What is the most common attribute amongst the world's wealthiest countries as measured by GDP per capita (adjusted for purchasing power parity) in 2016?

Author: Jonathan Gregson
Project Coordinator: Edith Updike

4. Singapore

Current International Dollars:  86,854 | Click To View GDP & Economic Data

Singapore’s economy contracted in 2016 and the island nation has cut its growth forecasts for 2017. Being both an important financial center and a major trading hub, the city-state is particularly exposed to any weakening of the world’s economic prospects, and especially those of neighbouring China. Nevertheless, Singaporean citizens continued to enjoy one of the highest rates of GDP per capita (PPP) in the world, at nearly $87,000 a head, a slight increase on last year. To offset this, the costs of living also rose slightly, with Singapore ranked as one of the most expensive cities to live in the world. This despite house prices falling for the twelfth consecutive month in the third quarter of 2016, a trend expected to continue due to a large overhanging stock of unsold homes. Manufacturing growth also weakened. On the positive side, tourism is playing an increasingly important role in the economy, largely on the back of the success of Changi, an important international travel hub and a regular award winner as the world’s best airport.

 


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