Singapore is one of the richest countries in the world, according to the latest GDP per capita data by the International Monetary Fund (IMF). What a wonderful factoid to ponder about as so many Singaporeans still struggle to afford essential health care.
Fortune came up with the list based on IMF’s October 2017 data, which is itself based on purchasing power parity — comparing exchange rates of countries in relation to the cost of goods.
The Little Red Dot — a manufacturing and finance hub — was ranked in third at US$90,530. With a real GDP growth of 2.7 percent year-on-year in the first quarter of 2017, Fortune noted that Singapore’s growth is a result of the rebound in the global electronics trade, though the country’s economic growth has been limited mainly to its export-oriented fields.
The Middle Eastern country of Qatar is 2017’s richest country in the world, with a total GDP of approximately US$124,930 per person. This would be due to a lower estimated population of 2.27 million (compared to Singapore’s 5.6 million), and the continued sale of oil, Qatar’s major revenue source. The runner-up was tiny Luxembourg, a country of nearly 600,000 with a strong workforce and a 2016 growth exceeding the European Union’s overall growth.
Other countries that have fuel and oil propelling their economies also inevitably made it to the top tier of the list, with the likes of Brunei ($76,740), Kuwait ($69,670), and United Arab Emirates ($68,250) making it to the fourth, seventh and eighth spots, respectively.
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