According to the Wealth Report 2012 by Knight Frank and Citi Private Bank, Singapore was the richest country per capita in the world in 2010. It’s gross domestic product per capita was US$56,532. The runner-up was Norway followed by the United States with a GDP per capita of US$45,511.
Singapore is projected to remain the top rank till as far back as 2050. Hong Kong is the other Asian country in the top 10 most affluent economies in 2010.
The flow of wealth is expected to move to the East as the global economic activity shift to Asia till 2050. Thus, the four Asian tiger economies will benefit from this trend and expected to dominate the top spots among the richest country per capita.
Singapore, in particular is well positioned to benefit from this shift as it’s skilled labour, conducive business climate, trade openness, ease of capital flow cum foreign direct investment which will contribute to its future outstanding performance.
By 2050, Singapore is projected to acquire an eye-popping GDP per capita figure of US$137,710.
On the other hand, the US is projected to drop down to 5th position.
According to the report, the global high net worth individuals still remain bullish in their ability to continue to create wealth, while less than 25% are pessimistic about their future wealth creation prospects.
30 Aug 2012