Wednesday, 9 October 2013

Singapore: World's Richest Country by 2050?

I came cross this article on line ( shown in below), saying Singapore will the No.1 rich country in 2050. 

Well, the first thought in my head is that I'd like to imagine how Paul Krugman, the 2008 Nobel Economics Prize Laureate, would think of this report. Paul Krugman wrote a very influential academic paper in 1994 titled "The Myth of Asian Miracle", suggesting that the so-called Four Asian Tigers' economic miracle are not worth admiring at all. In particular, he compared Singapore's economic development with the Soviet Union, and saw much resemblance between them. This paper brought much debate and soon brought him fame as the 1997 Asian Financial Crisis seemed to confirm his opinions. Well, history is not that easy to predict. It proved that 1997 crisis is just a bump in the road. All Asian tigers have recovered and reached new high, especially for Singapore. Will Krugman still derive the same conclusion if he likes to assess Singapore's economy again today? Does he believe Singapore can make the top in the GDP per capita list in 2050? 
If you are interested, can read the paper:"The Myth of Asian Miracle" here: 
http://www.ft.com/intl/cms/b8268ffe-7572-11db-aea1-0000779e2340.pdf

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Citibank and Knight Frank's study showed, through  lengthy analysis based partly on interviews with the super rich. (people with more than $25 million in investable assets.), that Singapore — that little Southeast Asian city-state — will be the world's richest nation by 2050, as per capita GDP at purchasing power parity. According to Citibank's 2050 prediction, the top five countries by this measure will be: (Congratuations, Asian Tigers!)

1. Singapore: $137,710
2. Hong Kong: $116,639
3. Taiwan: $114,093 (Congratuations, Taiwan, Citibank analysts think you'll make it 2050 without being consumed by China.)
4. South Korea: $107,752
And sliding in at number five, the only non-Asian nation,
5. U.S.: $100,802.

According to the report, Singapore is already the top GDP per capita champ with a figure of more than $56,000.
But that doesn't account for tiny, oil-rich Qatar, which leads most rankings with an average of more than $92,000 according to the World Bank. And there's no mention of super-affluent Luxembourg either. Regardless, Singapore is genuinely affluent and the report suggests why. In interviews with "high net-worth individuals" around the globe, the Wealth Report asked the super rich about their "favorite things." In response, Indians said cars and gadgets, Latin Americans said traveling and Africans said safaris.The favored items of extremely wealthy Singaporeans? "Books and reading materials." ( Wah Ohh~~~, Do you have the same hobby as rich singapore people??)
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