Hong Kong is the 12th richest region in the world: Global Finance

Hong Kong is the world’s 12th richest region in 2023, according to a report released by Global Finance magazine, lagging behind Macau which comes in fifth. 

In the report released last Thursday, Global Finance ranked the countries and regions based on an indicator called GDP per capita, calculated using their gross domestic product and purchasing power parity. 

The former measures the value of all goods and services produced in a nation or region, and divides this output by the number of full-time residents, while the latter is a nation’s or region’s average standard of living after taking into account inflation rates and the cost of local goods and services. 

Ireland is crowned the richest country, followed by Luxembourg and Singapore in the second and third place respectively. 

The U.S. and the U.K. ranked ninth and 31st respectively, while China ranked 77th. 

Global Finance noted that Macau – dubbed the Las Vegas of Asia – has a population of about 700,000, and more than 40 casinos spread over a territory of about 30 square kilometers. 

“When Covid struck, global traveling came to a halt, and for a while Macau even slipped out of the 10 richest nations ranking,” it said. 

“Today, after more than three years since the start of the pandemic, Macau is slowly returning to business as usual.” 

As for Singapore, which has been constantly viewed as Hong Kong’s post-Covid competitor, Global Finance said it “is an affluent fiscal haven where capital gains and dividends are tax-free.” 

It also said Singapore pulled itself up by its bootstraps through hard work and smart policy to become one of the most business-friendly places in the world. 

“Today, Singapore is a thriving trade, manufacturing and financial hub and 98 percent of the adult population is now literate,” compared to the 50 percent literacy rate in 1965. 

Click here to view the full report by Global Finance magazine.