Singapore is the world’s richest country despite widening income gap
Posted by temasektimes on August 15, 2012
According to the Wealth Report 2012 published by Knight Frank and Citi Private Bank, Singapore has the highest GDP per capita in 2010 at USD$56,532 and is expected to continue to be the global leader in 20150.
Trailing closely behind Singapore is Norway at about SGD $63,000 (USD $51,226), then the U.S. at about SGD $56,200 (USD $25,511), followed by Hong Kong at almost SGD $56,000 (USD $45,301).
The report also forecasts that Singapore’s GDP per capita will more than double to about SGD $170,000 (USD $137,710).
However, the figures may be skewed by the large numbers of cash-rich foreigners who have relocated to Singapore in recent years such as Facebook co-founder Eduardo Saverin.
Despite the rosy figures, Singapore has the highest income gap between the rich and the poor among the thirty most developed economies in the world after Hong Kong.
GDP per capita has been roundly criticized by many economists including Nobel Laureate Joseph Stiglitz as being an inaccurate indicator to reflect the general well-being of the people.