733 4.82782 13.733 4.95863 13.7248C5.13951 13.7368 5.321 13.7368 5.50188 13.7248C5.68528 13.6975 5.86673 13.6584 6.04513 13.6078C5.11309 13.4476 4.27506 12.9436 3.69661 12.1954C3.38066 11.8467 3.1339 11.4411 2.96949 11.0002C2.80046 10.5428 2.71552 10.0587 2.71876 9.57106L3.17008 9.78L3.61304 9.9388L4.09778 10.0224C4.25901 10.0376 4.42131 10.0376 4.58253 10.0224C4.31379 9.83314 4.06461 9.61756 3.8387 9.37883C3.60412 9.13014 3.40703 8.84859 3.25366 8.54306C3.09569 8.24515 2.96962 7.93139 2.87756 7.607C2.80195 7.29527 2.76823 6.97485 2.77727 6.65422C2.7667 6.48444 2.7667 6.31417 2.77727 6.1444C2.80462 5.961 2.8437 5.77954 2.89427 5.60115C2.94442 5.44235 3.01128 5.28355 3.06979 5.1164C3.13396 4.9455 3.21812 4.78278 3.32052 4.63165C3.8146 5.24855 4.37516 5.80912 4.99206 6.30319C5.63366 6.81165 6.32865 7.24882 7.06477 7.607C7.77495 7.99761 8.52987 8.3007 9.313 8.50963C10.1332 8.72561 10.9733 8.85723 11.8203 8.90244C11.7922 8.74483 11.7726 8.58579 11.7618 8.42605V7.94966C11.7583 7.39963 11.8634 6.85431 12.071 6.34498C12.2613 5.8622 12.5454 5.42191 12.9068 5.04954C13.2956 4.68628 13.7418 4.38977 14.2273 4.17198C14.7328 3.94918 15.2796 3.83527 15.832 3.83767C16.1136 3.83817 16.3941 3.87183 16.6678 3.93796C16.9523 4.00034 17.2317 4.08416 17.5036 4.18869C17.7621 4.2943 18.0064 4.43188 18.2307 4.59822C18.4448 4.7609 18.6485 4.93675 18.8408 5.12476C19.0612 5.09688 19.2791 5.05217 19.4927 4.99103C19.7232 4.92955 19.9472 4.84557 20.1613 4.7403C20.3702 4.65672 20.5792 4.57315 20.7881 4.4645L21.415 4.15526C21.3343 4.39055 21.2366 4.6196 21.1224 4.84059C21.0079 5.05789 20.8706 5.26241 20.7129 5.45071C20.5669 5.65022 20.3987 5.83248 20.2115 5.99396C20.0284 6.15427 19.8328 6.29961 19.6264 6.42856C19.8354 6.42856 20.0359 6.37005 20.2365 6.32827C20.4371 6.28648 20.6377 6.24469 20.8466 6.18619C21.0399 6.13416 21.2298 6.06995 21.415 5.99396L22 5.75994Z" fill="currentColor"></path></svg></button><button variant="outled" tle="Share this article on LkedIn (opens a new wdow)" class="InButton_wrapper-PBF2kzmcg- InButton_outled-Oh-MpS0sdbc- InButton_flt-Xscx5rAv9h8- in-button" data-ponent="in-button" type="button" aria-label="Share this article on LkedIn (opens a new wdow)"><svg width="24" height="24" aria-label="LkedIn" role="img" viewBox="0 0 24 24" fill="none" xmlns="><tle>LkedIn</tle><path d="M7.13955 5.90917C6.96055 6.0806 6.74824 6.21341 6.51578 6.29937C6.28332 6.38533 6.03568 6.42261 5.78822 6.40888C5.54947 6.42029 5.31096 6.38174 5.08797 6.29569C4.86497 6.20965 4.66239 6.078 4.49319 5.90917C4.33413 5.7507 4.20855 5.56188 4.12392 5.35392C4.03928 5.14595 3.99732 4.9231 4.00052 4.6986C3.99484 4.47377 4.03567 4.25019 4.12045 4.04187C4.20523 3.83356 4.33213 3.64501 4.49319 3.48803C4.66979 3.32232 4.87798 3.1939 5.10532 3.11046C5.33267 3.02702 5.5745 2.99027 5.81637 3.0024C6.05509 2.98987 6.29384 3.02651 6.51782 3.11005C6.74179 3.19359 6.94622 3.32224 7.11843 3.48803C7.43729 3.81162 7.62099 4.24445 7.63222 4.6986C7.63582 4.92316 7.59404 5.14613 7.50939 5.35414C7.42473 5.56216 7.29893 5.75094 7.13955 5.90917V5.90917ZM4.08498 7.76724H7.51961V18.7679H4.08498V7.76724ZM9.52549 9.38602C9.52549 8.8042 9.50437 8.26461 9.46215 7.76724H12.4323L12.5941 9.30157H12.6575C12.9826 8.84796 13.3824 8.45289 13.8399 8.13323C14.4924 7.6923 15.2704 7.47497 16.0569 7.51387C16.5976 7.51311 17.1332 7.61832 17.6335 7.82355C18.1053 8.01653 18.5267 8.31509 18.8652 8.69628C19.2391 9.12775 19.5216 9.63055 19.6957 10.1743C19.9124 10.8566 20.0147 11.5701 19.9983 12.2858V18.782H16.5707V12.6658C16.5974 12.0682 16.4611 11.4747 16.1766 10.9485C16.0381 10.724 15.8392 10.5429 15.6028 10.426C15.3664 10.309 15.1018 10.2608 14.8393 10.2869C14.4213 10.2654 14.0116 10.4095 13.6991 10.6881C13.4306 10.9308 13.2211 11.2317 13.0868 11.5679C13.039 11.6918 13.0105 11.8224 13.0023 11.955V18.7609H9.56068V11.2793C9.56068 10.5896 9.54895 9.95846 9.52549 9.38602V9.38602Z" fill="currentColor"></path></svg></button><button variant="outled" tle="Share this article via email (opens native email client)" class="InButton_wrapper-PBF2kzmcg- InButton_outled-Oh-MpS0sdbc- InButton_flt-Xscx5rAv9h8- in-button" data-ponent="in-button" type="button" aria-label="Share this article via email (opens native email client)"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" aria-label="Email" role="img" xmlns="><tle>Email</tle><path d="M2 17.2612V6.73878L7.975 12.1755L2 17.2612ZM22 19H2L8.99167 13.0571L12 15.8082L15.0083 13.0571L22 19ZM12 14.0122L2.05833 5H21.9417L12 14.0122ZM22 6.73878V17.2612L16.025 12.1755L22 6.73878Z" fill="currentColor"></path></svg></button><button variant="outled" tle="" class="InButton_wrapper-PBF2kzmcg- InButton_outled-Oh-MpS0sdbc- InButton_flt-Xscx5rAv9h8- in-button" data-ponent="in-button" type="button" aria-label=""><svg width="24" height="24" aria-label="Lk" role="img" viewBox="0 0 24 24" fill="none" xmlns="><tle>Lk</tle><path d="M3.78112 12C3.78112 10.5609 4.87554 9.39594 6.22747 9.39594L11.0343 9.39594V7.5L6.22747 7.5C3.88841 7.5 2 9.51015 2 12C2 14.4898 3.88841 16.5 6.22747 16.5L11.0343 16.5V14.6041L6.22747 14.6041C4.87554 14.6041 3.78112 13.4391 3.78112 12ZM17.7725 7.5L12.9657 7.5V9.39594L17.7725 9.39594C19.1245 9.39594 20.2189 10.5609 20.2189 12C20.2189 13.4391 19.1245 14.6041 17.7725 14.6041L12.9657 14.6041V16.5L17.7725 16.5C20.1116 16.5 22 14.4898 22 12C22 9.51015 20.1116 7.5 17.7725 7.5ZM6.91416 12C6.91416 12.5254 7.32189 12.9594 7.81545 12.9594L16.206 12.9594C16.6996 12.9594 17.1073 12.5254 17.1073 12C17.1073 11.4746 16.6996 11.0406 16.206 11.0406L7.81545 11.0406C7.32189 11.0406 6.91416 11.4746 6.91416 12Z" fill="currentColor"></path></svg></button></div></div><button type="button" class="Button_button-umKM2MR6YAY- Button_small-nw4Q8RSKupo- OutledButton_outledButton-5-j3Ymkvvnw- OutledButton_flt-WRnB2HeLXEE- react_giftArticleFullButton-pVBMWnh28- outled-button" data-ponent="outled-button" tle="Gift this article" name="outled-button" aria-label="Gift this article"><span class="Button_wrapper-s5OLyo9q1Qg- button--ner Button_small-nw4Q8RSKupo-"><div class="Button_inWrapper-QaNRWjUfRfw-"><div class="Button_text-N76nbJyFyw0-"><div class="react_giftArticleText-BJHQchBJo-U-"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" xmlns=" role="img" aria-label="Gift"><tle>Gift</tle><path fill-le="evenodd" clip-le="evenodd" d="M10.5179 6.25172C11.1965 6.18625 11.4014 5.95443 11.4449 5.86581C11.4884 5.77719 11.5424 5.48119 11.1513 4.96062C10.7815 4.46843 10.1189 3.94521 9.22856 3.56643C8.33825 3.18765 7.47969 3.06367 6.83808 3.12558C6.15948 3.19105 5.95458 3.42286 5.9111 3.51149C5.86762 3.60011 5.81358 3.8961 6.20467 4.41667C6.57444 4.90886 7.23712 5.43209 8.12743 5.81087C9.01773 6.18965 9.87629 6.31362 10.5179 6.25172ZM12.2108 6.49999C12.2173 6.49181 12.2238 6.48357 12.2301 6.47526C12.2364 6.48357 12.2429 6.49181 12.2494 6.49999H12.2108ZM7.23975 6.49999C5.47818 5.60218 4.48497 4.15127 4.99092 3.12C5.53824 2.00438 7.63269 1.80231 9.66901 2.66865C10.8824 3.18488 11.8013 3.96397 12.2301 4.74539C12.6589 3.96397 13.5778 3.18488 14.7912 2.66865C16.8275 1.80231 18.922 2.00438 19.4693 3.12C19.9752 4.15127 18.982 5.60218 17.2205 6.49999H22V11.5H20V21.5H3.9V11.5H2V6.49999H7.23975ZM13.9423 6.25172C13.2637 6.18625 13.0588 5.95443 13.0153 5.86581C12.9718 5.77719 12.9178 5.48119 13.3089 4.96062C13.6787 4.46843 14.3413 3.94521 15.2316 3.56643C16.122 3.18765 16.9805 3.06367 17.6221 3.12558C18.3007 3.19105 18.5056 3.42286 18.5491 3.51149C18.5926 3.60011 18.6466 3.8961 18.2555 4.41667C17.8858 4.90886 17.2231 5.43209 16.3328 5.81087C15.4425 6.18965 14.5839 6.31362 13.9423 6.25172ZM4.9 20.5V11.5H9.07102V20.5H4.9ZM9.07102 7.49999V10.5H3V7.49999H9.07102ZM10.071 20.5V7.49999H13.929V20.5H10.071ZM14.929 10.5V7.49999H21V10.5H14.929ZM14.929 20.5V11.5H19V20.5H14.929Z" fill="currentColor"></path></svg>Gift this article</div></div></div></span></button></div></div><div class="basicLeftRail_bottom__cp1fe"><a href=" target="_blank" rel="noreferrer" class="TipTout_tipTout-NP387c-VPn4- basicLeftRail_tipTout___vGx9" data-ponent="tip-tout"><div class="TipTout_background-ilqhthmR9OM-">Have a nfintial tip for our reporters?<!-- --> <span class="TipTout_lk-uBZSvGfY87E-">Get Touch</span></div></a><a href=" target="_blank" rel="noreferrer" class="TermalTout_termalTout-jMmQ--E35FQ- basicLeftRail_termalTout__GElOE" data-ponent="termal-tout"><div class="TermalTout_background-ugfAG8JrlcE-"><div class="TermalTout_-7hWexZP6x-U-">Before ’s here, ’s on the<!-- --> <span class="TermalTout_highlight-LKP-y7t--IQ-">Bloomberg Termal</span></div><div class="TermalTout_cta-MhehFIQemMA-"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" role="img" aria-label="Bloomberg Termal" xmlns=" class="TermalTout_in-UNnzMeAfRHw-"><tle>Bloomberg Termal</tle><path d="M12.7876 16.67L12.4287 16.6501V17.6072C12.4088 17.6271 12.2891 17.7069 11.99 17.7069C11.6909 17.7069 11.5713 17.6271 11.5513 17.6072V16.6501L11.1924 16.6899C9.43769 16.8495 8.3011 17.5075 8.3011 18.325C8.3011 19.3021 9.85643 20 11.99 20C14.1236 20 15.679 19.3021 15.679 18.325C15.679 17.4875 14.5424 16.8495 12.7876 16.67ZM11.5314 14.2223V7.77767C11.5314 7.33898 11.1725 7 10.7537 7H2.77767C2.33898 7 2 7.33898 2 7.77767V14.2223C2 14.6411 2.33898 15 2.77767 15H10.7537C11.1725 15 11.5314 14.6411 11.5314 14.2223ZM22 7.77767C22 7.35892 21.661 7 21.2223 7H13.2463C12.8275 7 12.4686 7.33898 12.4686 7.77767V14.2223C12.4686 14.6411 12.8076 15 13.2463 15H21.2223C21.6411 15 22 14.661 22 14.2223V7.77767Z" fill="currentColor"></path></svg> LEARN MORE</div></div></a></div></div><div class="gridLayout_centerContent__1JtQx"><div class="flex"><div class="styl_shareSmallDktop__LJysj"><div class="share-article" data-ponent="share-article"><div class="SocialShare_wrapper-Ity9-LGkxds- SocialShare_vertilAligned-TXjsc0uHI-" data-ponent="social-button-list"><button variant="outled" class="InButton_wrapper-PBF2kzmcg- InButton_outled-Oh-MpS0sdbc- InButton_flt-Xscx5rAv9h8- in-button" tle="Share this article on Facebook (opens a new wdow)" data-ponent="in-button" type="button" aria-label="Share this article on Facebook (opens a new wdow)"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" xmlns=" role="img" aria-label="Facebook"><tle>Facebook</tle><path fill-le="evenodd" clip-le="evenodd" d="M22 12.0611C22 6.50451 17.5229 2 12 2C6.47715 2 2 6.50451 2 12.0611C2 17.0829 5.65686 21.2452 10.4375 22V14.9694H7.89844V12.0611H10.4375V9.84452C10.4375 7.32296 11.9304 5.93012 14.2146 5.93012C15.3087 5.93012 16.4531 6.12663 16.4531 6.12663V8.60261H15.1921C13.9499 8.60261 13.5625 9.37816 13.5625 10.1738V12.0611H16.3359L15.8926 14.9694H13.5625V22C18.3431 21.2452 22 17.0829 22 12.0611Z" fill="currentColor"></path></svg></button><button variant="outled" tle="Share this article on Twter (opens a new wdow)" class="InButton_wrapper-PBF2kzmcg- InButton_outled-Oh-MpS0sdbc- InButton_flt-Xscx5rAv9h8- in-button" data-ponent="in-button" type="button" aria-label="Share this article on Twter (opens a new wdow)"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" xmlns=" role="img" aria-label="Twter"><tle>Twter</tle><path d="M22 5.75994C21.8663 5.96888 21.7242 6.16947 21.5654 6.37005C21.4091 6.56883 21.2417 6.75857 21.0639 6.93838C20.8884 7.11389 20.6962 7.2894 20.5207 7.43984C20.3452 7.59028 20.1446 7.74908 19.9356 7.91623V8.16696C19.9442 8.26428 19.9442 8.36216 19.9356 8.45948C19.9272 9.86509 19.6667 11.2578 19.1667 12.5715C18.6768 13.9535 17.9375 15.234 16.9854 16.3492C15.9538 17.5038 14.7003 18.439 13.2996 19.0988C11.7309 19.8304 10.0156 20.1935 8.285 20.1603C7.72589 20.157 7.16757 20.1179 6.61346 20.0433C6.06192 19.9687 5.51702 19.8514 4.9837 19.6922C4.44731 19.5412 3.92451 19.3455 3.42081 19.1072C2.92938 18.8601 2.45476 18.5809 2 18.2714H2.96949C3.44825 18.2708 3.92617 18.2316 4.39866 18.1544C4.82812 18.0913 5.25066 17.9877 5.66068 17.8452C6.09688 17.7169 6.51737 17.5403 6.91433 17.3187C7.30653 17.0994 7.67607 16.8418 8.01755 16.5497C7.14915 16.5497 6.30645 16.2551 5.62725 15.714C5.28446 15.4765 4.98721 15.1792 4.74969 14.8364C4.49845 14.4784 4.30393 14.0837 4.173 13.6663C4.30262 13.6939 4.4338 13.7134 4.56582 13.7248C4.69663 13.733 4.82782 13.733 4.95863 13.7248C5.13951 13.7368 5.321 13.7368 5.50188 13.7248C5.68528 13.6975 5.86673 13.6584 6.04513 13.6078C5.11309 13.4476 4.27506 12.9436 3.69661 12.1954C3.38066 11.8467 3.1339 11.4411 2.96949 11.0002C2.80046 10.5428 2.71552 10.0587 2.71876 9.57106L3.17008 9.78L3.61304 9.9388L4.09778 10.0224C4.25901 10.0376 4.42131 10.0376 4.58253 10.0224C4.31379 9.83314 4.06461 9.61756 3.8387 9.37883C3.60412 9.13014 3.40703 8.84859 3.25366 8.54306C3.09569 8.24515 2.96962 7.93139 2.87756 7.607C2.80195 7.29527 2.76823 6.97485 2.77727 6.65422C2.7667 6.48444 2.7667 6.31417 2.77727 6.1444C2.80462 5.961 2.8437 5.77954 2.89427 5.60115C2.94442 5.44235 3.01128 5.28355 3.06979 5.1164C3.13396 4.9455 3.21812 4.78278 3.32052 4.63165C3.8146 5.24855 4.37516 5.80912 4.99206 6.30319C5.63366 6.81165 6.32865 7.24882 7.06477 7.607C7.77495 7.99761 8.52987 8.3007 9.313 8.50963C10.1332 8.72561 10.9733 8.85723 11.8203 8.90244C11.7922 8.74483 11.7726 8.58579 11.7618 8.42605V7.94966C11.7583 7.39963 11.8634 6.85431 12.071 6.34498C12.2613 5.8622 12.5454 5.42191 12.9068 5.04954C13.2956 4.68628 13.7418 4.38977 14.2273 4.17198C14.7328 3.94918 15.2796 3.83527 15.832 3.83767C16.1136 3.83817 16.3941 3.87183 16.6678 3.93796C16.9523 4.00034 17.2317 4.08416 17.5036 4.18869C17.7621 4.2943 18.0064 4.43188 18.2307 4.59822C18.4448 4.7609 18.6485 4.93675 18.8408 5.12476C19.0612 5.09688 19.2791 5.05217 19.4927 4.99103C19.7232 4.92955 19.9472 4.84557 20.1613 4.7403C20.3702 4.65672 20.5792 4.57315 20.7881 4.4645L21.415 4.15526C21.3343 4.39055 21.2366 4.6196 21.1224 4.84059C21.0079 5.05789 20.8706 5.26241 20.7129 5.45071C20.5669 5.65022 20.3987 5.83248 20.2115 5.99396C20.0284 6.15427 19.8328 6.29961 19.6264 6.42856C19.8354 6.42856 20.0359 6.37005 20.2365 6.32827C20.4371 6.28648 20.6377 6.24469 20.8466 6.18619C21.0399 6.13416 21.2298 6.06995 21.415 5.99396L22 5.75994Z" fill="currentColor"></path></svg></button><button variant="outled" tle="Share this article on LkedIn (opens a new wdow)" class="InButton_wrapper-PBF2kzmcg- InButton_outled-Oh-MpS0sdbc- InButton_flt-Xscx5rAv9h8- in-button" data-ponent="in-button" type="button" aria-label="Share this article on LkedIn (opens a new wdow)"><svg width="24" height="24" aria-label="LkedIn" role="img" viewBox="0 0 24 24" fill="none" xmlns="><tle>LkedIn</tle><path d="M7.13955 5.90917C6.96055 6.0806 6.74824 6.21341 6.51578 6.29937C6.28332 6.38533 6.03568 6.42261 5.78822 6.40888C5.54947 6.42029 5.31096 6.38174 5.08797 6.29569C4.86497 6.20965 4.66239 6.078 4.49319 5.90917C4.33413 5.7507 4.20855 5.56188 4.12392 5.35392C4.03928 5.14595 3.99732 4.9231 4.00052 4.6986C3.99484 4.47377 4.03567 4.25019 4.12045 4.04187C4.20523 3.83356 4.33213 3.64501 4.49319 3.48803C4.66979 3.32232 4.87798 3.1939 5.10532 3.11046C5.33267 3.02702 5.5745 2.99027 5.81637 3.0024C6.05509 2.98987 6.29384 3.02651 6.51782 3.11005C6.74179 3.19359 6.94622 3.32224 7.11843 3.48803C7.43729 3.81162 7.62099 4.24445 7.63222 4.6986C7.63582 4.92316 7.59404 5.14613 7.50939 5.35414C7.42473 5.56216 7.29893 5.75094 7.13955 5.90917V5.90917ZM4.08498 7.76724H7.51961V18.7679H4.08498V7.76724ZM9.52549 9.38602C9.52549 8.8042 9.50437 8.26461 9.46215 7.76724H12.4323L12.5941 9.30157H12.6575C12.9826 8.84796 13.3824 8.45289 13.8399 8.13323C14.4924 7.6923 15.2704 7.47497 16.0569 7.51387C16.5976 7.51311 17.1332 7.61832 17.6335 7.82355C18.1053 8.01653 18.5267 8.31509 18.8652 8.69628C19.2391 9.12775 19.5216 9.63055 19.6957 10.1743C19.9124 10.8566 20.0147 11.5701 19.9983 12.2858V18.782H16.5707V12.6658C16.5974 12.0682 16.4611 11.4747 16.1766 10.9485C16.0381 10.724 15.8392 10.5429 15.6028 10.426C15.3664 10.309 15.1018 10.2608 14.8393 10.2869C14.4213 10.2654 14.0116 10.4095 13.6991 10.6881C13.4306 10.9308 13.2211 11.2317 13.0868 11.5679C13.039 11.6918 13.0105 11.8224 13.0023 11.955V18.7609H9.56068V11.2793C9.56068 10.5896 9.54895 9.95846 9.52549 9.38602V9.38602Z" fill="currentColor"></path></svg></button><button variant="outled" tle="Share this article via email (opens native email client)" class="InButton_wrapper-PBF2kzmcg- InButton_outled-Oh-MpS0sdbc- InButton_flt-Xscx5rAv9h8- in-button" data-ponent="in-button" type="button" aria-label="Share this article via email (opens native email client)"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" aria-label="Email" role="img" xmlns="><tle>Email</tle><path d="M2 17.2612V6.73878L7.975 12.1755L2 17.2612ZM22 19H2L8.99167 13.0571L12 15.8082L15.0083 13.0571L22 19ZM12 14.0122L2.05833 5H21.9417L12 14.0122ZM22 6.73878V17.2612L16.025 12.1755L22 6.73878Z" fill="currentColor"></path></svg></button><button variant="outled" tle="" class="InButton_wrapper-PBF2kzmcg- InButton_outled-Oh-MpS0sdbc- InButton_flt-Xscx5rAv9h8- in-button" data-ponent="in-button" type="button" aria-label=""><svg width="24" height="24" aria-label="Lk" role="img" viewBox="0 0 24 24" fill="none" xmlns="><tle>Lk</tle><path d="M3.78112 12C3.78112 10.5609 4.87554 9.39594 6.22747 9.39594L11.0343 9.39594V7.5L6.22747 7.5C3.88841 7.5 2 9.51015 2 12C2 14.4898 3.88841 16.5 6.22747 16.5L11.0343 16.5V14.6041L6.22747 14.6041C4.87554 14.6041 3.78112 13.4391 3.78112 12ZM17.7725 7.5L12.9657 7.5V9.39594L17.7725 9.39594C19.1245 9.39594 20.2189 10.5609 20.2189 12C20.2189 13.4391 19.1245 14.6041 17.7725 14.6041L12.9657 14.6041V16.5L17.7725 16.5C20.1116 16.5 22 14.4898 22 12C22 9.51015 20.1116 7.5 17.7725 7.5ZM6.91416 12C6.91416 12.5254 7.32189 12.9594 7.81545 12.9594L16.206 12.9594C16.6996 12.9594 17.1073 12.5254 17.1073 12C17.1073 11.4746 16.6996 11.0406 16.206 11.0406L7.81545 11.0406C7.32189 11.0406 6.91416 11.4746 6.91416 12Z" fill="currentColor"></path></svg></button></div></div><button class="InButton_wrapper-PBF2kzmcg- InButton_outled-Oh-MpS0sdbc- InButton_flt-Xscx5rAv9h8- in-button" tle="Gift this article" variant="outled" aria-expand="false" aria-haspopup="dialog" data-ponent="in-button" type="button" aria-label="Gift this article"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" xmlns=" role="img" aria-label="Gift"><tle>Gift</tle><path fill-le="evenodd" clip-le="evenodd" d="M10.5179 6.25172C11.1965 6.18625 11.4014 5.95443 11.4449 5.86581C11.4884 5.77719 11.5424 5.48119 11.1513 4.96062C10.7815 4.46843 10.1189 3.94521 9.22856 3.56643C8.33825 3.18765 7.47969 3.06367 6.83808 3.12558C6.15948 3.19105 5.95458 3.42286 5.9111 3.51149C5.86762 3.60011 5.81358 3.8961 6.20467 4.41667C6.57444 4.90886 7.23712 5.43209 8.12743 5.81087C9.01773 6.18965 9.87629 6.31362 10.5179 6.25172ZM12.2108 6.49999C12.2173 6.49181 12.2238 6.48357 12.2301 6.47526C12.2364 6.48357 12.2429 6.49181 12.2494 6.49999H12.2108ZM7.23975 6.49999C5.47818 5.60218 4.48497 4.15127 4.99092 3.12C5.53824 2.00438 7.63269 1.80231 9.66901 2.66865C10.8824 3.18488 11.8013 3.96397 12.2301 4.74539C12.6589 3.96397 13.5778 3.18488 14.7912 2.66865C16.8275 1.80231 18.922 2.00438 19.4693 3.12C19.9752 4.15127 18.982 5.60218 17.2205 6.49999H22V11.5H20V21.5H3.9V11.5H2V6.49999H7.23975ZM13.9423 6.25172C13.2637 6.18625 13.0588 5.95443 13.0153 5.86581C12.9718 5.77719 12.9178 5.48119 13.3089 4.96062C13.6787 4.46843 14.3413 3.94521 15.2316 3.56643C16.122 3.18765 16.9805 3.06367 17.6221 3.12558C18.3007 3.19105 18.5056 3.42286 18.5491 3.51149C18.5926 3.60011 18.6466 3.8961 18.2555 4.41667C17.8858 4.90886 17.2231 5.43209 16.3328 5.81087C15.4425 6.18965 14.5839 6.31362 13.9423 6.25172ZM4.9 20.5V11.5H9.07102V20.5H4.9ZM9.07102 7.49999V10.5H3V7.49999H9.07102ZM10.071 20.5V7.49999H13.929V20.5H10.071ZM14.929 10.5V7.49999H21V10.5H14.929ZM14.929 20.5V11.5H19V20.5H14.929Z" fill="currentColor"></path></svg></button></div><div class="styl_ntent__sZ2qm"><div class="styl_byleSpeech__xWY9t"><div class="ByleTimtamp_byleTimtampWrapper-x087IIW8Q-" data-ponent="byle-timtamp"><div class="Byle_byleWrapper-qrnpdFed-cA-" data-ponent="byle"><div class="Byle_byleInfo-N8AxuBO21lE-"><div class="Byle_byleAuthors-Ts-ifi4q-HY-">By<!-- --> <a href=" rel="thor" class="Byle_thor-YGQMoXqnRHQ- Byle_hasProfile-IuU8MCrRlFs-">Jeff Green</a></div><div class="ByleTimtamp_timtamp-K98S5oYW23w-"><div class="Timtamp_timtampWrapper-w-YevWapP-k- ByleTimtamp_timtamp-K98S5oYW23w-" data-ponent="timtamp"><time dateTime="2016-07-20T14:00:00.008Z" data-lole="en-US">July 20, 2016 at 10:00 AM EDT</time></div></div></div></div></div></div><div class="SendaryLabel_wrapper-RZbApji3oaY- styl_subscriberLabel__fEUe_ sendary-label" data-ponent="sendary-label"><div class="SendaryLabel_left--njez9clFRM-"><svg width="24" height="24" aria-label="Lock" role="img" viewBox="0 0 24 24" fill="none" xmlns="><tle>Lock</tle><path fill-le="evenodd" clip-le="evenodd" d="M9.5 7C9.5 5.61929 10.6193 4.5 12 4.5C13.3807 4.5 14.5 5.61929 14.5 7V9H9.5V7ZM7 9V7C7 4.23858 9.23858 2 12 2C14.7614 2 17 4.23858 17 7V9H18C19.1046 9 20 9.89543 20 11V18C20 19.1046 19.1046 20 18 20H6C4.89543 20 4 19.1046 4 18V11C4 9.89543 4.89543 9 6 9H7Z" fill="currentColor"></path></svg> <div>This article is for <b>subscribers only</b>.</div></div></div><div class=""><p class="Paragraph_text-SqIsdNjh0t0-" data-ponent="paragraph">The bed buyg power of U.S. lbian, gay, bisexual and transgenr adults rose about 3.7 percent to $917 billn last year, rivalg the disposable e of other Amerin mory groups, acrdg to an annual analysis.</p><p class="Paragraph_text-SqIsdNjh0t0-" data-ponent="paragraph">The forest, based on an timate that as many as 7 percent of adults intify as LGBT, reflects the growg acceptance by society as more people are willg to self-intify, said Bob Weck, who for the past has been nductg the annual study through his Washgton-based munitns firm.</p><div class="Placeholr_placeholrParagraphWrapper-yqk1PvmrNoc-"><div class="Placeholr_shimmergParagraph-CAmHW46Yvo4-" data-ponent="placeholr-paragraph"><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div></div><div class="Placeholr_shimmergParagraph-CAmHW46Yvo4-" data-ponent="placeholr-paragraph"><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div><div class="Placeholr_shimmergLe-eiuBL5rgMWw-" data-ponent="placeholr-le"></div></div></div></div><div class="styl_toutWrapper__wEmA8"><a href=" target="_blank" rel="noreferrer" class="TipTout_tipTout-NP387c-VPn4- TipTout_centerAligned-1R3aE3UWtZI-" data-ponent="tip-tout"><div class="TipTout_background-ilqhthmR9OM-">Have a nfintial tip for our reporters?<!-- --> <span class="TipTout_lk-uBZSvGfY87E-">Get Touch</span></div></a><a href=" target="_blank" rel="noreferrer" class="TermalTout_termalTout-jMmQ--E35FQ- TermalTout_centerAligned-dU4kQ27OR90-" data-ponent="termal-tout"><div class="TermalTout_background-ugfAG8JrlcE-"><div class="TermalTout_-7hWexZP6x-U-">Before ’s here, ’s on the<!-- --> <span class="TermalTout_highlight-LKP-y7t--IQ-">Bloomberg Termal</span></div><div class="TermalTout_cta-MhehFIQemMA-"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" role="img" aria-label="Bloomberg Termal" xmlns=" class="TermalTout_in-UNnzMeAfRHw-"><tle>Bloomberg Termal

gay disposable income

This statistic shows the median hoehold e of gay upl (male-male) the Uned Stat om 2015 to 2021.

Contents:

MEDIAN HOEHOLD E OF GAY UPL U.S. 2015-2021

The bed buyg power of U.S. lbian, gay, bisexual and transgenr adults rose about 3.7 percent to $917 billn last year, rivalg the disposable e of other Amerin mory groups, acrdg to an annual analysis. * gay disposable income *

2015-2021Opn on step-child adoptn by homosexual upl Italy 2016Hoehold e share spent on rent by mimum wage upl Atralia 2022 by regnU. To hear as Supreme Court Jtice Anton Slia would have , gays are a privileged set, livg up ci across the untry.

Evans—a landmark 1996 se that overturned a Colorado state nstutnal amendment prohibg legal protectns for gays and lbians—“Those who engage homosexual nduct tend to ri disproportnate numbers certa muni.

THE MYTH OF GAY AFFLUENCE

* gay disposable income *

” Even more omoly, to Slia, they have "high disposable e, " which giv them "disproportnate polil power… to [achieve] not merely a gdgg social toleratn, but full social acceptance, of homosexualy. Some of the most graed public imag of LGBT people are their smopolan, highfalut liftyle; gays, so the story go, live gentrified urban neighborhoods like The Castro San Francis or Chelsea New York, eat artisanal chee, and drk $12 like most stereotyp, the myth of gay affluence is greatly realy, gay Amerins face disproportnately greater enomic challeng than their straight unterparts.

One 5 gays and lbians aged 18-44 received food stamps the last year, pared wh jt over 1 4 same sex upl raisg children.

DISSECTING THE HARMFUL MYTH OF GAY AFFLUENCE

U psychology doctoral ndidate Larissa McGarry reports that rearch on sexual orientatn has largely foced on whe, middle-class gay men, overlookg the diversy of LGB populatns and the add burns of fancial strs and poverty. * gay disposable income *

”And Alabama, like many other plac where gays of another generatn might have stayed the closet or left town altogether but today are g out, is poorer than Seattle. Progrs isn’t makg gays and lbians poor though, but is allowg more poor people to acknowledge their sexualy. As the numbers bee more readily available, remds of why the myth of gay affluence ever existed the first place.

ARE GAY MEN REALLY RICH?

Are Gay Men Really Rich? - Freakonomics * gay disposable income *

The “gay liftyle” was the bastn of society’s most praved dividuals; sleazy bathho, leather bars, and so on. The image of gays and lbians began to change, however, once Wall Street and Madison Avenue realized that there was a vast, untapped market of potential nsumers.

”Marketg firms nducted surveys to try to show not jt affluence, but disproportnate levels of brand loyalty were a hallmark of gays and lbians.

In 2012, Experian, a natnal marketg firm, released a bs report claimg that the average hoehold e of a married or partnered gay man is nearly 20 percent more than a straight married or partnered man ($116, 000 pared to $94, 500).

GAY DISPOSABLE INE DURG THIS PANMIC

For 20 years, nearly all the studi on gay men the workplace have found an intil rult: parg the earngs of two men wh siar tn profil, years of experience, skills, and job rponsibili, gay men nsistently earns ls than straight men (between 5% and 10% ls). The stabily of this fdg has been remarkable: has been replited across numero datasets several different untri. Until now. In a recent paper, rearchers om Vanrbilt analyzed data om a major feral survey the Uned Stat that had not prevly been ed this lerature – prumably bee only recently began to ask about sexual orientatn – and found that the gay male earngs penalty had disappeared. * gay disposable income *

Further rptg the data, not all partnered gay people feel fortable clarg their sexualy surveys, and, a high-earng gay uple is more likely to report their sexual orientatn to a cens-taker than a low-earng uple, makg wealthier gay people overreprented natnal surveys. In such surveys, the poverty and food-secury rat for LGBT people one 2010 anonymo survey of Amerins ag 18-44, gay men were found to have a poverty rate of 20.

GAY MEN USED TO EARN LS THAN STRAIGHT MEN; NOW THEY EARN MORE

Lbian, gay, bisexual and transgenr people earn more money, save more, have ls bt and are better prepared for retirement than the average Amerin, acrdg to a Pntial survey. * gay disposable income *

* * *Social scientist have tablished that gay men are more likely to work as teachers, nurs, secretari, and other jobs that are tradnally female domated and which don’t pay very well. Addnally, nearly 40 percent of all homels youth are LGBT (often havg been kicked out of their hom by homophobic parents), puttg them at a great enomic disadvantage as they grow olr.

A study nducted for the Amerin Journal of Soclogy sent two fict, but realistic, rum to more than 1, 700 entry-level, whe-llar job opengs, the only difference between the two beg that one rume listed membership a gay anizatn durg llege, while the other claimed experience a "Progrsive and Socialist Alliance" (sce both groups are nsired left-leang, the purpose was to separate any “gay penalty” om polil discrimatn). The difference amounts to a 40 percent higher chance of seemgly straight applints gettg lled back than explicly gay applints. When asked ls directly though, people are more willg to nce they wouldn’t feel fortable workg wh or hirg an openly gay person.

GAY PEOPLE EARN MORE, OWE LS

* * *Popular culture has helped lnch gay people to the mastream, but for all the benefs that shows such as Will & Grace, Morn Fay, and Glee have had for the LGBT muny on the public’s nscns, few cultural outlets accurately reprent the reali gays and lbians face Ameri today. It holds back the entire gay equaly ignorance asi, Slia was more accurate than he knew when predictg the future of the gay rights movement. Data om the Feral Rerve Board and Cens Bure pot to large gaps fancial out between adults and upl who intify as lbian, gay, bisexual, transgenr and queer and/or qutng (LGBTQ+) and those who intify as straight and cisgenr (dividuals whose current genr inty match their sex at birth).

Bisexual women and bisexual men were more likely to have hoehold assets and vtments below $50, 000 than their straight, lbian or gay unterparts. The distributns of fancial assets for gay men and straight men were very siar, and the distributns for lbian women and straight women were siar as well.

THE GAY AND LBIAN MARKET THE U.S.: TRENDS AND OPPORTUNI THE LGBT COMMUNY, 6TH EDN

The tersectn of genr inty and sexual orientatn is que stark here as well, wh 68% of straight men and straight women, 52% of gay men, 51% of lbian women, 52% of bisexual men, 39% of bisexual women and 36% of adults intifyg as transgenr, nonbary, a different inty, and/or somethg else owng their hom.

Adults found that gay, lbian, or bisexual people are more likely to be sgle than heterosexual people. Supreme Court Jtice Anton Slia famoly argued that the high disposable e of gay Amerins giv them “disproportnate polil power. Evans, a landmark 1996 se that overturned a Colorado amendment prohibg legal protectns for gay men and lbian women.

Amerins who view lbian, gay and bisexual people as wealthier than average are signifintly ls likely to support gay rights, surveys suggt. Populatn-based studi make clear that the stereotype of gay affluence is, at bt, an oversimplifitn and, at worst, a gross accuracy. Although tn levels appear to be higher for LGB people, this advantage is not reflected the dividual e of gay men or the fay e of lbian upl.

*BEAR-MAGAZINE.COM* GAY DISPOSABLE INCOME

DISSECTING THE HARMFUL MYTH OF GAY AFFLUENCE – @theU .

TOP