Macau surpasses Switzerland in GDP per person – World Bank

[cirr]

Macau surpasses Switzerland in GDP per person – World Bank

Published time: July 02, 2014 20:12

Visitors look at a model of Galaxy Macau resort inside Galaxy Macau in Macau (Reuters / Paul Yeung)

China, Economy

The gambling center of Macau has become the world’s fourth richest territory per person, leapfrogging Switzerland, according to World Bank report. The growth was mainly due to mainland Chinese gamblers and tourists.

The Chinese territory reached per capita gross domestic product of $91,376 in 2013, an 18.4 percent jump from the year before. Macau is right behind Luxembourg, Norway and Qatar, and ahead of Switzerland which has an income of $80,528 per person in a fifth place.

In 2012 Macau was ranked sixth by the World Bank behind Bermuda and Switzerland. The 2013 list does not include Bermuda; however as in 2012 its GDP per capita was estimated at $84,471, so it would probably trail Macau.

The ranking does not include Monaco and Liechtenstein, which based on the latest available figures, would almost certainly top the rankings, says the Financial Times.

Since 1999, when Macau was returned to China, its economy has grown 557 percent mostly driven by the gambling sector. In 2006 Macau became the world's biggest gambling center, and last year revenues were seven times that of Las Vegas at $45 billion.

CLSA, one of the most bullish brokerages on Macau, suggests revenues could reach $90 billion by 2018, citing high-speed rail and other transport links will boost the economy.

By 2017 Macau is expected to start benefitting from the world’s longest bridge that will provide a 30-minute road link from Hong Kong airport, a strategically important transport hub, which has more capacity than Macau’s own airport.

However in June Macau experienced its first year-on-year decline in gaming revenues since 2009. Analysts suggest the fall in growth was caused by people spending money on the World Cup as well as the austerity and anti-corruption campaigns by Chinese President Xi Jinping.

Macau surpasses Switzerland in GDP per person – World Bank — RT Business

 

[Edison Chen]

Only if Macau and Hong Kong stay close with China, it can maintain a rapid growth.

What about China's GDP per capital? According to new GDP calculation, China will add more than $160 billion to current base.

 

[cirr]

Only if Macau and Hong Kong stay close with China, it can maintain a rapid growth.

What about China's GDP per capital? According to new GDP calculation, China will add more than $160 billion to current base.

The 160 billion USD extra GDP is due solely to the capitalization of a % of the R&D expenditure。

There are other accounts which are missing from China's calculation of GDP。

Examples include stock options、rural housing construction、road and bridge construction by the locals、land transfer income etc。

Others include income from housekeeping servicers and housing rental cost for both owner-occupiers and tenants（reportedly THE item that's been under-estimated by several trillion yuan）

 

[Chinese-Dragon]

I used to think I was lucky to be born in Hong Kong instead of Macau.

Now look what happened.

Still I would prefer to live in a Mainland city like Suzhou. Per capita income alone, isn't necessarily the best indicator of how good a place is to live in.

 

[+4vsgorillas-Apebane]

Gambling a a major Chinese weakness. It destitute families, ruin lives and wastes time.

Here in Sydney, gambling clubs and casinos are always full of Chinese wasting hard earned cash.

 

[Edison Chen]

Gambling a a major Chinese weakness. It destitute families, ruin lives and wastes time.

Here in Sydney, gambling clubs and casinos are always full of Chinese wasting hard earned cash.

On the other hand, due to their gambling, there is huge cash outflow from China to overseas, this is our loss.

 

[Aepsilons]

Here in Sydney, gambling clubs and casinos are always full of Chinese wasting hard earned cash.

In Tokyo as well, a lot of Chinese tourists go there simply for the gambling. Majong is their favorite....lol

There is a joke in Japanese that goes like this:

You can catch a chinese in a majong table. he doesn't need food or water, just a bucket for spit, and cigarettes and a lighter.

 

[dlclong]

Macau is getting better, .This is a fact

 

[Lux de Veritas]

Macau is a money laundering haven. And there is no use surpassing GDP per capita of Switzerland in ALL East Asian countries because wealth are not being shared.

What is the use when your country GDP per capita is so high when 99% are dead poor while one sucker is scandalously rich. It happened in Japan as well.

Once the 2nd richest country in the world, Japan elites would not want to share their wealth. They make people work very hard. They drive up land prices.

Much poorer countries in Europe enjoy way better life than Japanese.

In the end, Japanese are too stressed up, women are too materialistic that many do not get marry or have little kids.

The East Asian Culture of exploitation is a cancer that must be resolved.

Right now, SIngapore, Taiwan, HK, Macau, Korea and big Chinese cities has same problem.

 

[IsaacNewton]

In Tokyo as well, a lot of Chinese tourists go there simply for the gambling. Majong is their favorite....lol

There is a joke in Japanese that goes like this:

You can catch a chinese in a majong table. he doesn't need food or water, just a bucket for spit, and cigarettes and a lighter.

That is impossible, there are no casinos in Japan.
Japan has a complete banned on gambling.

 

[Aepsilons]

That is impossible, there are no casinos in Japan.
Japan has a complete banned on gambling.

LOL. Search pachinko, public sports,...! Plus, there are illegal gambling in Japan , and it is very common in Chinese community centers.

 

[IsaacNewton]

LOL. Search pachinko, public sports,...! Plus, there are illegal gambling in Japan , and it is very common in Chinese community centers.

Yeah, I think gambling is an essential part of Chinese culture. I read that during the 70's and 80's, if you go down the basement of some restaurant in Chinatown, there is usually an illegal mahjong ring.

I live in California and I occasionally visit casinos. It is usually completely crowded with Chinese people all speaking Cantonese. Everything from the dealers, to the chef, to the custodian, to the gamblers.

 

[Aepsilons]

I'm in New Jersey right now. I frequent Atlantic City and Ocean City on weekends. If you go to the casinos on the atlantic city board walk like: Caesars, Trump Plaza, Tropicana, et al... there's a lot of retired Chinese people that are usually in the majong table OR playing the slots. How they can just squander their money like that -- it behooves me.

In Japanese culture, we are very adamant on SAVING our finances; and not squandering it in such ways.

Even for me; i don't smoke, nor do i drink alcohol heavily. Socially, maybe (a little).

It's all about self control....

 

[conworldus]

I'm in New Jersey right now. I frequent Atlantic City and Ocean City on weekends. If you go to the casinos on the atlantic city board walk like: Caesars, Trump Plaza, Tropicana, et al... there's a lot of retired Chinese people that are usually in the majong table OR playing the slots. How they can just squander their money like that -- it behooves me.

In Japanese culture, we are very adamant on SAVING our finances; and not squandering it in such ways.

Even for me; i don't smoke, nor do i drink alcohol heavily. Socially, maybe (a little).

It's all about self control....

Look, Chinese people like to gamble, it is true. Japanese people like to commit suicide.

You know, if Japan invades China again, China can just drop tons of bizarre pornographic comic books in Mount Fuji, and all Japanese men will just go there to watch **** and then hang themselves. China wins the war, the end.

 

[IsaacNewton]

Look, Chinese people like to gamble, it is true. Japanese people like to commit suicide.

You know, if Japan invades China again, China can just drop tons of bizarre pornographic comic books in Mount Fuji, and all Japanese men will just go there to watch **** and then hang themselves. China wins the war, the end.

Anyway nothing wrong with liking to gamble. Most Chinese gambler just do so recreationally. They lose 20 or so dollars on average which is nothing if you like a day of fun socializing with old friends.

Only very few are degenerate gambling addicts that loses their house.