Singapore Now Wealthiest Nation


    ‘The Wealth Report’ by Knight Frank Research and Citi Private Bank has ranked Singapore as the wealthiest nation in the world by GDP per capita, ahead of Norway, the U.S., Hong Kong, and Switzerland. It estimates the country’s GDP per capita was $56,532 in 2010, measured by purchasing power parity, making it the highest in the world. It predicts that Singapore will hold its place as the world’s most affluent country through to 2050, followed closely by Hong Kong, Taiwan, and South Korea, the last two displacing Norway and Switzerland. The report says Singapore will see a 67 per cent increase in the number of centa-millionaires (those with more than $100 million in assets) over the next four years. The country is not the lone beneficiary of Southeast Asia’s wealth explosion and as the number of people in the entire region with more than $100 million in disposable assets (excluding property, for example) has increased by 80 per cent in the past five years. Between 2010 and 2011, the number of centa-millionaires grew 13 per cent – higher than the global average of six per cent – and will grow by 44 per cent by 2016. There are now 18,000 people with $100 million or more in disposable assets in Southeast Asia, China, and Japan, compared to North America at 17, 000 and Western Europe with 14,000.