Global Finance reports that many of the world’s richest countries are also among the world’s smallest. Even in the midst of a new coronary pandemic and a global economic slowdown, the vast wealth of these tiny countries has barely been affected, such as San Marino, which came 10th in the rankings, Luxembourg, which came second, Switzerland, which came seventh, and Singapore, which came third.
This ranking of the world’s richest countries is based on per capita GDP adjusted for purchasing power parity (PPP). Macau’s PPP-adjusted GDP per capita is US$89,558 (about MOP722,067), ranking it 5th and higher than other developed economies. Ireland ranked 1st with US$145,196 (around MOP1,170,652).
Norway ranked 8th (US$82,655) and the United States 9th (US$80,035). Hong Kong ranked 12th (US$74,598), Denmark 13th (US$73,386) and Taiwan 14th (US$73,344).
According to the report, the wealth of these countries comes mainly from their sophisticated financial sectors and tax systems, which attract large amounts of foreign investment, professionals and bank deposits. Qatar (#4) and the United Arab Emirates (#6) are rich in oil resources, while Macau (#5) benefits from casinos and tourism. According to the report, Macau remains one of the richest regions in the world, even after the recent restrictions imposed by a three-year epidemic.
It is worth noting that many of the countries in this ranking are considered tax havens. The International Monetary Fund (IMF) estimates that by the end of the 2020s, around 40 per cent of global foreign direct investment flows could be attributed to savvy tax evasion strategies, up from 30 per cent in the 2010s. In other words, these investments are being made through shell companies that bring little economic benefit to the residents of the places where the money ends up,” the report said.
According to IMF statistics, the world’s 10 richest countries have a per capita purchasing power of more than $105,000, while the 10 poorest countries have a per capita purchasing power of only $1,380.
