SUBJECT: The World's Richest Country
                                

              THE WORLDS RICHEST COUNTRY     By Shibani Mahtani    
     _         A man is silhouetted against the skyline of Louis
Vuittons floating store and the financial district of Singapore.   
Yet another wealth report has put tiny Singapore on the top of its
charts this time, as the wealthiest nation in the world by GDP per
capita, beating out Norway, the U.S, Hong Kong and Switzerland.   The
report [1], released by Knight Frank and Citi Private Wealth,
estimates that Singapores GDP per capita at US$56,532 in 2010,
measured by purchasing power parity is the highest in the world,
topping Norway (US$51, 226), the US (US$45, 511) and Hong Kong (US$45,
301). The report also predicts that Singapore will hold its place as
the worlds most affluent country in 2050 (by GDP per capita), followed
closely by Hong Kong, Taiwan and South Korea who will displace Norway
and Switzerland as the worlds richest places.   This figure is no
doubt bolstered by the staggering number of millionaires in the
city-state, which Knight Frank and Citi Private Wealth predict will
only keep growing. According to their estimates, Singapore will see a
67% increase in centa-millionaires over the next four years an
über-wealthy class with over US$100 million in disposable wealth
Earlier reports, like the Boston Consulting Groups Wealth Report [2]
released in June, said Singapore has the highest percentage of
millionaire households in the world, a title the city-state has held
on to for two years running.   Singapore is not the lone beneficiary
of Southeast Asias wealth explosion, and according to the report the
number of people in the entire region with more than US$100 million in
disposable assets (excluding property, for example) has increased by
80% in the past five years. Between 2010 and 2011, the number of these
centa-millionaires grew 13% higher than the global average at 6% and
will grow by 44% by 2016. Correspondingly, some Southeast Asian cities
have seen property prices increase significantly in the past year,
including the Indonesian island of Bali where property prices
increased 15% and Jakarta, where they increased by 14.3%.   There are
now 18, 000 people with US$100 million or more in disposable assets in
Southeast Asia, China and Japan, according to Knight Franks estimates
more than North America, which has 17, 000, and Western Europe with
14, 000.   Still, these ultra-high net worth individuals are not
completely confident that their large masses of wealth will be
completely unaffected by turbulence in the world economy and changing
political situations, according to surveys conducted by Knight Frank. 
  In Singapore, the wealthy are most afraid of the impact of the
global financial crisis on their wealth, but those in Hong Kong are
more worried about the devaluation of currency and those in India are
most worried about domestic inflation.   With its high density of
Louis Vuitton boutiques, luxury nightclubs and multi-million dollar
property, Singapore is also growing in importance as a city for the
worlds high net worth individuals. Surveys asking über-wealthy
individuals to rank cities in terms of economic activity, political
power, quality of life, knowledge and influence found that Singapore
was the fifth most important city for the worlds wealthiest
individuals. Here, the city-state was beaten by London, New York, Hong
Kong and Paris, indicating that the worlds most global cities continue
to lure the rich.   According to Knight Frank, even respondents in
Asia-Pacific put London and New York ahead of Hong Kong and Singapore
an indication that economic growth may not be the most important
factor when a high-net worth individual chooses his city of residence.
  In the next 10 years, according to the report, Shanghai will be the
fourth-most important city for the worlds wealthy with the relative
anonymity of secondary cities like Chongqing and Dalian likely to
change in the near future, evidenced by an explosion of a luxury goods
market in cities that are not yet on the map of the worlds wealthy.  
The Knight Frank and Citi wealth report notes that many of those
fast-growing Chinese cities performed significantly less well for
freedom of expression and human rights something that may hinder any
future ascent to the top of the overall ranking.        SINGAPORE
TOPPED THE CHARTS        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 Singapores GDP per capita will more than double to about SGD
$170,000 (USD $137,710).   Hong Kong is expected to take over Norways
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.       
Gráinne Gilmore, head of UK residential research at Knight Frank LLP
who is also the author of the economic and wealth trends article said,
"Other countries may have bigger GDP growth 2010 2050, but in most
cases, they are starting from a much lower base on economic terms.
Singapore is a developed economy, and is expected to achieve a rate of
growth which enables it to remain one of the wealthiest countries in
the world."        "Some of the factors contributing to Singapores
forecast performance are its human capital a skilled and educated
labour force (which is likely to lead to better long-term prospects
for a countrys economic growth), the dynamic business environment
(with legislation to match), openness to trade, capital mobility and
foreign direct investment. Also, it is worth noting that there is a
global eastwards shift in economic activity Singapore is perfectly
positioned to take advantage of this," Gilmore added.               
SINGAPORE IS NOW THE RICHEST COUNTRY IN THE WORLD .   WHERE IS
MALAYSIA NOW ?????_        "Some of the factors contributing to
Singapores forecast performance are its human capital A SKILLED AND
EDUCATED LABOUR FORCE (WHICH IS LIKELY TO LEAD TO BETTER LONG-TERM
PROSPECTS FOR A COUNTRYS ECONOMIC GROWTH), THE DYNAMIC BUSINESS
ENVIRONMENT (WITH LEGISLATION TO MATCH), OPENNESS TO TRADE, CAPITAL
MOBILITY AND FOREIGN DIRECT INVESTMENT. Also, it is worth noting that
there is a global eastwards shift in economic activity Singapore is
perfectly positioned to take advantage of this," Gilmore added.

We need not look further Hong Kong, Taiwan and Korea are employing the
same Singaporean strategies on Human Capital where the brightest and
the brilliant are attracted from all over the world, universities
rankings are among the top World 20 and they are projected to reach
the TOP 4 RICHEST COUNTRIES IN THE WORLD IN 2050. Surely something
must be really right, as these countries do not have Natural
Resources.


                                                              

Links:
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[1] http://www.thewealthreport.net/The-Wealth-Report-2012.pdf
[2]
http://blogs.wsj.com/searealtime/2012/06/01/singapore-no-1-for-millionaires-again/