1. Macao SAR, China - $73,187
The economy of Asia is the fastest growing continental economy and also the largest continental economy in terms of GDP (PPP). The economy comprises of over 4.4 billion people living in the 49 nations of the continent. The wealth of the continent is unequally distributed both within and between the countries of Asia. Here, we present the 10 wealthiest economies in Asia in terms of GDP per capita.
An autonomous region of East Asia, Macau is the world’s most densely
populated region. Macau houses a population of 650,900 within an area of
30.5 square km. The economy of Macau is largely tourism-based.
Export-oriented manufacturing of textiles and garments and financial
services including banking are the other most profitable economic
sectors of Macau. Over 50% of the country’s GDP is contributed by the
tourism, gaming, and hospitality industry. Macau has well-established
and stable trade relations with more than 120 countries and regions of
the world. The tourist arrivals in Macau dramatically increased from 9.1
million in 2000 to 22 million in 2006. The gambling industry also
attracts a large number of tourists to Macau. Macau is also considered
by many as a tax haven and a free port boosting international trade in
the region.2. Qatar - $59,330
The West Asian nation of Qatar, located in the Arabian Peninsula’s
northeastern coast, is the second richest country in Asia with a GDP per
capita of $59,330.9 USD. The country shares its only land border with
Saudi Arabia and has a coastline along the Persian Gulf.
Qatar’s
economy is based on the export of petroleum and liquefied natural gas.
It accounts for 70% of the country’s government revenue, over 85% of the
export earnings, and over 60% of the GDP. Qatar has an immense reserve
of oil that can sustain the economy at the current levels for 23 years.
Long term goals of the country include the diversification of the
economy to reduce the dependency on oil, a fast-depleting resource.
3. Singapore - $52,960
Singapore is the third richest Asian nation with a GDP per capita of
$52,960.7 USD. The Southeast Asian nation consists of one main island
and 62 smaller islets.
The country has a well-established
trade-oriented market economy. It is one of the least corrupt and most
business-friendly economies in the world. The highly conducive
investment scenario in Singapore attracts a large number of global
investors. The country promotes innovation and entrepreneurship. The
country’s port serves as the second busiest port in the world by cargo
tonnage.
4. Hong Kong SAR, China - $43,681
Hong Kong, a SAR (Special Administrative Region) of China, is an
autonomous territory based on the delta of the Pearl River. Hong Kong
occupies an area of 1,104 square km and houses a multiethnic population
of around 7.2 million. On the basis of GDP per capita, Hong Kong ranks
as the fourth richest Asian nation. The GDP per capita of Hong Kong is
$43,681.1 USD.
The economy of Hong Kong is highly dependent on
international trade and finance. Hong Kong is one of the world’s
top-rated international financial centers. The country also has low
taxation rates. The economy of Hong Kong ranks number one in terms of
the degree of economic freedom. Hong Kong has ample reserves of foreign
exchange, little public debt, and an efficient legal system. Hong Kong
port is one of the largest in the world in terms of container
throughput. There is an abundant supply of cheap and skilled labor in
Hong Kong. The SAR also earns huge revenue from the tourism sector.
5. Japan - $38,894
The East Asian nation of Japan located in the Pacific Ocean is the
fifth richest country in Asia with a GDP per capita of $38,894.5USD.
The
Japanese economy is highly reliant on the country’s automobile and
electronics goods industry. The country is the 3rd largest automobile
manufacturing nation and is also the biggest electronics goods industry
in the world. Japan is one of the most innovative nations in the world
and the biggest creditor nation globally. However, the Japanese economy
also faces considerable threats, the biggest being a steeply falling
population.
6. United Arab Emirates - $37,622
The GDP per capita of the United Arab Emirates (UAE) is $37,622.2
USD, the sixth highest in Asia. The country is located in Western Asia
in the Arabian Peninsula’s southeast end. UAE houses a population of 9.2
million including 7.8 million expatriates and 1.4 million Emiratis.
The
economy of UAE is the second largest among the GCC member countries
after Saudi Arabia in terms of GDP. The country is ranked as the 26th
best nation for conducting business. UAE’s economy is the most
diversified in the GCC. However, still the economy is highly reliant on
oil revenues and natural and gas and petroleum are the top exports.
7. Israel - 37,292
Israel is the seventh richest Asian country in terms of GDP per
capita which is $37,292.6 USD. The country has coastlines along the Red
Sea and the Mediterranean Sea.
The country’s highly educated
workforce and well-developed education system have spurred rapid
economic development and a technology boom in the country. Israel has
the 24th most competitive economy in the world. The country hosts the
second highest number of startup companies. Israel is self-sufficient in
food production. Machinery, cut diamonds, chemicals, apparel,
agricultural products, etc., are the top export products of Israel.
8. Korea, Rep. - 27,538
South Korea is located in East Asia in the Korean Peninsula’s southern
part.
The country has a mixed economy, one of the biggest in Asia with a
per capita GDP of $27,538.8 USD. The developed country is known for its
internationally famous brands like Samsung and LG Electronics. The
country has a highly skilled and educated workforce. The country’s
economy is heavily reliant on international trade.
9. Brunei Darussalam - $26,938
Brunei, a Southeast Asian economy, is the ninth richest country in Asia
with a
GDP per capita of $26,938.5 USD. The country has a stretch of
coastline along the South China Sea, and its land borders are with
Malaysia. Brunei’s economy is small but rich and factors like efficient
government regulation, welfare measures, and a conducive environment for
entrepreneurship boost the growth of Brunei’s economy. The exports of
crude oil and natural gas are the biggest contributors to the GDP of the
country. Brunei is Southeast Asia’s third largest oil producer and the
world’s fourth largest LNG (liquefied natural gas) producer. Domestic
production is supplemented by overseas investments.
10. Bahrain - $22,354
Bahrain is an island country in the Middle East that
is connected to
Saudi Arabia via the King Fahd Causeway. The country houses a population
of 1,234,571 including 666,172 non-nationals. Bahrain is Asia’s third
smallest nation. The country has the fastest growing economy in the Arab
world. The economy of Bahrain is the world’s 12th freest and the freest
in the Middle East. The most important export of the country is
processed petroleum. Aluminum, finance, and construction materials are
the other biggest products and services of Bahrain.
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