Macao is the second richest place in the world, according to a list drawn up by the magazine Global Finance.
The city is considerably wealthier than its neighbouring SAR, Hong Kong, which slots in at number 15, according to the magazine. Taiwan is ranked at 14 and China at 78.
Only Luxembourg is ahead of Macao on the list. Making up the rest of the top 10, in order, are Ireland, Singapore, Qatar, UAE, Switzerland, San Marino, the US and Norway.
[See more: UM predicts GDP growth of almost 17 percent for Macao]
Global Finance concedes that “Measuring the wealth of nations is not that easy,” and that GDP “does not measure income inequality.” (Macao came in at number 83 on a list of 169 places ranked by income inequality by the magazine in 2022.)
“To gauge how wealthy a country’s citizens are it is necessary to understand how much they can buy,” Global Finance says, in explaining how the list was compiled. “That is why, when comparing per capita GDP across countries, GDP should be adjusted for purchasing power parity” taking into account inflation rates and the prices of goods.
Macao’s GDP is projected to grow by 13.9 percent in 2024 by the IMF, while inflation in the territory remains low.
