Singapore ‘Is Richest Country Per Capita’: New Study
Melissa Tan – Straits Times
Singapore. Singapore was the richest country per capita in the world in 2010 and will remain at the top even as far into the future as 2050, according to a new study.
Its gross domestic product (GDP) per capita — its economic output divided by its population — came in at US$56,532 in 2010.
This put Singapore ahead of runner-up Norway, according to the Wealth Report 2012 released yesterday by Knight Frank and Citi Private Bank.
The United States was in third place with a GDP per capita of $45,511.
Of the top 10 most affluent economies in 2010, Hong Kong is the only other Asian presence.
But the projected numbers for 2050 reflect the flow of wealth eastwards as the centers of global economic activity shift to Asia. This will see the four Asian tiger economies dominating the top spots.
Singapore is “perfectly positioned” to capitalize on this shift, said Grainne Gilmore, head of UK residential research at Knight Frank, according to a Yahoo! report.
Gilmore pointed to Singapore’s skilled workforce, business environment, openness to trade, capital mobility and foreign direct investment as factors contributing to its stellar forecast performance.
By 2050, Singapore is expected to have a chart-topping GDP per capita of $137,710.
The US is expected to drop down to fifth place while Saudi Arabia will vault into the top 10 at No. 6.
The world’s high net worth individuals remain upbeat in terms of continued wealth creation, with less than a quarter pessimistic about their future wealth prospects.
GDP per capita (2010)
1. Singapore ($56,532)
2. Norway ($51,226)
3. The United States ($45,511)
4. Hong Kong ($45,301)
5. Switzerland ($42,470)
6. The Netherlands ($40,736)
7. Australia ($40,525)
8. Austria ($39,073)
9. Canada ($38,640)
10. Sweden ($36,438)
GDP per capita (2050)
1. Singapore ($137,710)
2. Hong Kong ($116,639)
3. Taiwan ($114,093)
4. South Korea ($107,752)
5. The United States ($100,802)
6. Saudi Arabia ($98,311)
7. Canada ($96,375)
8. United Kingdom ($91,130)
9. Switzerland ($90,956)
10. Austria ($90,158)
Reprinted courtesy of The Straits Times