A recent report from the International Monetary Fund (IMF) reveals the income per capita rankings for Southeast Asian countries in 2024, highlighting substantial economic variation across the region. With some nations achieving high-income status and others still developing, the rankings underscore Southeast Asia’s diverse economic landscape.
High-Income Economies
Leading the region, Singapore boasts an impressive per capita income of US$88,450, making it not only the wealthiest country in Southeast Asia but also one of the highest globally. Following Singapore is Brunei Darussalam, with a per capita income of US$35,110, benefiting from its small population and substantial oil and gas revenues. These two countries stand well above the regional average, indicating their advanced economic development and high living standards.
Malaysia ranks third with a per capita income of US$13,310, reflecting its position as an upper-middle-income economy. Malaysia's diverse economy, supported by manufacturing, services, and natural resources, contributes to its relatively high per capita income within the region.
Middle-Income Economies
Several other Southeast Asian countries fall within the middle-income range, with Thailand at US$7,810, Indonesia at US$5,270, and Viet Nam at US$4,620. These economies have shown steady growth in recent years, driven by industrialization, exports, and increasing domestic consumption.
The Philippines and Cambodia follow with per capita incomes of US$4,130 and US$2,630, respectively. While these nations continue to face economic challenges, they are also experiencing rapid growth, particularly in sectors like business process outsourcing, agriculture, and tourism.
Lower-Income Economies
At the lower end, Timor-Leste has a per capita income of US$1,450, and Myanmar rounds out the region with US$1,250. Both countries face economic difficulties due to factors such as political instability, limited infrastructure, and heavy reliance on primary sectors. These figures highlight the significant income disparities within Southeast Asia, where some economies are thriving while others still grapple with poverty and developmental challenges.
Summary Table
| Country | Per Capita Income (US$) |
|---|---|
| Singapore | 88,450 |
| Brunei Darussalam | 35,110 |
| Malaysia | 13,310 |
| Thailand | 7,810 |
| Indonesia | 5,270 |
| Viet Nam | 4,620 |
| Philippines | 4,130 |
| Cambodia | 2,630 |
| Laos | 1,980 |
| Timor-Leste | 1,450 |
| Myanmar | 1,250 |
These disparities emphasize the region's mixed economic prospects and the varied pace of development, highlighting the need for tailored approaches to growth and support for lower-income nations.
