Top Five World’s Richest Countries in 2050
Asia is placed to have the world’s wealthiest inhabitants, with city-state Singapore heading the rich list. Hong Kong, Taiwan and South Korea will do well, too, according to by a new survey that forecasts which countries around the world will be home to the wealthiest citizens by 2050.
By one gauge, Singapore’s per capita income is projected to be the highest in the world at $56,532 in 2010, calculated by purchasing power parity. Norway follows at $51,226, then the U.S. ($45,511), Hong Kong ($45,301) and Switzerland ($42,470). The IMF listed Singapore 3rd in the world in 2010-11 by per capita GDP, behind Qatar and Luxembourg, which weren’t included in the Knight Frank report). By 2050, the Wealth Report anticipates the world’s wealthy residents will be dominated by Parts of Asia: Singapore ($137,710), Hong Kong ($116,639), Taiwan ($114,093) and South Korea ($107,752). The only western economy projected to remain in the top five is the U.S., with an estimated per capita income of $100,802.
Jim Rogers, the co-founder of the Quantum Fund stated; it’s easier to get wealthy in Asia. I have moved and I have sold my house in New York, and moved to Asia and I’m planning them for the 21st century by knowing Asia and by speaking perfect Mandarin. It’s much easier to get rich in Asia than it is in America now. The wind is in your face. The U.S. is the largest debtor country in the history of the world. The biggest creditor nations in the world are China, Japan, Korea, Taiwan, and Hong Kong, Singapore. The resources are in Asia. You know who the debtors are and where they are. Look at Greece. Look at Spain. I mean, I don’t like saying this. You know, I am an American, too. But facts are facts.
The world’s wealth is shifting toward Asia. Of the top 10 fastest increasing economies Nigeria, India, Iraq, Bangladesh, Vietnam, the Philippines, Mongolia, Indonesia, Sri Lanka and Egypt, respectively all but three are in the region. The report anticipates: Spain, France, Sweden, Belgium, Switzerland, Austria, the Netherlands, Italy and Germany are at the bottom of the list. But Japan and its aging population will have the weakest estimated growth of all economies.