Thursday, August 16, 2012

S'pore world's most affluent by GDP per capita

SINGAPORE - A study of the world's economies has shown that Singapore had the highest gross domestic product (GDP) per capita in the world in 2010, and will likely remain at the top spot as far as 2050.

In The Wealth Report 2012, a global study on property and wealth compiled by Knight Frank and Citi Private Bank, Singapore was listed as the world's most affluent with a GDP per capita of US$56,532 (S$70,450) in 2010.

Norway and the US came in at second and third with GDP per capita rates of US$51,226 and US$45,511 respectively. The only other Asian country to rank on the top 10 was Hong Kong at a GDP per capita of US$45,301.

The report further projects a flow of wealth toward Asia as more and more global economic activity becomes centred here.

According to projections, Singapore, Hong Kong, Taiwan and South Korea are likely to become the world's richest countries in 2050.

The report also estimates that Singapore will top the list in 2050 with a GDP per capita of US$137,710.

Saudi Arabia is expected to become one of the top 10 countries with a GDP per capita of US$98,311 in 2050.

According to the report, Singapore is currently the fifth most important global city to high-net-worth-individuals (HNWIs), and will maintain this importance in 10 years time.

Currently ranked third most important, Hong Kong is expected to fall behind Singapore to sixth place by 2022.

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