Skip to comments.Singapore Could Be The World's Richest Country By 2050
Posted on 08/19/2012 7:42:03 PM PDT by SeekAndFind
If you enjoy peering inside the minds of the world's super rich, take a spin through the 2012 "Wealth Report." Compiled by Citibank, and a property consultancy called Knight Frank, it's a lengthy analysis based partly on interviews with the super rich. (Definition: people with more than $25 million in investable assets.)
Yes, the report contains musings on why yacht sales are down and the pros and cons of buying a sports franchise. But that's not the most interesting part.
The study predicts that Singapore -- that little Southeast Asian city-state with loads of Type A zeal -- will be the world's richest nation by 2050.
And by that, they mean its per capita GDP at purchasing power parity. (For those who skipped economics class, this attempts to more accurately measure the average income by considering inflation, cost of living and exchange rates.)
According to Citibank's 2050 prediction, the top five countries by this measure will be:
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, the U.S.: $100,802
(Excerpt) Read more at businessinsider.com ...
Yeah, low tax rates.
I’ve been to Singapore a few times and connected thru Changi airport more than a few times. Singapore’s a very comfortable place but 100% antiseptic, i.e., it lacks variety and fun, IMHO.
I agree its outlook is excellent and it could well achieve the #1 spot envisioned by 2050 but that assumes it never gets a leader like Barackski Hosaana Obama.
Singapore has national service, the media is state controlled, no free speech, no right to assemble, large Gov't subsidies in food and land, and other various tools for a police state.
Remember, the Asian mentality engenders STRONG respect for elders, and that can sometimes people are more willing to live under a "benevolent dictatorship," but one built on achievement, not equality of outcome. And in Singapore, politics have to be fairly tightly controlled given that Singapore has a large Chinese population (Christian, Confucian and Buddhist beliefs), large Malay population (Islamic beliefs) and large expatriate Indian subcontinent population (Hindu and other beliefs native to India), a mix that could in the wrong circumstances explode into sectarian violence in no time flat.
I have relatives who live in Singapore, and while it can be an occasional downer with the controlled media, the country's astonishing financial wealth as a business and goods trading center more than makes up for it. And if you love Chinese or Indian food, you can't beat the spotlessly clean open-air night food stalls that city is well-known for.
As for this myth of respect. Ride the metro around the country, most youth would not give up their seat or even attempt to show any type of concern for the elderly.
Each society has their good and bad, but one cannot have a Gov't where it sets the morals and determines what a generation must think or behave.
I have to chuckle at people who would flee America and go to a central planned govt like Singapore.