Macau set to overtake Qatar as world's richest place

[haidian]

Macau set to overtake Qatar as world's richest place

• ECONOMY
• Friday, 10 Aug 2018

HONG KONG: Qatar is on track to lose its status as the richest place in the world to the Chinese gambling enclave of Macau.

The global casino hub’s economy will reach the equivalent of about US$143,116 per person by 2020, according to projections from the International Monetary Fund. That will put Macau ahead of the current No. 1 Qatar, which will reach US$139,151 in the same time frame.

A former Portuguese outpost on the southern tip of China, Macau has become a gambling mecca since returning to Chinese control almost two decades ago. It’s the only place in China where casinos are legal, turning it into a magnet for high-rollers from the mainland. Macau’s gross domestic product has more than tripled from about US$34,500 per capita in 2001, the IMF data shows.

The wealth gap between the two places is also expected to widen beyond 2020, with Macau’s GDP per capita set to reach about US$172,681 by 2023, according to data compiled from the April edition of the IMF’s Global Economic Outlook database. Qatar’s, meanwhile, will grow to just US$158,117.

Three European countries -- Luxembourg, Ireland, and Norway -- made the top 10 places expected to be the world’s wealthiest by 2020, while the US came in at No. 12. - Bloomberg

https://www.thestar.com.my/business...set-to-overtake-qatar-as-world-richest-place/

 

[haidian]

It's nice to see a Chinese territory becomes the world No.1 richest place.

 

[haidian]

Hong Kong, Macau, Singapore show that China still has a long way to reach our full potentials.

 

[AViet]

Western media will not forget to mention about its former colony status, saying its today achievement is thank to its being a former Portugal enclave, but conveniently not mention that Portugal itself now is only a primitive country.

Using Western logic, Europe must get their wealth today from the colonization by the Avar, the Chinese Huns and the Mongolian, and Finland has the best education system in the Western world because its population has the highest East Asian gene in their blood compared to other European and speak an "Asian" language.

 

[Hamartia Antidote]

Western media will not forget to mention about its former colony status,.

Malaysia is now Western media? Is every country other than China now considered Western Media?

https://www.thestar.com.my/business...set-to-overtake-qatar-as-world-richest-place/

 

[AViet]

Malaysia is now Western media? Is every country other than China now considered Western Media?

https://www.thestar.com.my/business...set-to-overtake-qatar-as-world-richest-place/

I say "will". Wait and see.

 

[El Sidd]

Qatar is a hoax

 

[Hamartia Antidote]

I say "will". Wait and see.

LOL! Nice try...just face the fact that your mindless parroting and boot licking made you post before thinking...which is exactly their goal. There's no "wait and see" about that.

 

[Mista]

Hong Kong, Macau, Singapore show that China still has a long way to reach our full potentials.

Macau's economy is heavily dependent on tourism and gambling. HK is the financial center of China and the service sector makes up 90% of the economy. Both aren't good gauges for the potential of the Chinese economy.

Although smaller than HK, Singapore is a fully fledged country with an industrial base. However because we are small, we are able to export our way to prosperity without compromising the international trade system. China can't. The world isn't large enough to absorb China's trade surplus and carry her all the way.

So HK, Macau and Singapore aren't good proxies for China. China will have to reform and encourage domestic consumption for sustainable economic growth in the long run, and therefore US is actually a better model and proxy for China.