The country’s GDP per capita amounts to US$56,532, significantly ahead of the US, Hong Kong and Switzerland. Where’s the UK? Don’t know. The table doesn’t go that far down…..but it’s less than US$36k per capita, 55% less than Singapore.
By 2050, Singapore is expected still to be in the top spot, with Hong Kong and Taiwan moving up to take the second and third places. But the US, Canada, Switzerland and Austria will all still be in the top 10. The UK will just squeeze into the top 10…..
There are many reasons for Singapore’s success which range from all year round sun and heat (which I love but ironically many locals hate…they should try living in an English winter and then they would appreciate it more!) to low personal and corporate tax.
Eduardo Saverin, billionaire co-founder of facebook has given up his US citizenship to come and live in our tropical island and will undoubtedly benefit from paying very little tax in the process…..
Other reasons that Singapore is growing in personal wealth is the speed at which the city state moves. Entire parts of the CBD which weren’t on a Discovery Channel documentary on Singapore that was filmed only a few years ago have popped up in record time.
This can-do atmosphere and pro-business Government who constantly seek out new tourism and business opportunities that includes welcoming foreign talent (one third of the country is made up of foreigners) makes Singapore a natural Asia Pacific regional hub for many MNC’s.
Many organisations create an HQ here with a view to creating business strategy from China to India, Indonesia to Australia as Singapore is bang in the middle of the lot, the heart of Asia you may call them.
The two integrated resorts (casinos to you and me) have only just been built but already attract super wealthy Chinese who have helped Singapore overtake Las Vegas for casino earnings in only a couple of years.
The first Singaporean Prime Minister, the legendary Lee Kuan Yew, saw a vision and created the island as a tourism destination through clever marketing and even smarter “build it and they will come” thinking which has propelled Singapore to be one of the fastest growing tourism destinations in the world.
Twice as many people come to Singapore than Australia each year and more than double our population visit us each year. This in turns makes the country more attractive to live in and thus the wealth numbers just keep on growing and according to the survey Singapore will still be on top in 2050…..