According to Forbes' 2024 report, Singapore secured the fourth spot in the list of the world's wealthiest countries and territories. The main indicator for this ranking is Gross Domestic Product (GDP) per capita, which effectively measures a country's economic growth rate. This result highlights Singapore's economic advantage, especially when compared to countries with larger populations.
Luxembourg, with a significantly high GDP per capita of US$143,740 (around S$187,409), maintained its position at the top of the list, followed by Macau and Ireland. Singapore, with a GDP per capita of US$133,740 (around S$174,377), surpassed many other developed nations, including the United States, which ranked ninth with US$85,370 (around S$111,309). This fact reinforces that a country's size does not necessarily reflect its economic growth level.
The Rise of Small Countries in Wealth
This ranking is based on IMF data, which measures a nation's relative wealth by the total goods and services produced per permanent resident. However, GDP per capita alone is not enough to fully describe a country's wealth. Other factors, such as inflation and local living costs, must also be considered. Thus, purchasing power parity (PPP) adjustments are used to provide a more accurate depiction of wealth across nations.
Forbes notes that small countries like Luxembourg and Singapore are thriving due to their strong financial sectors and favorable tax systems, which attract foreign investment. In contrast, larger economies like the United States and China rank lower in GDP per capita because of their large populations and diverse economic structures. Other countries in the top ten include Qatar, the United Arab Emirates, Switzerland, San Marino, and Norway.
A Global Wealth Magnet
As one of the world's leading business and trade hubs, Singapore is home to many wealthy individuals. Its high political stability, modern infrastructure, and competitive fiscal policies, including low corporate tax rates, make it an attractive destination for wealthy individuals and multinational companies.
The World’s Wealthiest Cities 2024 report revealed the rapid growth of high-net-worth individuals in Singapore. From 2013 to 2023, there was a 64% increase in the number of millionaires in the country.
In 2023 alone, approximately 3,400 high-net-worth individuals relocated to Singapore. Currently, the country is home to 244,800 millionaires (those with liquid investable wealth of US$1 million or more), 336 centi-millionaires (those with investable wealth of US$100 million or more), and 30 billionaires (those with investable wealth of US$1 billion or more).
