S’pore is now richest in the world

[Extremist]

Singapore topped the charts for highest GDP per capita in 2010 at close to SGD $70,000 (USD $56,532), according to a study.

In the Wealth Report 2012 published by Knight Frank and Citi Private Bank, Singapore is also expected to continue to be the global leader in 2050.

GDP per capita refers to the total output of a country divided by the population.

Trailing closely behind Singapore is Norway at about SGD $63,000 (USD $51,226), then the U.S. at about SGD $56,200 (USD $45,511), 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).

Hong Kong is expected to take over Norway’s position as number two in 2050, followed by Taiwan and South Korea – two countries that failed to make the list in 2010.

The U.S. is expected to drop from third place in 2010 to the fifth in 2050.

 

[Kinana]

Good. singkies are getting richer and richer

 

[Extremist]

Only 1% of sinkies are rich, the rest 99% like me still struggling

 

[myfoot123]

Of course, taking into account Singapore as a money laundering hub certainly bring us up to that level of wealth. PAP certainly should be proud without a questioning Straits Times.

 

[pallkia]

Why are the rich are mainly from Western/Northern Europe and North East Asia?

 

[steffychun]

Maybe we should start giving foreign aid to be poorer

 

[Kinana]

Only 1% of sinkies are rich, the rest 99% like me still struggling

Because you waste your time posting on this forum.

 

[Aussie Prick]

Oh no not again. I am getting so tired of this nonsense. Yes, we have a high per capita BUT the US Dollar is artificially low due to Fed Funds policy of 0% interest rates.

In 2002-03 the dollar was at 1.8 to the USD. Today we are trading at 1.25. Taking that GDP per capita into account lowers us to US$ 38K level.

Of course the article always fails to mention this, and not to mention the PPP. The US is still ahead here. Having per capita is nice, but its pointless when your money buys less.

The article also fails to mention that we have been running inflation in the 4-5% for years now so our cost of living has skyrocketed in recent years.

Discussing Singapore's GDP in relation to recent economic developments such as the casinos also makes the figure skewed.

So no the picture is not as rosy as you would think.

 

[Kinana]

Oh no not again. I am getting so tired of this nonsense. Yes, we have a high per capita BUT the US Dollar is artificially low due to Fed Funds policy of 0% interest rates.
In 2002-03 the dollar was at 1.8 to the USD. Today we are trading at 1.25. Taking that GDP per capita into account lowers us to US$ 38K level. .

Its an apple to apple comparison sir, all per capita GDPs are denominated in USD.

Of course the article always fails to mention this, and not to mention the PPP. The US is still ahead here. Having per capita is nice, but its pointless when your money buys less.

Even by PPP, we are much higher than USA.
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita
Looks like you don't even know what you are talking about sir.

The article also fails to mention that we have been running inflation in the 4-5% for years now so our cost of living has skyrocketed in recent years.

Its PPP remember? That already took into account whatever inflation.

Discussing Singapore's GDP in relation to recent economic developments such as the casinos also makes the figure skewed.

So no the picture is not as rosy as you would think

What would you use as an objective measure then? Please explain clearly so we can make sense of what you say sir.

 

[AhGuan]

The wealth is concentrated in the hands of the govt and a small percentage of the wealthy. It says nothing about the state of affairs of the bottom rung of the society.

The 'Mean' and the 'per capital' measures are misleading if you want to capture the standard of livelihood of the majority.

 

[Kinana]

The wealth is concentrated in the hands of the govt and a small percentage of the wealthy. It says nothing about the state of affairs of the bottom rung of the society.

The 'Mean' and the 'per capital' measures are misleading if you want to capture the standard of livelihood of the majority.

We have a very huge middle class. Thats why there are so many condos everywhere you look sir. You must be blind.

 

[AhGuan]

We have a very huge middle class. Thats why there are so many condos everywhere you look sir. You must be blind.

The middle class in Singapore is mired in home loans.

That was the case for the Americans too before the 2008 housing crisis. And the Europeans too.

You are indeed blind to the socio-economic undercurrents that only smarter people can perceive.

 

[Kinana]

The middle class in Singapore is mired in home loans.

That was the case for the Americans too before the 2008 housing crisis. And the Europeans too.

You are indeed blind to the socio-economic undercurrents that only smarter people can perceive.

Are we having a housing crisis?

 

[Gangster]

Are we having a housing crisis?

You must be iletrate. Sigh.

 

[AhGuan]

Are we having a housing crisis?

Not only are you incapable of reading simple english sentences and comprehending them.

You IQ is likely in the sub-60 category. Look into the mirror, do you have Downs Syndrome ?

 

[Kinana]

Not only are you incapable of reading simple english sentences and comprehending them.

You IQ is likely in the sub-60 category. Look into the mirror, do you have Downs Syndrome ?

What housing crisis are you talking about sir? Please explain.

 

[AhGuan]

What housing crisis are you talking about sir? Please explain.

Go learn the English language first at Primary 1 level before attempting to engage in discussions here. This is good advice, follow it.

 

[Kinana]

Go learn the English language first at Primary 1 level before attempting to engage in discussions here. This is good advice, follow it.

You see, you can't even make sense of what you are talking about.

cheers

 

[Aussie Prick]

Its an apple to apple comparison sir, all per capita GDPs are denominated in USD.
Even by PPP, we are much higher than USA.
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita
Looks like you don't even know what you are talking about sir.
Its PPP remember? That already took into account whatever inflation.
What would you use as an objective measure then? Please explain clearly so we can make sense of what you say sir.

I don't think you understand my post. The US$ is historically, even artificially low, and will be (through the end of 2014 according to Bernanke) This is unprecedented in History, and granting that the neoclassical economic theory at the center of the Fed is sound and the process of deleveraging (perhaps delflation) eventually results in economic growth some measure of inflation or employment will cause the Fed funds rate to increase and strengthen the dollar, at some point. If not, then US economic policy has failed, we all need to throw away our neoclassical textbooks, the Krugmanites will look like fools, and the Austrian School of Debt Deflation has been proven correct.

When this occurs, and the dollar strengthens, where will Singapore's GDP be? My point is at $1.6 (what I see as the equilibrium exchange rate, as before the crisis) we are not above the US$ per capita.

As for inflation, we dont manage it via interest rates, we do it by strengthening the dollar, which just makes such current per capita figures to be skewed, as I stated. My other point was with such dollar strengthening, has our policy succeeded or failed at 5% inflation?

If you disagree , perhaps we should adopt the Yuan as our reserve currency. All we need to do is convince the Chinese to open their banking system so it can float, and given the Chinese "official" fiscal position, we can expect a "stronger" currency than the USD. In that scenario, what happens to our per capita?

That is why I find this article pointless. All it says is the dollar is weak and look how much we are worth in US$.

 

[Kinana]

I don't think you understand my post. The US$ is historically, even artificially low, and will be (through the end of 2014 according to Bernanke) This is unprecedented in History, and granting that the neoclassical economic theory at the center of the Fed is sound and the process of deleveraging (perhaps delflation) eventually results in economic growth some measure of inflation of employment will cause the Fed funds rate to increase and strengthen the dollar.

It doesn't matter. Its an apple to apple comparison against each country at the same time. Its looks like you real don't know what you are talking about.

When this occurs, and the dollar strengthens, where will Singapore's GDP be? My point is at $1.6 (what I see as the equilibrium exchange rate, as before the crisis) we are not above the US$ per capita.

I gave you the link of per capita GDP based on PPP.
BTW, do you really think the USD will strengthen. you are really dumb aren't you?

As for inflation, we dont manage it via interest rates, we do it by strengthening the dollar, which just makes such current per capita figures to be skewed, as I states. My other point was with such dollar strengthening, has our policy succeeded or failed at 5%?

Great, a strong SGD makes us richer then.

If you disagree , perhaps we should adopt the Yuan as our reserve currency. All we need to do is convince the Chinese to open their banking system so it can float, and given the Chinese "official" fiscal position, we can expect a "stronger" currency than the USD. In that scenario, what happens to our per capita?

If the Chinese agree, why not?

That is why I find this article pointless. All it says is the dollar is weak and look how much we are worth in US$.

And you don't seem to know what is PPP.