Iran Prepares Massive Funeral for Khamenei Amid Global Political Shifts

Iran is organizing the largest funeral in its history for Supreme Leader Ali Khamenei, nearly four months after his death in a US-Israeli strike that triggered ongoing conflict. The six-day ceremony will span five cities in Iran and two in Iraq, starting Saturday at Tehran's Musalla prayer complex. The main funeral procession will cover a 10-kilometer route, with Tehran's mayor estimating around 20 million attendees, calling it the "largest gathering in the city's history." The procession will continue to Qom, then to Najaf and Karbala in Iraq, two of the holiest Shia cities, with the final burial in Khamenei's hometown of Mashhad on July 9, where authorities expect 8 to 10 million participants. Logistical preparations include converting highways into temporary parking lots and public institutions into housing, with Basij and Revolutionary Guard forces managing security. It remains unclear if Khamenei's son, Mojtaba, recently reported injured in the strike, will attend.

This funeral occurs amid a recent Iran-US agreement on June 17 that opened a 60-day negotiation window, though major issues like Iran's nuclear program remain unresolved. Meanwhile, the European Union announced new tariffs on imports from China, imposing a 3-euro tax on packages valued up to 150 euros to curb a surge in Chinese goods flooding European markets. The EU reported that cheap packages from China rose from 1.3 billion in 2022 to 5.9 billion in 2025, with 90% originating from China. The move targets platforms like Shein and Temu, which consumer groups accuse of harming local retailers and jobs. The EU also highlighted safety concerns, noting that about 60% of imported products fail to meet European standards, including 65% of cosmetics and toys and 63% of dietary supplements.

In Russia, Defense Minister Andrei Belousov confirmed secret military exercises with China last year, involving at least four generals from both countries. These drills, reportedly related to the Ukraine conflict, included a three-week course in Beijing on defense against radiological, chemical, and biological warfare. The Russian and Chinese defense ministries have not commented, while China's foreign ministry denied involvement in the Ukraine war.

On a global economic note, a UBS report revealed that nearly one million people became millionaires in 2025, with global personal wealth growing 10.8% last year, driven largely by strong financial markets. The US accounted for nearly half of this increase, adding over 440,000 new millionaires. Europe's wealth also rose significantly, mainly due to a weaker dollar against the euro. However, the report warns that wealth inequality is worsening, as median wealth declined in most countries despite rising average wealth, indicating a growing gap between the richest and the rest. The UBS analysis covers 56 markets representing over 92% of global wealth.