14 Aug '12, 9am

S’pore is now richest in the world

It is only because of purchasing power parity that our per capita GDP gets adjusted up significantly. According to purchasing power parity, a product that costs USD $1 in USA costs only USD $0.69 in Singapore. It’s like the iPad that costs USD $499 in USA costs only USD $344 or SGD $433 in Singapore when it actually costs SGD $658. Big ticket items like houses and cars cost only a fraction in USA than they do here. But purchasing power parity will have you think it is the other way round. Another reason why our GDP figures look better than they really are is our high proportion of foreign workers. To illustrate this, we take the example of a family with father and mother each earning $5,000 and two children. The per capita income of the family is $10,000 / 4 = $2,500. Let’s say two foreign workers stay with the family and each earns $5,000 also. The per capita income in th...

Full article: http://sg.news.yahoo.com/s%E2%80%99pore-is-now-richest-in...

Comments

  1. 14 Aug '12, 3pm

    Totally Nonsense. Many people are out of jobs in Singapore!!!

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