Singapore, Hong Kong, Taiwan and South Korea are projected to be the world’s richest economies on a per capita basis by 2050 as the region’s rapid growth boosts wealth creation, a study showed. (via yf)
- The survey by property giant Knight Frank and Citi Private Bank, reported in Singapore media Wednesday, also showed multi-millionaires in Asia will continue to outnumber those in North America and Western Europe by 2050.
- Singapore topped the list in 2010 and is expected to keep the top spot in 2050, when the city-state’s gross domestic product (GDP) per capita would reach $137,710.
- It will be trailed by Hong Kong ($116,639), Taiwan ($114,093) and South Korea ($107,752) with the United States coming in fifth place, falling from third place in 2010.
- Singapore’s 2010 GDP per capita stood at $56,532, while Hong Kong ($45,301) — the only other Asian economy in the top 10 that year — was in fourth place.
- Taiwan and South Korea were not even in the top 10 in 2010.
- “While rapid GDP growth does not in itself guarantee a sharp rise in high networth individuals, rapidly growing economies do provide key opportunities for large-scale wealth creation,” Grainne Gilmore, head of UK Residential Research at Knight Frank, wrote in the study.
- Gilmore said there are now around 18,000 “centa-millionaires” — those with $100 million or more in assets — in the region covering Southeast Asia, China and Japan, more than the 17,000 in North America and 14,000 in Western Europe.