Macau second among world’s wealthiest regions

Macau has maintained a prominent position on the list of the world’s wealthiest regions, appearing on the 2024 compilation of the “Richest Countries in the World by Global Finance.”

The financial magazine has said Macau is ranked second in terms of GDP-PPP per capita, with a value of USD134,141. However, when considering GDP per capita, Luxembourg takes the lead, with Ireland following in third place.

One of the focuses of the report was how the Covid-19 pandemic affected many of the world’s richest countries, including how it resulted in economic slowdown.

However, the report also praised Macau for its exceptional recovery after dropping several places down the list during the pandemic, noting Macau’s per-capita purchasing power has surpassed the 2019 record of USD125,000.

“When the Covid pandemic emerged, international travel came to a standstill, and for a period of time, Macau even slipped out of the top 10 ranking of the richest nations,” the magazine stated.

“However, Macau has made a remarkable recovery since then, not only returning to its previous state of business but surpassing it. In 2019, its per-capita purchasing power was approximately USD125,000, and it has further increased since then,” the magazine said.

Singapore secured the fourth spot on the list due to a thriving trade, manufacturing and financial hub and being the most business-friendly place in the world.

“Unfortunately, that did not make it immune from the pandemic-driven global economic downturn: in 2020, the economy shrank by 3.9%, knocking the nation into recession for the first time in more than a decade.

In 2021, Singapore’s economy bounced back with 8.8% growth, but then the slowdown in China, a top trading partner, derailed the recovery,” the report said.

Hong Kong claimed 15th position. Taiwan is ranked 14th, while mainland China sits at the 78th spot.

Despite enduring nearly three years of intermittent lockdowns and pandemic-related travel restrictions, Macau, known as Asia’s gambling haven, remains one of the most prosperous nations worldwide, according to the magazine.

Earlier this year, the International Monetary Fund (IMF) affirmed its prediction that the local economy will grow by 13.9% this year and 9.6% next year, according to its “World Economic Outlook” report.

As the gross domestic product (GDP) is expected to regain its pre-pandemic level in 2025, the medium-term growth trajectory hinges on the pace of the Macau SAR’s integration with the Greater Bay Area (GBA) and the success of economic diversification efforts. Howard Tong