Singapore is predicted to be the wealthiest nation by 2050, according to an article by CNBC, which is based on a study conducted by Citibank. I had made a post about Singapore awhile back, and there was a mixed response about the lifestyle and banking industry there. Also, here is the top five, which doesn't include oil rich nations:
According to Citibank's 2050 prediction, the top five countries by this measure will be:1. Singapore: $137,710
2. Hong Kong: $116,639
3. Taiwan: $114,093 (Congratuations, Taiwan, Citibank analysts think you'll make it 2050 without being consumed by China.)
4. South Korea: $107,752
And sliding in at number five, the only non-Asian nation, the U.S.: $100,802.
I don't have access to the report, so I don't know their metrics in determining this but I'm sure there's some truth to. It's interesting to think about it, but I'm a little apathetic; who knows what will happen five years from now, let alone in 2050. Included in the survey also reveals that the super rich in Singapore value 'reading' the most, whereas other emerging markets' millionaires value material and time consuming things more. Interesting.
Thoughts?
I think all 38 year forecasts are completely accurate , don't you?
extrapolation, how does it work?
With American kids majoring in stuff like Native Indian Studies and kids in Asia majoring in CS/Math/Business/Medicine, I can definitely see this happening.
Also, assuming that China maintains its low fertility rate, its per capital wealth will also spike (obviously, since its wealth growth is far faster than its population growth). The question is by how much.
Of course. Singapore is already wealthier than the US. It's a small country that has a ridiculously eugenic immigration policy (essentially diametrically opposite to the idiotic US policy).
Also benefits from being on top of the worlds most heavily trafficked trade rout
2050 cost of living, singapore, one year: $180,000
Well then... this must be true. After all, look how Japan passed us.
The income inequality is just as bad as in the US: http://en.wikipedia.org/wiki/List_of_countries_by_income_equality
Singapore is already one of the wealthiest states on a per capita basis, but ironically I always run into plenty immigrants from Singapore. Same can be said about many Middle Eastern states - I see plenty rich Saudi's immigrating to my neighborhood. Why?
Answer: The reality is that the best places in the world to live long term are, have always been, and will always be: United States, Canada, Western Europe, Scandanavia, Australia and New Zealand.
No exceptions.
Sure, a year or two in Singapore or Hong Kong or China is probably a great idea, but over the long term, the above places are top of the list (and needless to say, the two "emerging superpowers" of India and China are at the mid- bottom, and always will be)
i agree with this; if they are so rich, the influx of asian immigrants/international students just doesnt make sense. ultimately, the ultra rich try set up their family where the father stays in asia make $ and send wife+kid to US/W. Europe for education. also as someone mentioned, cost of living (if u want to be in a decent neighborhood) is ridiculous ... read something about HK rent being a few times higher than NY though the spaces really aren't that impressive.
I pay $1k USD for the equivalent of a 130 sq ft (it is measured differently in HK) apartment in the suburbs of Hong Kong (15m to central though).
Singapore is rich on a per capita basis because rich immigrants swap citizenship to Singaporean citizenship to reap the tax benefits. I might work there next year but I do not intend to stay there long term. Singapore is hotter and more humid than HK, which is already pretty bad, and doesn't have much to do aside from drinking. Furthermore, there are only 3 or 4 popular drinking places in Singapore. The city was made for high paying expat jobs and much of the infrastructure caters to them and not locals raising a family.
US is a sinking ship. The rest of the places you mentioned (Canada, Western Europe, Scandanavia, Australia and New Zealand) are for retirement and money laundering. If you are career-driven, go to the east.
5 Mao for you!
lol kinda hard to hide your bias with your username:
http://home.cfaspace.com/space.php?uid=272349
Japan should be on the list too
Tokyo and Kyoto and some of the other regional cities in Japan are unbelievable in terms of quality of life. They're way better than Singapore and HK.
I've lived in SG and HK and they're pretty shallow places.. i found most people there had no substance.. and both places are pretty finance heavy, which makes for a boring population. LKF and Clarke Quay get old after a while.
ueno park, omotesando, roppongi... Tokyo is way cooler.
I'm not Japanese btw
Oh yeah, add Japan to the list.
Japan has always been my top choice. My only concern is the frequency of earthquakes.
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