10 Aug '18, 7am

#Qatar set to be outstripped as world's richest place by #Macau

HONG KONG (BLOOMBERG) - Qatar is on track to lose its status as the richest place in the world to the Chinese gambling enclave of Macau. The global casino hub's economy will reach the equivalent of some US$143,116 (S$196,230) per person by 2020, according to projections from the International Monetary Fund (IMF). That will put Macau ahead of the current No. 1 Qatar, which will reach US$139,151 in the same timeframe. A former Portuguese outpost on the southern tip of China, Macau has become a gambling capital since returning to Chinese control almost two decades ago. It is the only place in China where casinos are legal, turning it into a magnet for high-rollers from the mainland. Macau's gross domestic product has more than tripled from about US$34,500 per capita in 2001, the IMF data shows. The wealth gap between the two places is also expected to widen beyond 2020, with ...

Full article: https://www.straitstimes.com/asia/east-asia/qatar-set-to-...

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